Help a husband and father recover
| Listing Information | |||
|---|---|---|---|
| Amount: | $8,500.00 | Status: | Loan created |
| Grade: | B | DTI: | 87% |
| Lender Rate: | 19% | Borrower: | Massieus |
| Finished | State: | CA | |
| Funded: | 100% | Group: | BORROWERS - Free instant Listings - LARGEST GROUP |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Default | Origination Date: | 2007-02-08 | EricsCC ROI: | -62% |
| Status History | |
|---|---|
| Feb 08, 2007 | Current |
| May 25, 2007 | Late |
| Jun 09, 2007 | 1 month late |
| Jul 09, 2007 | 2 months late |
| Aug 10, 2007 | 3 months late |
| Sep 09, 2007 | 4+ months late |
| Feb 18, 2008 | Default |
| Mar 06, 2008 | Repurchased |
| Jun 10, 2008 | Default |
|
About me: I am 32 year old, married for 3 years, 1 child age 10. I have been with my current employer for 1.5 years and I have been in the same industry for 3.5. I also work part-time 10 hour a week doing market research. Explanation of bad credit / high DTI: Back in 2000 I went through a separation with my child?s biological mother. I incurred much debt and was without employment for nearly 3 months. This problem was later compounded by becoming disabled while playing a game of basketball with friends. At this time I had many accounts go delinquent and some were charged off. I had a credit score below 500. I decided to work two jobs and pay the debts that were still around. By the time 2006 came, I got married and improved my credit score to 680 by paying off the debts and establishing new lines successfully. My wife and I purchased our first home in 2006, and for the first time in my life I have had the opportunity to drive a new vehicle. Anyway, as stated above I have been in my industry for 3.5 years. And at the beginning of this year I was at a cross roads of leaving my steady employer and remaining full time in the business my wife and I have started. On February 13, 2006 I chose to leave the employer. Things were going fine for a while, and then my wife was let go from her position and then has not been able to find gainful employment for the past 4 months. This 4 months has exhausted what we had as reserves and resources. However, things are beginning to look up because we now have 20 clients and I expect to have an additional 80 by the end of 2007. From these 100 clients there will be income of $85.00 each monthly. Additionally, my wife is currently interviewing again and will be making $5000.00 gross from her employer. I am completing my first year as a 1099 person, and can provide bank statements for proof of my deposits from our income and resources during this year. Making my payments on time is my priority. Currently the DTI is the way it is because I report absolutely no income from my wife. If my loan is filled I?ll stay active in the Two Millionaires private forum for the life of the loan, to help encourage myself and other Two Millionaires graduates to never let their team down by being late on a payment. We believe we are committed to success because we have invested time and our personal assets into our business. Now we need your additional help. What I will do with the money loaned to me: $6000.00 will bring all accounts current (supplemental property taxes & auto lease & revolving accounts). $1000.00 for office rental expenses. $200.00 for postage and delivery items. $1000.00 additional training and education The balance of the funds will exist to restore a semblance of a cushion as we recover. Here are our monthly financial details: Net income after payroll deductions from all sources: $2416.67 Spouse?s Income: $5000.00 Total monthly family income $7416.67 Mortgage: $2650 including (HOA, Taxes, Insurance) Phone: $275 Gas: $400 Electriciy & Water: $85 Car Loan and Operating Expenses: $924 (2 Vehicles) Food: $400 Insurance: $400 Cable/Internet: $78.95 Clothing, expenses for Children etc: $400 Revolving accounts not consolidated: $565 Total = $6177.95 Income Total = $7416.67 Expense Total = $6177.95 Net Surplus = $1238.82 * This is before adding the additional clients in 2007. Net Surplus = $8038.82 ** This is after adding the additio |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 79664 | Save our business | B | $25,000 @ 24% | Dec 30, 2006 | Expired |
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