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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 18585
Experience:  B.A.; M.B.A.; J.D.
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I have got myself in quite a pickle. I have a house where I

Customer Question

I have got myself in quite a pickle. I have a house where I had 20,000 left to pay. I got into a relationship & we planned on getting married. A house came up that was a forecloser and it was perfect size for me. He lived at his house with his mom & a caregiver for her. He helped me buy this house by using some land he owned for collateral. I couldn't do it on my own cause my credit score went way down with this venture I tried, I had an Upscale resale shop for ladies. It would of been great but the location wasn't. So he used land so I could take out my equity in the home to buy the house & pay bills off. l, like a dummy put his name on the house cause I felt obligated for what he had done. Well, we are not getting married & he wants every penny back that he ever used on me and if I don't pay, he will work to take half the house from me. I threatened to let that house go into forecloser & he would loose his land worth 84,000. Now I am up to my neck in bills. I now owe an attorney, him 5,ooo. & I've got credit cards that I used for bills & other things. I will soon have his name off this house & he will be paid, but I need help in trying to get assistance, like bill consolidation. Or a loan on my house that I live in that is paid off. I can't do it do to bad credit. I am approximately 25,ooo. in debt. My house is worth about 82,000. And the worse part is, is that I am 65 years old. I want to stay in this house, but don't know how. If I had to move, I would be paying rent. Right now I am living on 563.00 widows benefits & I did have 650. for rent. I can get full benefits when I turn 66 but that will only go to about 770. a month. I take care of some elderly in their homes and sometimes in my home. I am certified for an adult home & for respite. I started this April of this year. Not haven't had much work yet. I don't know what to do. What do you suggest? Help!!! Judy Willacker
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Tina replied 1 year ago.

Hello and welcome.

My name is ***** ***** my goal is to provide you with excellent service today. I am sorry to hear of your difficult situation. Before I can give you an accurate answer to your question, please provide the following additional information:

Do you know anyone who would cosign for you? You reside in WI?

I look forward to assisting you as soon as I have received this information. Thank you.

Customer: replied 1 year ago.
a dear friend of mine. But I did tell her I would have insurance on the loan in case something happens to me.
Customer: replied 1 year ago.
I reside in WI>
Customer: replied 1 year ago.
Are you there?
Customer: replied 1 year ago.
This is just a one time fee, correct? And it is not adding up by the minutes?
Customer: replied 1 year ago.
You haven't answered anything yet!! How long does it take?
Customer: replied 1 year ago.
I am not switching to a phone call.
Expert:  Tina replied 1 year ago.

Hello again,

I'm sorry I took a break when I didn't see a response from you to my questions. Usually the best option under these circumstances is to take a loan against your home that is paid off and have a co-signer on the loan so you qualify. Since you do have someone willing to co-sign for you, that is a reasonably good option.

At the other end of the spectrum is bankruptcy, which can work to discharge some of your unsecured debt while usually allowing you to keep your primary residence. Since your credit has already been damaged, this would typically be a viable option as well and one I would seriously consider to help give you a fresh start.

I hope this helps clarify the situation for you. My goal is to provide you with excellent service – if you feel you have received anything less, please reply back as I am happy to address follow-up questions. Kindly rate my service when I have answered your questions so I will be compensated for my time assisting you. Thank you!

Tina

Customer: replied 1 year ago.
This I already mentioned in my letter. To me, bankruptcy is not an option. Not for 25,000. And I did mention that I haven't been able to get a loan cause the bank is not using a co-signer for an equity loan. And my credit is bad, so they won't give me a loan. So I don't feel my questions were answered. Sorry!!
Expert:  Tina replied 1 year ago.

There are other banks. If you won't consider bankruptcy, having a co-signer would be your remaining best option. There aren't any creditors who will give you a loan with bad credit typically. I'm sorry too.

Expert:  Phillips Esq. replied 1 year ago.
Hello: This is PhillipsEsq. I am a licensed Attorney and practicing consumer protection Attorney and bankruptcy Attorney. I will be further assisting you with your post.
Another option that you may have is to consider using a debt consolidation company. A debt consolidation company would contact your creditors and negotiate a better payment amount for you. Like in everything, not all consolidation companies are equal or the same and you need to make sure that you do your own research before settling on a debt consolidation company. You may read “rip-off report” or type the name of the company on Google to see if the debt consolidation company that you are considering using has bad reputation. Click on the link below to find a company:
https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=debt+consolidation+companies
One thing I need to add with regard to co-signer or co-borrower. Eventhough a co-borrower would increase a borrower’s chances of getting her loan approved, lenders use a lower credit score to determine interest rates. So, eventhouh a co-signer/co-borrower has a better/higher credit score, the borrower’s credit score, which is lower because of bad credit would be used to determine the interest rate for the loan. This translates to higher interest rate for the loan making the loan more expensive for the borrower.