Contributor
brainysmurf
Posts: 89
Registered: ‎03-19-2011
Re: Compromise Sale Reporting

An unsecured from Navy Fed is a definite possibility. The only downside of that is, from my little bit of research, that interest rates at NFCU are 12% on unsecured. Which is actually decent for a non collateralized debt obligation, but on the amount I expect to need it will be a bit too much. (I'm enlisted E-6, but single. I do okay money wise, but not well enough that I  could take a 20k loan with any term less than likely 48 months)

 

The VA will charge me interest @ the rate of my mortgage. I know it sounds like I'm trying to have my cake and eat it too. I'm definitively considering some unsecured loan to pay the difference. The most important lesson I've learned with credit is "if you signed you pay (as long as you are capable)."  There are valid hardships, and I know better than to think I'm one of them.

 

I think the house is marketable (I'll be paying out of pocket for a home inspection before listing, and fixing whatever I can afford to.). I owe 210k, and desktop comps set ask right around 200, but with expected downward price action. I think my loan to value points towards renting it out for 1-2 years and rechecking the market, ugh it's a stressful situation at any rate.

 

EX / EQ / TU FICO
Start: ? / 633 / 621 March 2011
Current: 751 / 760 / 750 (PSECU, SW, QM)
My Wallet: Fidelity Amex 5k, NFCU CashRewards 10k,
SD: Barclays Apple 1.2k, Amex Zync NPSL, HomeDepot 1.2k