topic Re: What company might listen & grant hardsfip loan? in Rebuilding Your Credit

What company might listen & grant hardsfip loan?

Reighn9 — Thu, 20 Oct 2016 16:55:16 GMT

I have had a run of bad luck and a series of events that have cost me a lot of money, quite a few not in my control. I have tried to get payments reduced, interest rates reduced, limits increased and even loans (home equity didn't even go through), and I get turned down for the same reason I'm applying. Too many high balances. I explain this when I start off and which I need to pay off. I can't get to talk to anyone in the right position that might be able to help me. I asked to have my car payment lowered, it is $700 a month, I only have 7 months left but the payment is now a real hardship. I thought I had a good relationship with my bank but the answer came back"too many obligatons to take on another obligation." I wasn't trying to add an obligation. They also turned me down for a home equity loan, and turned around and sent me an application.. Anyway I need to know if their are any companies out there that might be a little more compassionate, and actually be able to listen to the facts and not just let the computer take care of it. High balances and inquiries, mostly from car and loan shopping, are all I have against me, my scores are only fair staying between 655-678

Re: What company might listen & grant hardsfip loan?

MugenCivicSi83 — Thu, 20 Oct 2016 17:06:16 GMT

Explain this hardship...do you have a job? source of income?

Re: What company might listen & grant hardsfip loan?

Anonymous — Thu, 20 Oct 2016 17:12:28 GMT

@Reighn9 wrote:
I have had a run of bad luck and a series of events that have cost me a lot of money, quite a few not in my control. I have tried to get payments reduced, interest rates reduced, limits increased and even loans (home equity didn't even go through), and I get turned down for the same reason I'm applying. Too many high balances. I explain this when I start off and which I need to pay off. I can't get to talk to anyone in the right position that might be able to help me. I asked to have my car payment lowered, it is $700 a month, I only have 7 months left but the payment is now a real hardship. I thought I had a good relationship with my bank but the answer came back"too many obligatons to take on another obligation." I wasn't trying to add an obligation. They also turned me down for a home equity loan, and turned around and sent me an application.. Anyway I need to know if their are any companies out there that might be a little more compassionate, and actually be able to listen to the facts and not just let the computer take care of it. High balances and inquiries, mostly from car and loan shopping, are all I have against me, my scores are only fair staying between 655-678

Hard to give any guidance or advice with so few details. Monthly Budget? Net Income? Able to make minimums? or are you underwater each month? Any extra income coming in soon - Christmas bonus, Tax refund, etc? Revolving balances and payments? Installment balances and payments?

We really need to see the entire picture. We don't need to know HOW you got where you are at now, we just need to see the whole situation you are in.

Re: What company might listen & grant hardsfip loan?

Reighn9 — Fri, 21 Oct 2016 01:31:24 GMT

@Anonymous wrote:
@Reighn9 wrote:
I have had a run of bad luck and a series of events that have cost me a lot of money, quite a few not in my control. I have tried to get payments reduced, interest rates reduced, limits increased and even loans (home equity didn't even go through), and I get turned down for the same reason I'm applying. Too many high balances. I explain this when I start off and which I need to pay off. I can't get to talk to anyone in the right position that might be able to help me. I asked to have my car payment lowered, it is $700 a month, I only have 7 months left but the payment is now a real hardship. I thought I had a good relationship with my bank but the answer came back"too many obligatons to take on another obligation." I wasn't trying to add an obligation. They also turned me down for a home equity loan, and turned around and sent me an application.. Anyway I need to know if their are any companies out there that might be a little more compassionate, and actually be able to listen to the facts and not just let the computer take care of it. High balances and inquiries, mostly from car and loan shopping, are all I have against me, my scores are only fair staying between 655-678
Hard to give any guidance or advice with so few details. Monthly Budget? Net Income? Able to make minimums? or are you underwater each month? Any extra income coming in soon - Christmas bonus, Tax refund, etc? Revolving balances and payments? Installment balances and payments?

We really need to see the entire picture. We don't need to know HOW you got where you are at now, we just need to see the whole situation you are in.

Income is fixed VA at $4407 a month with $550 extra each month from family members. Still paying more than minimum on everything but it's hard. Too many high interest since 0 interest went away. I can't catch a break between situations. I solve one problem and another appears. I have all my utilities on average billing so they stay pretty even. I have a family of 6, 2 are young children. I tried selling unneeded items-I couldn't even sell an A/C unit in Texas in the summer. I don't have much chance at a pay increase,, Congress hasn't been voting those in very well. I have no lates or collections. Most the time I'm turned down before anyone even gets to income, just utilization, and nobody will explain anything right then, it's always "you'll get a letter" When I ask questons I just get "I'm not a credit analyst".It is getting worse ach month. With a nice loan I could payoff some accounts with high payments or high interest and free up over $2000 a month. Oh I also don't have a house payment to worry about, but I've also been turned down for a home equity loan. I really didn't want another mortgage though. The lenders don't seem to understand Iwould pay down/off the balances and get rid of several obligations-which is why I am denied

Re: What company might listen & grant hardsfip loan?

Anonymous — Fri, 21 Oct 2016 14:11:49 GMT

It sounds like your DTI is too high so banks get very narrow minded about refinancing. Only option would really be to lower your DTI. Can you list out all of your debts with balances and interest rates. With the auto loan being at 7 months left, to start with I would make minimum payments on everything else and put all extra money towards this to try and get it payed off. However, without knowing all of your debts and interest rates it is hard to give you advice.

Example:

Credit card 1 $5,000 balance min payment $200 interest 25%

Credit card 2 $1,000 balance min payment $50 interest 12%

Credit card 3 $3,000 balance min payment $100 interest 18%

Autoloan $7,000 payment $700 interest 5% 7 months left

Mortgage $100,000 payment $1,000 interest 3% 25 years left

Electric $200/month

Food $400/month

and so on

Re: What company might listen & grant hardsfip loan?

fishbjc — Fri, 21 Oct 2016 14:13:25 GMT

Your best bet may be to get help with a company who will work with you toward lowering your interest and making the payments to the creditors themselves. A consolidation company, like. National Debt Relief. The terms may be up to 60 months, or thereabout.

Good luck!

Re: What company might listen & grant hardsfip loan?

Reighn9 — Fri, 21 Oct 2016 18:37:43 GMT

@Anonymous wrote:
It sounds like your DTI is too high so banks get very narrow minded about refinancing. Only option would really be to lower your DTI. Can you list out all of your debts with balances and interest rates. With the auto loan being at 7 months left, to start with I would make minimum payments on everything else and put all extra money towards this to try and get it payed off. However, without knowing all of your debts and interest rates it is hard to give you advice.

Example:
Credit card 1 $5,000 balance min payment $200 interest 25%
Credit card 2 $1,000 balance min payment $50 interest 12%
Credit card 3 $3,000 balance min payment $100 interest 18%
Autoloan $7,000 payment $700 interest 5% 7 months left
Mortgage $100,000 payment $1,000 interest 3% 25 years left
Electric $200/month
Food $400/month
and so on

You really don't know what you are asking Here is a list of debts and monthly expenses

Automatic payment withdrwn on 1st from checking $ 17.55
Mutual of Omaha Insurance
Automatic payments withdrawn on 5th from checking $1518.88
@ Includes: Personal Loan 3317.95 @ 11.99% $150
Blue Cross/Blue Shield $191
Insurance-AIL $ 18.25
State Farm Car/House Insurance $459.63
@ State Farm Bank $5932.16 @4.34% $700.00 auto
Household Expenses
Mortgage Payment-none-paid off $ 0.00
Electric-average billing $ 395.00
Gas-average billing $ 40.00
Gas-rental property not rented-average billing $ 25.00
Water-metered $ 70.50
Cable-includes tv expanded basic-no premium $ 223.33
phone-landline
interntet-100mb unl data
home security
Cell phone-basic talk-750 mins-2 lines $ 97.65
Groceries-food & non-food $ 600.00
Lines of Credit & Credit Cards Outstanding
@LOC 1 $ 4595.00 @ 11.75 $ 139.30
@LOC 2 $ 9097.90 @ 12.00 $ 189.00
@card 1 $13753.79 @ 15.15 $ 124.50
@card 2 $12262.00 @ 16.99 special plan $ 252.00
@card 3 $ 8989.62 @ 23.15 $ 264.00
@card 4 $ 2660.00 @ 24.99 $ 40.00
@card 5 $ 8080.94 @ 15.49 $ 160.97 Card 6 $ 7366.47 @ 10.49 $ 181.76
@card 7 $ 5309.18 @ 18.49 $ 225.23
@card 8 $ 5920.72 @ 20.24 $ 139.00
@card 9 $ 5750.00 @ 22.60 $ 171.00
@card 10 $ 578000 @ 16.24 $ 141.00
@card 11 $ 4730.13 @ 8.65 $ 0.00
@card 12 $ 4463.16 @ 19.24 $ 114.21
@card 13 $ 3832.64 @ 19.24 $ 104.00
@card 14 $ 2251.85 @ 23.15 $ 61.00
@card 15 $ 2604.46 @ 21.49 $ 77.00
@card 16 $ 2619.18 @ 20.24 $ 68.52
@card 17 $ 2100.00 @ 25.15 $ 71.00
@card 18 $ 1499.92 @ 20.15 $ 75.00
@card 19 $ 1019.04 @ 23.24 $ 29.00
@card 20 $ 1646.58 @ 22.24 $ 48.00
@Anonymous, I'm tired of entering these, I've been trying to get help since May 2015 when one situation got out of hand and I lost income. It has just gotten worse with more problems arising, many beyond my control. Youprobably won't have any advice-no one does at this point. This is where I stop getting responses. BTW there are 6 more cards with balances and several without. Total balance is $5670.29 with average interest @ 26.0% and average min. $28.

Re: What company might listen & grant hardsfip loan?

Anonymous — Sat, 22 Oct 2016 04:37:24 GMT

Reason no one has advice is you have over 100k of CC debt on a 4k a month income (I am guessing over 100k because I am not going to add all those up)

20 cards with high utilization I am shocked they kept letting you charge

The choices you have are start paying them down one by one or go bankruptcy.

Reason no one wants to loan is you have a strong chance of bankruptcy.

In the banks eyes, what are the chances you will pay down the loan without repeating the situation during the term

Did that happen on CC 4... CC 8.... CC 20.. They see a cycle

Just think of what the payment would be on a 100k "debt consolidation" loan. . .

100k at 8% for four years is like 2500 a month

And you would need to find one company to shoulder all that risk

You have two homes with no mortgage? ("rental property not rented")

If this was me...

second.. and third job

Internet only if the kids needed it .. no cable... $40

2 cell phones for $97 has some sort of data on it.. that would be dropped

Car $700 payment on a 50k income is insane... sold and buy a 3k car save 2k for unexpected repairs

drop car insurance to liability only

electric 395.. its going to be either a little warmer or colder in that house.. and dark

$600 for groceries.. (I don't have a family of six so I am not sure)

two houses.. one is gone..

pay off debt

But congrats on paying the house off already .. You have that going for you

Re: What company might listen & grant hardsfip loan?

Anonymous — Sat, 22 Oct 2016 05:20:39 GMT

Only option that I can think of in your specific situation would be to walk into a local credit union branch and sit down with one of the Reps. Explain your situation and see if they offer Home Equity Loans or Lines of Credit. If they do ask very specifically how the calculate the DTI percentage. The credit union that I worked out allowed us to send payments directly to other creditors, which allowed us to lower the DTI percentage when making the underwriting decision. Ask these questions BEFORE joining or putting in the app so you don't waste a hard INQ. I know that Navy Federal Credit Union will do this if you ask specifically, you should be eligible due to your VA based income. You can also apply over the phone 24/7 with NFCU I would highly reccomend them as both a member and former employee.

Re: What company might listen & grant hardsfip loan?

dallascowboyfan — Sat, 22 Oct 2016 13:09:46 GMT

Are you a member of a credit union? If so I suggest you go there and speak with a loan officer & explain your situation.

Re: What company might listen & grant hardsfip loan?

StartingOver10 — Sat, 22 Oct 2016 15:38:54 GMT

You own two homes outright without a mortgage from what I can see (you said rental home and your primary).

How long has the rental home been vacant? Is it rentable or is it is bad condition?

Personally, I think you would be better off selling one of your homes and paying off your debt rather than filing bankruptcy. You have equity. The home buying market in Texas is extremely strong.

How much equity do you have in each of your properties? If you haven't had a recent market analysis, then get one. The market is very strong in Texas now (isn't that where you are - if not, then check the market in your area).

Keeping two homes when you are drowning in debt is not going to happen. Sell one.

Re: What company might listen & grant hardsfip loan?

Reighn9 — Sat, 22 Oct 2016 16:06:02 GMT

The person that asked me to list the cards said not to give the reason for the problem, and it wasn't just one problem anyway. I am not charging on most of those cards, just paying them down with as large of a payment I can make over the minimum. I have had issues with some companies raising my interest rates or lowering my credit limit, and I didn't even have high balances with that company.

I don't understand what you are meaning with CC4, CC8, and CC20.

I had a higher income, a respectable savings account, and the second house was rented. The car is almost paid off, so I wouldn't get very far trying to sell it to get another, I don't owe that much on it. When I set up the $700 monthly payment my income was much higher and I wanted the car paid off quickly. I tried to get the bank to lower the payments a couple of months ago but they refused.

One home is mine, the one I live in, I paid off in 1992 shortly after I got out of the USAF. The second house was my brother-in-laws who died in 2004 and I continued to make the payments and rented it out. I was forced to pay it off by an uniformed attorney. The house had been trashed and badly damaged. It's almost impossible to collect on a judgement from small claims court.

I have tried for a home equity loan with 2 banks but not my credit union, and been turned down. I started trying to fix this before it was this bad. A financial advisor told me to try to get my interest rates lowered, apply for a couple of 0% balance tranfer cards, apply for credit line increases with companies I had a good relationship with. None of that worked.

I am thinking about getting a different cell phone, because I do need it for travel. No, neither phone has a data plan on it, these are just old fashioned flip phones. $20 of the bill is taxes and fees, and there's a $10 replacement plan on each phone. I have never had a problem keeping the utilities on. Those get paid first. Yes the kids need the internet for school, I've only got basic cable, but I have bundled services.

I'm going to try a differnt financial advisor, I really don't want a debt consolidation loan, and I don't plan on going for bankruptcy. Maybe my luck will turn around and the problems will quit piling on before I get the last one solved.

Re: What company might listen & grant hardsfip loan?

StartingOver10 — Sat, 22 Oct 2016 16:17:26 GMT

A HELOC has vastly different underwriting criteria from a regular cash out refinance.

You could get a first mortgage on your primary residence - not a HELOC. If you can't get a conventional loan due to DTI, try FHA. You can have the cards paid off with the loan proceeds at closing. This may get you through this rough time you are having right now. Is the rental house worth selling or do you want to keep it for sentimental reasons?

Re: What company might listen & grant hardsfip loan?

Reighn9 — Sat, 22 Oct 2016 16:56:15 GMT

@StartingOver10 wrote:
You own two homes outright without a mortgage from what I can see (you said rental home and your primary).

How long has the rental home been vacant? Is it rentable or is it is bad condition?

Personally, I think you would be better off selling one of your homes and paying off your debt rather than filing bankruptcy. You have equity. The home buying market in Texas is extremely strong.

How much equity do you have in each of your properties? If you haven't had a recent market analysis, then get one. The market is very strong in Texas now (isn't that where you are - if not, then check the market in your area).

Keeping two homes when you are drowning in debt is not going to happen. Sell one.

The "rental" has been vacant since August 2015 when I finally got the vagrant, unauthorized tenant out. The actual tenant moved in June leaving him behind along with trash and damage. The house is unliveable,and was made worse by the tenant coming back in September, stealing the refrigerator, and just dumping the rotten food on the floor. Clean up and repair was complicated by the Constable who came to evict the vagrant. He had left before the Constable arrived. The Constable said the vagrant couldn't be evicted because he wasn't on the lease and nothing could be removed from the house because he (the Constable) couldn't tell who it belonged to because of the amount, the mess, and the damage. The Constable said to put locks on the doors, not to go back in, not to remove any property, not to clean and posted a no entry sign. It took me over a year to find someone to tell me anything different-the Constable "lied"-he wrote down that he had tuned the house over to me, that he had cleared the property.

The home buying market is not any good in this area. People can't even get Reverse Mortages very easy here. It also depends on the neighborhood. People aren't looking for anything in the older established neighborhoods in town. They want new built or outlying areas almost outside of town. The Tax appraisal on my house is $45000 and on the other one $21000.

I have been turned down by 2 banks for a home equity loan recently.

Re: What company might listen & grant hardsfip loan?

Reighn9 — Sat, 22 Oct 2016 17:04:55 GMT

At the moment the rental house is not worth selling. I'm not real sentimental about it, but my niece is, it belonged to her father so I need to have some consideration and work with her too if I want to sell the house. Right now it would take a lot of work or really take a loss.

Re: What company might listen & grant hardsfip loan?

tricie17 — Sat, 22 Oct 2016 17:11:31 GMT

Good for you for defying bankruptcy. My suggestion would be to continue paying down debt; join Navy Federal CU (which is known for helping). If there is one near you, walk in; sit down and talk about situation and be prepared to listen to hard feedback. They just may be your saving grace.

Re: What company might listen & grant hardsfip loan?

Anonymous — Sat, 22 Oct 2016 17:40:05 GMT

Not to be out of place, but IMO a different "financial advisor" won't be able to help much, your best option if you want to keep both houses would be to either contact NFCU as others have suggested they can answer about the Mortgage or HELOC route. Or try a local CU if you prefer.

Re: What company might listen & grant hardsfip loan?

Anonymous — Sat, 22 Oct 2016 17:44:05 GMT

Have you ever heard of the snowball method.

Basically you pay only minimum payments on all bills and then pay everything extra on your lowest balanced Credit Card of LOC.

Once that bill is paid off, take everything you were paying on the !st card or loc and pay it toward next lowest balance Credit or LOC.

Then repeat on third lowest balance, etc. It takes a while but eventually everything gets paid.

This option will work if all efforts to get a loan fail. It just takes focus and the will to not run up any more debt.

Your sound like me, I went through a rough patch a few years ago and refused to file bankruptcy. So good for you.

Re: What company might listen & grant hardsfip loan?

Reighn9 — Sat, 22 Oct 2016 18:13:30 GMT

I'll try that-I may have been doing it anyway somewhat. I have some cards with no balances and I just paid of another one this month. Maybe I'll get more serious and concentrate on something like that.

I will check out Navy Federal, I was a member once, but I didn't keep the account for some reason when I changed duty stations.

Re: What company might listen & grant hardsfip loan?

woithk1 — Sat, 22 Oct 2016 22:23:58 GMT

I would definitely tune into Dave Ramsey as soon as possible. Below is the website for him and he also has a budgeting tool called Every Dollar. It helps you stay on track and get your bills paid down as soon as possible. I have listened to him for years and have learned a lot of great advice. His methods have been proven time and time again. Click on the link below for the Debt Free Screams on Youtube. They will inspire you. All you need to get through this is time and strength. I will not be easy with the budget for the first couple months but it will make sense because you will feel a sense of accomplishment. Best of luck to you and thank you for your service.

Dave Ramsey

http://www.daveramsey.com/home/

Every Dollar

https://www.everydollar.com/

Debt Free Screams

https://www.youtube.com/results?search_query=debt+free+scream