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X-posting this here on Fuskie's suggestion:

Within the next day or two I'm planning to file with my bank (Credit Union that holds my Mortgage) for a hardship forbearance (Fannie Mae Form 710 "Uniform Borrow Assistance Form"). I'm trying to figure out how to fill out the form with regards to all the info it asks for (household income/expenses/assets/etc).
First quickly here's some pertinent info:
Got married in 2013
Wife still owns her own condo in MI (which she is renting to a friend of hers), has her own car loan, student loans, etc.
I'm the only owner/borrower on my NY condo. I was laid off end of last year, so collecting unemployment while searching for work. This is one of the reasons for filing for the forbearance. If the condo doesn't sell in the next few months, we'll be completely out of money (with my severance having been drained due to the negative cash flow).

So the form asks for Monthly Household Income/Expenses/Debt Payments/Assets/etc. Am I correct that I list just everything related to me? My Unemployment Income, Mortgage, HOA, Personal Loan, Car Loan, Student Loans, etc? And then for the assets, since we have everything in a joint account do I just divide the total current balance in half?

And I just ignore all her info? (salary/her mortgage/auto&student loans/etc)

The guy at the bank that sent me the form to fill out doesn't even think I'll get approved for the forbearance, but I want to try anyway. Anything to help us make it through until this stupid condo gets sold (and so I don't have to just stop making payments and go into Foreclosure) will be a help, and my monthly payment on it is a bit over $1000/month.

So any info anyone can provide or any other insights or help would be appreciated.

PS. Yes, I already know this would put a dent in my credit rating (it's currently very high, so should bounce back quickly enough...I hope). If it's not good enough when we ready to buy something, we'll just use my wife's credit score.
PPS. I've already talked to my bank, and they won't discuss short sale options unless there is actually an offer from someone on the table. I already have the condo listed for $5k less than I owe, so can't really drop the price any further without knowing the bank would accept a short sale. So the only thing I can hope for is that either someone buys it for list, or puts out an offer that is lower which I can then take to the bank.

-Eric
Who flinches every day when I look at our monthly budget to see our cash balance go negative (even after budgeting in selling over $6k of stocks) by September
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no comment on the Forbearance issue -
Have you looked at an income based repayment plans:
https://studentaid.ed.gov/repay-loans/understand/plans/incom...

The specifics depend on the the date of your loans.

You might also want to look into deferment rather than forbearance :
https://studentaid.ed.gov/repay-loans/deferment-forbearance

Danbobtx
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Those deal with student loan repayment. It is my Home Mortgage for the condo I'm trying to sell which is the issue. That's what I'm trying to find a way to not being paying the mortgage each month while I try to sell it.
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I have a feeling that you will need to include the entirety of your household finances even if the condo is only in your name. Did you file married filing jointly? Banks want to get paid and if they can't get the money from you, they will look to your spouse.
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Not to beat a dead horse, but have you already gotten both you and your wife's student loans on some type of reduced payment plan? Sounds like anything you can do to reduce your cash outflow helps this situation. Also, are you underwater on your cars? Do you need both cars?

Are you paying on the MI Condo? Is it cash flow positive?

Good luck
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Not to beat a dead horse, but have you already gotten both you and your wife's student loans on some type of reduced payment plan? Sounds like anything you can do to reduce your cash outflow helps this situation. Also, are you underwater on your cars? Do you need both cars?

Are you paying on the MI Condo? Is it cash flow positive?


Heh, I was warned by Fuskie to expect a tongue lashing when I came over here. :)
Student loan payments are not an issue. Both of ours are very low interest (3.125% & 1.625%, such that the combined payments is only $290) and mine will be paid off next March.
I've actually had a good grasp on our finances and getting things paid off in a workable manner....until my layoff last year and us making the decision to move. It's the mortgage and association fee on my condo that has put the big wrench in the works. We didn't expect it to take this long to get rid of it.
For your other questions, yes we need both cars. The MI Condo is cash flow negative, but that's my wife's thing with renting it to her friend until her friend is able to buy it. I don't really want to get all into it, but suffice to say that part of things is not going to change. It was her form of "charity" to get her friend out of a bad situation, plus some of her stuff is still there in one of the bedrooms, plus it gives us a place to stay when we go out there to visit her friends.

I keep reworking my budget sheet and managing our flexible expenditures every week, sometimes daily, to find the best ways to get the money to stretch as far as I can until I get this condo sold. Once it's sold, we'll be good. But that's why I'm looking into the Forbearance option...basically to get rid of that one payment until someone actually buys the damn thing. Getting rid of that one payment might, just might give me that one small bit of extra to get us a few extra months. If it sells anytime between now and August, we'll be fine. This is all just in case it takes longer than that. Trying to plan ahead, rather than simply having to pick a month sometime around then to stop funding the savings account the mortgage payments are withdrawn from if it's still stuck in my possession.
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Heh, I was warned by Fuskie to expect a tongue lashing when I came over here. :)

A tongue lashing? You haven't seen anything yet.....

Student loan payments are not an issue. Both of ours are very low interest (3.125% & 1.625%, such that the combined payments is only $290) and mine will be paid off next March.

You really should be more open to looking at how to fix your cash flow issues. That's over 25% of your negative cash flow. True - it's not the whole thing - but it would certainly help. Plus, it's generally easier to get forbearances and/or deferments on student loans than it is on a mortgage. If you had done this, say, last September or October , you would have added another 2 - 3 months in your glide-path by now.

I've actually had a good grasp on our finances and getting things paid off in a workable manner....until my layoff last year and us making the decision to move. It's the mortgage and association fee on my condo that has put the big wrench in the works. We didn't expect it to take this long to get rid of it.

As I said on the Fools and Their Money board - you need to drop the price. If you really need to sell, not being at or below comparables and other listings in a condo complex is a sure way to NEVER even get an offer, much less get it sold. It doesn't matter if you think your condo is in much better condition, has much better amenities, etc. - especially in lower-range condo complexes (which yours is, if your negative cash flow is about $1k/month), price is pretty much the only thing, especially for vacant condos. If you want to sell, drop the price to be the lowest listing price for your bed/bath combination. If you don't want to sell, and want to end up in foreclosure, leave the price where it's at and hope someone comes along with your dream offer.

For your other questions, yes we need both cars.

Really? Your wife is doing the same job that she was in Michigan, because she is able to work from home. Why does she NEED a car? Sure, she probably WANTS a car. But does she really use it when she couldn't manage to use your car, or make some other arrangements? I work from home, and I can tell you, if I was in your situation, a car would be one of the first things to go - way before asking for a forbearance on a mortgage. In fact, if it would give me some additional money to bring to the table that I could drop the price on my condo without having to do a short sale, I'd do it in a heartbeat.

The MI Condo is cash flow negative, but that's my wife's thing with renting it to her friend until her friend is able to buy it. I don't really want to get all into it, but suffice to say that part of things is not going to change. It was her form of "charity" to get her friend out of a bad situation, plus some of her stuff is still there in one of the bedrooms, plus it gives us a place to stay when we go out there to visit her friends.

Okay, so your wife 'needs' a car and she is willing to provide charity to her friend. Where does your ability to avoid foreclosure on your condo fall in that priority list? Because those are all choices that are being made. And if you are making decisions to travel to MI while you are in this situation, I think you both need to look at your priorities.

And speaking of priorities, on the Fools and Their Money board, you indicated that you are paying $1700/month for a 3 BR townhouse. Really? There are 2 of you. What do you need a 3 BR townhouse for? Yes, if your wife works at home, she probably needs a separate office space. But that means 2 BR, or a BR and a den. In your situation, you SHOULD NOT be paying that much for rent. To do so is financial suicide. How long is your lease, and how much would it cost you to break it?

Getting rid of that one payment might, just might give me that one small bit of extra to get us a few extra months. If it sells anytime between now and August, we'll be fine.

- How many more months would putting the student loans into forbearance or deferment give you?
- If you got the student loans put into forbearance or deferment, and moved down to a $1k/month rental, how many months would that give you? (actually this option looks like to me it might resolve the cash flow issue, at least for as long as the forbearance/deferment lasts)
- How many more months would getting rid of one of the cars give you?
- How many more months would not having your wife's cash-flow negative condo give you?

Those are the types of questions you need to be asking yourself and your wife if you really want to fix your current cash flow issue. If you aren't asking those type of questions, then you and/or your wife haven't owned up to yourselves that the situation is as bad as you are trying to make it sound.

So is it really that bad? If so, you both need to get on board with making some pretty drastic decisions. And hopefully those decisions will be better for your financial life than the decisions that you appear to have been making since you decided to move because of your layoff. If not, then just keep going the way that you have been, and check back in September, when you are going to miss your first mortgage payment.

AJ
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I'll let others handle the details and offer some unpopular opinions

Anything to help us make it through until this stupid condo gets sold (and so I don't have to just stop making payments and go into Foreclosure) will be a help, and my monthly payment on it is a bit over $1000/month.

You want the bank to help you?
Stop paying.
Most banks will not work with you as long as you are still paying your mortgage.
You can tell them you are drowning over and over and over again, but until you have repeatedly failed to surface, They Don't Care.
You want the attention of the bank - Stop Paying and in a few months you can bet someone will contact you about how to make things work, because the last thing that bank wants is to foreclose.

I have not done this^^ but I now several people who made themselves sick trying to pay, couldn't get any help from the bank, ended up filing for bankruptcy because they got down to nothing - then and only then did the banks contact them and offer some assistance with restructuring. For a few it was too late, they'd already scraped the bottom trying to pay, and there was nothing left.

... can't really drop the price any further without knowing the bank would accept a short sale.

There is nothing short about a short sale, I have gestated a live child in the amount of time that that process takes, but I digress.


peace & options
t
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I'll let others handle the details and offer some unpopular opinions

You want the bank to help you?
Stop paying.
Most banks will not work with you as long as you are still paying your mortgage.
You can tell them you are drowning over and over and over again, but until you have repeatedly failed to surface, They Don't Care.
You want the attention of the bank - Stop Paying and in a few months you can bet someone will contact you about how to make things work, because the last thing that bank wants is to foreclose.

I have not done this^^ but I now several people who made themselves sick trying to pay, couldn't get any help from the bank, ended up filing for bankruptcy because they got down to nothing - then and only then did the banks contact them and offer some assistance with restructuring. For a few it was too late, they'd already scraped the bottom trying to pay, and there was nothing left.


Yeah, I kinda knew posting here might be a mistake. I think I may have partially done it just because I need to get some of it off my chest and "speak" it. I've read this and other boards often enough to know already all the things AJ said. In actuality, my financial situation is probably not as bad as I made it sound in my post as for my forecasting of income I'm using an estimated low end of amounts I might take in from this consulting gig.

With regards to your statements above, I've been thinking about that a lot as well. And both my wife & I keep grumbling about that scenario you refer to. We're trying to do the right thing....keep up with payments while trying to find someone to work with us to help us fix the situation. But as you say, the only way to get some help is to be one of those people that simply stops paying.
Before I can do that though, I need to soon make a trip back up to NY to take my mom's name off the bank account. The mortgage is held by the credit union where the account was opened with my mom as a co-signer back when I was a teenager. So before I stop funding the savings account which they pull the payments from, I need to get her off the account. Since I'm not sure what effect that would have on her. The mortgage is solely in my name. It's just the bank account that has her name also on it. And if there is no money in that savings account come time for them to withdraw the money, don't know what they'd do.

Anyway, thanks for the response and helping me "talk through" my thoughts without diverting onto a tangent of things that for us are not options (even if they might be for other people). We are not moving again any time soon (we eventually want to even buy this townhouse if the owners are willing to sell it at some point), we are not getting rid of either car, etc. Might look into the student loan thing, though.

I've read multiple posts from AJ over the past year or so (ever since I got married in August 2013) when my wife came into the marriage with a large amount of debt....which I was already able to get rid of over the course of just over a year (she came into the marriage with 30k of CC debt). So I already know most of the things he was going to say. Already in the habit of paying off every CC in full each month (tracking purchases in multiple categories to keep them within monthly budget). Only one card has a balance right now at 0% (until Oct) and that's only because I had to replace the furnace of the condo last January when it died. And I've been tracking the payoff of that very closely to make sure it's gone before the 0% runs out.
This is also why I originally posted on the other board, since I really only popped in for some info specifically on the Mortgage Forbearance and things related to that. I'm already leaning towards not even filing for it, since I do have other alternatives that are likely not as drastic (such as about $5k of stocks I could sell if the bank account neared zero....I've been keeping this balance out of my budget figures). I just wanted to try to explore the details of all the options. Also, if my consulting does indeed keep up at the current pace, that should keep us going long enough for the condo to sell. Once the condo costs ($1024 Mortgage, $627 HOA, $93 electric) are gone, I'll be able to get everything back on track. Plus in January my mom is getting an inheritance from my great aunt that recently passed away, and she intends to pass some of that on to me right away to eliminate my wife's high interest Home Equity Loan. So as long as I can make everything last until January, I'm good.
Like I had said earlier in my post. I'm just trying to get info to plan for the worst case scenario.....condo doesn't sell quick enough, and my consulting income decreases because they don't need me as much (but they've outright told me they expect to need me at least as much as right now through the whole year).

Anyway, I've used up enough of all yours time with my need to ramble to get some things off my chest. I actually already feel better just by typing things out. Yesterday was just a rough day of re-figuring the budget after I realized I needed to change the quarterly estimated tax payments (or increase wife's W-2 w/h) to account for the $5k I'm going to owe next year to pay off the rest of the 2008 First-time Homebuyer Credit that I'll have to pay back immediately due to it no longer being my primary residence.

Eric
-Who is going through a relatively minor rough patch of calculating finances, all things considered.
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You want the bank to help you?
Stop paying.
Most banks will not work with you as long as you are still paying your mortgage.
You can tell them you are drowning over and over and over again, but until you have repeatedly failed to surface, They Don't Care.
You want the attention of the bank - Stop Paying and in a few months you can bet someone will contact you about how to make things work, because the last thing that bank wants is to foreclose.


tconi is correct. You are unlikely to get either a forbearance or a short sale, if you have not missed at least 2 payments. After you have missed the entire grace period on the first mortgage payment (potentially even earlier, if you typically pay on the due date or early in the grace period), you will start getting collection calls. After you have missed the due date on the 2nd payment, you should start to get offers of assistance.

However, just like the forbearance application you are currently filling out, those offers of assistance will require you to fill out applications that ask for 'household' information. As I said over on the Fools and Their Money board, when they ask for 'household' information - that includes all assets, debts and income (including the below market rent your wife gets for her condo) for your entire household. It doesn't matter if the property is your sole and separate property. This may block you from getting any assistance, because you (jointly) have assets and income that could be used to pay for your monthly payments. And you will be required to sign a paper that gives the mortgage servicer the right to pull your tax information from the IRS, so don't think you can get away with not telling them about your wife, her income, etc. To even try to do so would be fraud.

Truly, it seems to me that your biggest issue is - you decided to add to your negative cash flow after your layoff notice by moving and renting a home that probably costs as much or more each month than you end up paying out in negative cash flow on the 2 condos that you (together) own, but don't live in. And you made the decision to do so before you actually sold your condo. If you had done so before getting your layoff notice, and, despite being laid off, were still able to support that outgoing cash flow and still put some money away toward retirement, keeping your emergency fund fully funded, and other future desires, that might have been an okay financial decision. In your situation, it was NOT A GOOD FINANCIAL DECISION.

And now you want your mortgage company to subsidize you in continuing to live above your means by giving you a forbearance. You are asking for that subsidy despite fact that you have a perfectly good condo that you could move back into and probably resolve most, if not all, of the issue.

Yes, I get that your wife didn't like living in your condo. On the other hand, neither of you seems to like the idea of missing mortgage payments or having either of your condos foreclosed on. So, which is more important to you, jointly? If the most important thing is that you live in the place that you are currently renting, then I would suggest that you both quit making mortgage payments and let your negative cash flow condos be foreclosed on. If it's that neither of you get your condos foreclosed on, then figure out a way to get out of the rental you are in and into a positive cash flow situation. Depending on the particulars of your budget, that could mean moving back into your condo or moving to a cheaper rental.

AJ
- Although I love "The Princess Bride" - your attempts to justify your poor financial decision making were still that - attempts to justify your poor financial decision making
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The mortgage is held by the credit union where the account was opened with my mom as a co-signer back when I was a teenager. So before I stop funding the savings account which they pull the payments from, I need to get her off the account. Since I'm not sure what effect that would have on her.

No. You just need withdraw the permission to make the automatic withdrawals, and stop paying the mortgage.

Anyway, thanks for the response and helping me "talk through" my thoughts without diverting onto a tangent of things that for us are not options (even if they might be for other people). We are not moving again any time soon (we eventually want to even buy this townhouse if the owners are willing to sell it at some point), we are not getting rid of either car, etc. Might look into the student loan thing, though.

They are options for you. They are just options that you have chosen not to consider. Whether avoiding foreclosure is more important that considering those options is up to you.

I've read multiple posts from AJ over the past year or so (ever since I got married in August 2013) when my wife came into the marriage with a large amount of debt....which I was already able to get rid of over the course of just over a year (she came into the marriage with 30k of CC debt). So I already know most of the things she was going to say.

There, fixed that for you.

Like I had said earlier in my post. I'm just trying to get info to plan for the worst case scenario.....condo doesn't sell quick enough, and my consulting income decreases because they don't need me as much (but they've outright told me they expect to need me at least as much as right now through the whole year).

You are currently living above your means. You can apparently sustain that for a while, assuming everything else comes through the way you hope it does. Because of that, you aren't really living as though the worst case scenario is going to happen. You can choose to continue to be optimistic. You need to realize that optimism in situations like this can end up being very devastating financially.

AJ
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Agree with a lot of what AJ says here. Also wondering if you could either rent out the other condo (that you are trying to sell) or move back into it and get rid of the rent. It doesn't make sense to have 3 places, 1 vacant, medium to long-term. There's got to be a way to reduce this such that you are at least getting income from 2 of them if you are unable to rid yourself of them.
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to stop funding the savings account the mortgage payments are withdrawn from

You really, REALLY don't want to go about stopping the mortgage payments in this way.

If you simply stop adding cash to the account the payments are made from, the payment will continue, then be returned for insufficient funds. Then your account will be charged an insufficient funds fee and the mortgage company will charge a fee for a returned payment. (And yes, this will happen even if the account and the mortgage are at the same financial institution.) Then after a week or so, the savings account will get hit with a continuing overdraft fee.

Then next month this whole cycle will start over again.

If you want to stop making the mortgage payment, contact the mortgage company and tell them to stop automatically making the payment. They will then expect you to mail a check, which you will fail to do. That limits the additional fees to just the late payment fees on the mortgage. You will avoid all of the NSF and overdraft fees on the savings account.

--Peter <== implementing the first rule of holes: When you find yourself in a hole, stop digging.
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HitAnyKey42,

You wrote, I've read multiple posts from AJ over the past year or so (ever since I got married in August 2013) when my wife came into the marriage with a large amount of debt....which I was already able to get rid of over the course of just over a year (she came into the marriage with 30k of CC debt). So I already know most of the things he was going to say.

She. aj485 is a woman.

Also, This is also why I originally posted on the other board, since I really only popped in for some info specifically on the Mortgage Forbearance and things related to that.

Honestly I don't see why you're even looking at this. The mortgage is a secured loan. Not only will they ruin your credit; but they'll likely get their money regardless. Normally you should exhaust all other opportunities before defaulting on a mortgage. Once you default, you need to be prepared to just walk away and accept the consequences. And BTW, there will be consequences beyond the mortgage itself. Credit history is used by everyone these days. Among other things, it will affect credit card interest rates and offers you receive and the price you pay for insurance.

And, Already in the habit of paying off every CC in full each month (tracking purchases in multiple categories to keep them within monthly budget). Only one card has a balance right now at 0% (until Oct) and that's only because I had to replace the furnace of the condo last January when it died.

This is another thing I don't understand. If I were between jobs - and honestly thought I had prospects for earning a living at the same pay again in the near future - I would probably start living off of the credit cards. What I'm saying is that I'd intentionally avoid ruining my credit and exhausting the last of my cash by financing much of my daily expenses on credit.

Obviously this is not a sustainable long-term strategy; but bridge loans are a common financing strategy when additional funds are only needed for a short period. Also if things get really bad and go for a really long time, the bank / credit card company debt is dischargable in bankruptcy, so I'm fine with letting the bank take that risk. And I can certainly understand why people between jobs would fall back onto credit cards if they didn't have the savings to cover the gap.

But asking for a deferral is likely going to mess up your credit - as would not making payments. I don't see why you'd do that until things get really really bad. And at the moment, it doesn't sound like you're there yet.

- Joel
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A tongue lashing? You haven't seen anything yet.....

I've decided not to berate this internet stranger. Because his wife must be really hot. That's the only reason I can think of that a guy as smart as he seems to think he is would be willing to sing denial songs all the way to the end. Really, really hot.

xtn
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I've decided not to berate this internet stranger. Because his wife must be really hot. That's the only reason I can think of that a guy as smart as he seems to think he is would be willing to sing denial songs all the way to the end. Really, really hot.

xtn

====================================

You might think about the fact that he is the one that is unemployed. She is the one with the job.

We don't know what is going on in their house.

Jean
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You might think about the fact that he is the one that is unemployed. She is the one with the job.

We don't know what is going on in their house.


Condo.

Anyway, you might think about hot girl versus financial security and how the average young male mind prioritizes things.

I mean, you're right. It could be the fact that she has a job that makes him a poor decision maker.

xtn (she's definitely hot)
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I stepped away from the board for a few days and almost wasn't going to post a reply simply because of xtn's rather obnoxious comments...and that's all I have to say on that.


AJ, my apologies on the he/she mix-up. My bad.

As for everything else, I've taken a lot of what everyone has said to heart. The only reason we are currently "living above our means" is 90% because of the $1700/mo outflow due to my condo. That is what triggered my even thinking about other drastic (and yes, I know they are drastic) alternatives. I received a sizable severance, which we expected to cover us until the condo is sold. That is not gone yet, but is certainly dwindling.

joel wrote:
Honestly I don't see why you're even looking at this. The mortgage is a secured loan. Not only will they ruin your credit; but they'll likely get their money regardless. Normally you should exhaust all other opportunities before defaulting on a mortgage. Once you default, you need to be prepared to just walk away and accept the consequences. And BTW, there will be consequences beyond the mortgage itself. Credit history is used by everyone these days. Among other things, it will affect credit card interest rates and offers you receive and the price you pay for insurance.

I have already basically decided to forgo any more thoughts about applying for a forbearance or defaulting on my mortgage. I hadn't really thought though enough some of those other consequences. And I do have at least a few other fallback options, that although not good are still probably better than ruining my credit.
Plus, since I started the other thread I have learned that the inheritance my mom will be getting might be processed as early as June (it originally wasn't expected until January) and she plans to loan me some assistance until we're able to get rid of my condo.
I have a very detailed budget document, and I keep track of everything we spend money on. So I know that once the condo is gone, we'll be back on track for our future savings goals.
And on that note, I'll let ya'll get back to helping those who apparently have worse situations than mine.
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<< and she plans to loan me some assistance until we're able to get rid of my condo.>>


MORE debt?


Seattle Pioneer
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<< and she plans to loan me some assistance until we're able to get rid of my condo.>>


MORE debt?

Seattle Pioneer


Guess I phrased that badly. Not more debt. More like consolidating at a better rate. When my mom receives the inheritance, we'll use some of that to pay off my wife's high interest HELOC and one of our higher interest personal loans. That'll give me a much smaller single payment (at like half the interest) to repay back to my mom. Also allows for if an emergency situation pops up (which hopefully won't) if we need to postpone a payment or two. This will ease the stress of dealing with my condo until it gets sold.
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<<<< and she plans to loan me some assistance until we're able to get rid of my condo.>>


MORE debt?

Seattle Pioneer

Guess I phrased that badly. Not more debt. More like consolidating at a better rate. When my mom receives the inheritance, we'll use some of that to pay off my wife's high interest HELOC and one of our higher interest personal loans. That'll give me a much smaller single payment (at like half the interest) to repay back to my mom. Also allows for if an emergency situation pops up (which hopefully won't) if we need to postpone a payment or two. This will ease the stress of dealing with my condo until it gets sold. >>


Ummm.


You took out a high interest HELOC KNOWING that the interest rate is high.


Now your solution is to borrow money off your Mom and to pay her LESS in interest than you are paying the bank.

That's really a bum deal you are proposing for your Mom. Loaning money to relatives is a formula for never seeing that money again in this lifetime, and even if it should be repaid she gets a lot less in interest than you willingly pay the bank.


Frankly, I think you are monetizing your Mother's love with this proposal.



Seattle Pioneer
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You took out a high interest HELOC KNOWING that the interest rate is high.

No, I didn't. This is from the debt my wife came into the marriage with. Before she met me, she was not particularly good in the way of finances. When she had bought her condo, she did so with an 80/20 split....the 20% downpayment being taken care of by the 8.35% HELOC.
As we were preparing for our wedding in 2013, I was working on her credit card debt...and with the help of this board regarding input on budgeting and all sorts of stuff like that we were able to eliminate her $30k of credit card debt in around 18 months.
I had started this thread as a sounding board regarding the annoyance I'm having with trying to get my condo sold, and I've gotten the helpful info and insight regarding that...as to the point that I've decided it is in my best interests not to skip paying the mortgage, or try for this forbearance thing, or let it go into foreclosure. With any luck my real estate agent will be able to get it sold this summer, and then I'll be able to eliminate that part of the budget.

As for taking advantage of my mom, that is so not the case, so do not presume to think you know my relationship with my parents. She is the one who has offered to help us out. She is receiving a rather sizable inheritance that is above and beyond the income and retirement funds that my parents already have. She's planning to use a chunk of that inheritance for helping out each of us kids and even some of my cousins who are going through rough times. I'm probably one of the few who is planning to repay her with interest.
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