Eric's Credit Community

My husband and I want to adopt 4 international special needs children. We adopted a boy from China with cleft lip and palate in May. Another child has become available who is likely not to get adopted. He won?t be available next year and this adoption is cheaper than usual.

Before going further, my husband just recently got a loan for dental work for our first adopted boy. If you don?t like two loans in a family, I don?t want to waste your time.  Otherwise, read on and I?ll explain why we want to adopt this boy and how we can repay. This child became available in October; after the previous listing funded.

We really want to adopt from Guatemala. Guatemala and the US are members of the Hague treaty, but the rules didn?t work for Guatemala, therefore they?ll be forced to close adoptions to the US in mid-2007. To adopt from Guatemala usually costs $25K - $30K. We had given up adopting from Guatemala due to cost.

This boy is 5. He was very malnourished when foster care got him. He has a heart murmur believed to be worsened by malnutrition, improving from 4/6 to 2/6 with proper nutrition. I checked my Federal BCBS Insurance and it will cover if he ends up needing heart surgery.

He?ll be hard to adopt out because 1) he?s a boy, 2) he?s more than 3 y/o and 3) his heart. Because of this, the agency and lawyer in Guatemala are waiving a lot of their fees; this adoption should only cost about $14,000.

Loan Proceeds
Early on
$500 US Agency
$5500 Guatemalan attorney fees and foster care
$650 DNA testing of mother/son
$3500 upon DNA approval to Guatemala attorney and foster care
$10150

Later (approx)
$2700 airfare (2 adult, 1 child round trip + 1 child return)
$600 lodging, food, trans in Guatemala, 3 ? 4 days
$380 Visa fee for our new Guatemalan son
$550 CIS/INS fee
$4230

The US agency for this child says travel is $800 per adult including lodging; other places say $900 just for airfare. I err on the safe side, so used the higher. We are renewing our home study for the American readoption of our Chinese son, eliminating that expense for this adoption. The remaining 1.5K over this loan, we will save from our income tax return.

Repayment
Here?s our budget, it won?t fit here. Both my husband and I will be going to get this child; when he comes back to the US he will start drawing SS on my husband?s retirement, $700/mo. We will also receive up to $10K directly off our income tax in the next 5 years for each adoption.

If this child is taken before loan end, I will withdraw it.  If after the loan for some reason we can?t get the child, I will pay this loan back in 4 equal months so you get some interest.

DQs
Prosper says 8 DQs, I only find 5 on my 9/17 Experian CR. One was a student loan in 2000. It was rough times and I didn?t know about deferments until they offered it well in to late payments. It was paid off in 01. The other 4 was a credit card from 2002 through 2003. There was no real excuse for this one. The last time I got behind, I got far behind and the $200 limit had $1100+ on it from monthly fee, late fee, overlimit fee and interest each month. I tried reasoning with them for a better pay off; they refused until it was in collection, settling for 60%. Neither my husband nor I have any major credit cards now.

Questions? PM or ask on my forum topic. Thank you for you