GUARANTEED Payoff-See details- International adoption - #4!
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|Loan Status:||Default||Origination Date:||2008-06-23||EricsCC ROI:||83%|
|Jun 21, 2008||Current|
|Jan 08, 2010||Late|
|Jan 24, 2010||1 month late|
|Feb 24, 2010||2 months late|
|Mar 24, 2010||3 months late|
|May 01, 2010||Default|
Upon our marriage, my wife and I decided that we wanted to adopt our first child. In 2000, we adopted our first special needs daughter, Gabrielle. Due to our finances and the desire for a biological child, I was pessimistic of the process at first; however, she has been the best thing that has happened to me and our family. We were able to complete the adoption without any assistance, but the finances still burden us and the loans have not been fully paid off. Four years after adopting, we found that we were infertile and unable to have biological children. After several years, we decided to repeat a domestic adoption with the intention of completing the process with a small amount of savings; however, God had another plan for us. |
After recently moving, we found an article at church soliciting families to host orphans from Russia that were available for adoption. We were compelled to proceed with the program and fell in love with the child we were hosting, Svetlana. After two weeks, she had to return to Russia and we knew it was time to postpone our domestic adoption and begin the process for the much more costly international adoption. We are anxious to complete the process and find the medical attention that she needs before her conditions worsen. Doctors that saw Svetlana during her visit with us have explained that blindness is very likely within the next few years without the necessary medical assistance. Unfortunately, the costs are over three times as much as the originally planned domestic adoption.
When making the decision to move forward, my wife and I had intended on re-financing our home or obtaining a line of equity; however, in lieu of the current housing market our home value has fallen and this is not longer a viable option. Through our savings we have secured approximately 1/2 of the over $30,000 in costs of this international adoption; however, the process has stalled due to our limited resources.
Breakdown of incurred and/or future expected costs- Application $200, Homestudy $1500, US docs $800, Dossier Fee $2700, Program Fee $14,550, Travel(2-3 trips) $5,000-9,000, Visas,passports $450-700, Other exp $2,000-3,000, Post Placement $800-1200
Total costs $28,000-33,650
My financial situation: I am a perfect candidate for this loan because more than the loan amount will be refunded to us within a year at tax time. The child adoption tax credit is approximately $11,000. Additionally, once the adoption is finalized my employer?s assistance program will reimburse us $2500. This is a total of $13,500 to ensure proper payment of this loan.
My wife and I both have secure jobs and are highly educated. We both have completed Master degrees and are both started our PhDs to continue enhancing our career paths and financial positions. I have over 15 years in my field and am a director with a great staff. In addition to the Experian scoring provided I have a 679 with TransUnion and 641 with Equifax, as of 4/29/08.
The entire family fell in love with Svetlana during her visit and it is very painful for this process to have stalled due to these financial constraints. Gabrielle has been talking about her now every day since she left last summer. Please help us stop the tears?
Monthly gross income: $ 11,250
Monthly net income: $ 9,338
Monthly expenses: $ 6,740
Housing: $ 3,177, Insurance: $ 219, Car expenses/leases: $ 837, Utilities: $ 402, Food, entertainment: $ 380, Clothing, household expenses $ 120, Credit cards and other loans: $ 1,415, Other expenses: $ 190
Please contact me for any clarification, questions, or if you would like to review any of my documents. Feel free to ask for my email address. Thanks again for your assistance!
Nicole, Gabrielle, Svetlana, & J
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