Purpose of loan:Recently our adjustable mortgage rate increased leaving us with an increase in our mortgage of $1000.00 a month. We are looking to place ourselves in a stable financial situation to ensure a safe future for our family. My financial situation:I am a good candidate for this loan because we pay all of our bills. Creditors have not lost a dime lending us money, but finances and life can place a struggle on a financial profile. In 1998 my son was dropped off for a weekend visit. His mother did not return. I took on the responsibility of my son as any father would. Along with this responsibility came new financial struggles other than regular child support that I was not prepared for. In my struggles to pay daycare and daily costs of having a child I fell behind on my monthly bills. After my wife and I married in 2002 we suffered two employment changes. I lost my position in the car industry and a year later my wife in teaching. We ran through our savings with only one income for several months. We lived very frugally and managed to make ends meet on my wife?s new teacher salary, though we did make some late payments through this period as other unexpected expenses arose. After completing additional teaching courses my wife was re-hired. Our life was back on track and our family was now going to expand with the birth of our daughter. Due to pregnancy complications my wife was forced to begin her maternity leave earlier than expected. She was out of work for 5 months, which was longer than we had anticipated. Finally, we were stable in our careers and felt the time was right to place our family in our own home. After a lot of thought we decided to live close to family and to our employment. Our children would be able to attend good schools in the area we moved to and it would still allow my wife to work in an underprivileged area. It is very important for her to work with families that struggle at home to give their children the love and support that they need in this world. Our dream came true when we found our home. As first time buyers we saved and were prepared to purchase our home. However, recently, our loan has adjusted and our property value has gone down. Now we are faced with the challenge of improving our situation. Our past financial struggles have made this difficult. After talking with our broker and our families to get help with our options, we have determined that we need to borrow funds to pay down our monthly payments to an acceptable level in addition to paying down our mortgage to a level where we can refinance. Monies borrowed through prosper.com will be used to pay down our mortgage to ensure re-financing of our current mortgages from when we purchased our home. Our new mortgage loan will place us in a 30 year fixed mortgage with principal and interest monthly payments that also include property taxes and insurance. This is an improvement from our current 5 year mortgages that are interest only and are due to adjust again in another 4 months. Monthly Net Income: $9874.00 + 300.00 side business- cooking productsMy wife is looking to spend more time in the evenings, weekends, and summer to increase her side business income. Additionally our parents have offered help but we do not foresee needing it. Monthly Expenses:Home: $4241Utilities and Phone: $360 Insurance:$125 Car: $390 Food&Entertainment: $600 Credit cards/loans: $200+prosper loan
As you can clearly see my wife and I are attempting to place ourselves in a much better position financially. We have had struggles along the way but have managed to pull through as a happy family. This is hopefully our last struggle that we will have to overcome. Thank you for your consideration and time. |
