wayne fajkus wrote:It may be too personal, but there is a lot not included in your description. The house being worth 35k less is relevant in what way? Did you have to produce the 35k? You did not want to make a payment on a house that is worth 35k less? You don't have to answer that. Its of interest because I do not know how the whole finacial collapse played out.
I'm tied to Michigan for the sake of our children. It doesn't have to be Detroit. My parents live up north, hers live here. We insist on our kids knowing their grandparents.
Steve Mendez wrote:Chris,
I agree with Jen. If you are "starting all over again" do you have to do it in your present location?
There are opportunities for people who are willing to move to a place where they can prosper.
You didn't say much about your family situation, other than you are in your in-law's basement. What are the "cards" that you need to play right to improve your lot in life? Are you tied in some way to the Detroit area?
Many people thrive with land that they don't own. In the end, do we really own land anyway?
S Bengi wrote:Chris whats the biggest thing that would make you feel better.
Privacy/No in laws
Would that be not being under the inlaws roof? Even with a foreclosure you can easily find somewhere to rent. I had budgeted for $1000/month but I am seeing prices even cheaper.
Land for Growing
Is it that you want some land, alot of owners will carry a 2yr note with 30% down. with no credit check
So if you found 2.5acres for $60k, did a $20k downpayment and pay off the rest. I know because I did a 33% down last year and got 1.5 acres with the seller offering owner financing, they did no credit check and I paid it off before the end of last year even though I had the option to stretch it out to this year.
Hate Owing Money
Like you I dislike the stress of owing money, so my plan is to build my little house on the 2 acres. So that when it is done, I dont owe anything, I might also cave in and buy 1 of the abutting properties with a mortgage, but like you I dont really qualify. The same person I bought the land from said that he will carry a 3yr - 5yr note on an abutting lot with only interest payments, but at the end of the term I will have to sell or refinance with a regular bank, because he will want his lump sum payment then.
Being too old
I feel like I this entire process is taking me way too long. And likewise you. But you will get thru it. In the mean time I help run a local permaculture group.
John F Dean wrote:S BENGI has provided some good specifics. I have found that credit scores can carry little meaning in specific cases. I had an employee declare bankruptcy, and she was flooded with credit card offers. It will take time to rebuild you credit, but maybe not that much. Plan on needing at least a 20% dp. You said you are tied to Michigan .... does that include the UP?