Need to Find Loan

[patriotgene]

In January 2019 my credit score was over 700, and I had never paid a bill late. Last year and the first half of this year, my income was very unstable, and I depleted my savings. There were late credit card payments and auto lease payments during first half of this year.

Auto lease ended on October 7, 2019 paid in full. I have not been able to acquire a replacement vehicle yet. I have $3,900.00 in past due property taxes. 

One credit card has remained in good standing throughout my turmoil. A second card is enrolled in temporary hardship program -- no interest accuring --- but the card is also now closed. Citibank is the card that got away from me. In July, I setup a payment plan through Alltran Financial to pay the Citibank card off in *full* but two days later Citbank charged off. That killed my credit score --- down to 540. It has rebounded to 580-600, depending on where I check. Total credit card debt is $18,000.00. 

No payments are currently due on approximately $130,000.00 in student loans. 

I own my own home valued at $170,000.00 free and clear. 

I am bringing home $1,500.00 per month but still trying to get caught up on deliquent ultilities. Plus, without vehicle I am relegated to Uber which appears just for trips to and from work will run about $500.00 per month. 

I have been unable to get home equity loan/credit. I have been turned down everywhere (e.g. Eagle Loan, One Main Financial) for small loan. I am in desperate need of loan.  Does anyone have any suggestions or where to turn? 

[FireMedic1]

You own the home outright and cant get a loan?

[patriotgene]

Yes. 

[FireMedic1]

Wow. I have no clue. Doesnt make sense. Maybe the bank that you had the morgage with may work? I'm stuck. Maybe someone else has a way. Those baddies are the reason. But still. You default their gain. Not saying that would happen. Good Luck!

[chiefone4u]

This is probably not going to be the most popular response, and some may argue against it. (Totally my opinion and an option).

Based on your current income and your stated debt load, I don't see you getting any kind of loan (including putting your home up as collateral).

The only option I see feasible is to sell your home. Selling your home could provide the cash infusion needed to clear your debts and allow you to start over.

As I stated this is probably not a popular option.

Only reason I suggest it is bankruptcy won't zero your student loans (eventually you'll have to make payments). Also, depending on where you live is how long you may have to pay your property taxes before they take your home (if you can sell it first you'll be able to use the proceeds for other obligations).

Hopefully others can offer a solution that allows you to keep your home and get you to the other side of this rough patch.

Best of luck

[patriotgene]

Thanks. Your view is very reasonable, albeit unpopular. There is a lot of history to this house for me, and I am going to fight to keep it. 

The past 2 - 2 1/2 years have been lost for me. That said, I have the ability to make more money. I have a law license (currently inactive to save on registration fees). I am over qualified for my current government job, but I needed the stable paycheck. My supervisor told me from the beginning that because of oversight during contract negotiations last time around my position was underpaid. She told me the oversight would corrected with the new contract which is beginning negotiated now and should go into effect in January --- so likely a raise in the $2,000 - $3,000 range after the first of the year. 

[dynamicvb]

Why not just go to one of the buy here pay here places and get a beater for now. Will pay more and it will be a piece of junk, but still probably cheaper than getting an uber everywhere. Don't neglect those property taxes or you risk the house. 

Once you get better with the income and some of the credit card balances paid down you can then probably get a decent vehicle as getting those cards down will help your score a decent amount.

[Jannelo]

Go buy at one of those places mentioned above an old Toyota Corolla or Honda Civic for a few thousand.  They run forever and ever and ever.  Make sure the place allows you to have a mechanic check it out to make sure it's sound mechanically  When you are better off financially, the car will still have held its value for trade-in.  My nephew totaled his truck.  Well, his girlfriend did.  His grandmother, who  didn't drive anymore, gave him her 2001 Toyota Camry to drive for school.  He's had it for several years and has never had to put a dime into it except oil changes.

[Anonymous]

I don't see $1500/month cutting it it no matter how low your expenses are. Need to start the search for a new job or a second job, and buy a cheap cash car for a couple grand as soon as you can scrape the money together.

[Anonymous]

What about a roommate or two? Rent out rooms? Are you near a hospital or university? Traveling nurses or graduate students that need a place to land might be a good fit.

Yes, it’s not fun to share your space with strangers, but it could bring in enough to get you through this tough patch.

Good luck, I’m pulling for ya.