I'm new & scared of getting hosed again.
Find a Conversation
I'm new & scared of getting hosed again.
| Tue, 11-22-2005 - 2:17pm |
I'm new to this board. I am so excited that there is a debt support group. I feel like it's tearing my new marriage apart...and leaving me so helpless.
My husband & I bought a home 1 month before our wedding (1.5 yrs ago). DH lost his job right before buying the house & was unemployed the first 6 months of our marriage. I dumped everything into fixing up our home & paying our bills...but the remainder went on the cc. When he finally got a job, we refinanced our home to finish the remodeling. Now, we are paying the min payments on cc, but are getting slammed with finance charges & high %.
Our refinancing hurt us badly. A realtor appraised our home for LESS than what the refinancing appraiser did - we didn't know this could happen. Now we are stuck with a mortgage higher than what we can sell for.
We need help again. All of our prior debt has caught up to us & we're sinking. I looked into personal loans, debt consolidation loans...but I'm too scared to act on anything because I feel like we'll get hosed like we did with the refinance. I thought I had read everything regarding refinancing before we agreed to it.
Has anyone been in a similar situation? Does anyone recommend loans vs. bill consolidation? Please help.
My husband & I bought a home 1 month before our wedding (1.5 yrs ago). DH lost his job right before buying the house & was unemployed the first 6 months of our marriage. I dumped everything into fixing up our home & paying our bills...but the remainder went on the cc. When he finally got a job, we refinanced our home to finish the remodeling. Now, we are paying the min payments on cc, but are getting slammed with finance charges & high %.
Our refinancing hurt us badly. A realtor appraised our home for LESS than what the refinancing appraiser did - we didn't know this could happen. Now we are stuck with a mortgage higher than what we can sell for.
We need help again. All of our prior debt has caught up to us & we're sinking. I looked into personal loans, debt consolidation loans...but I'm too scared to act on anything because I feel like we'll get hosed like we did with the refinance. I thought I had read everything regarding refinancing before we agreed to it.
Has anyone been in a similar situation? Does anyone recommend loans vs. bill consolidation? Please help.

Welcome to the board.
Just out of curiosity, for the "realtor appraiser" was it a realtor who would sell your house appraising it or was it a REAL appraiser?
Becky
CL of 4th, 5th & 6th grade Scoliosis
It was an independent appraiser working for the mortgage company that appraised our home with the higher amount. Then 6 months after the refinance, we just toyed around with the idea of selling our home to move closer to my new job (we did so much remodeling & I have a 3 hr roundtrip commute per day)...so the realty company came in with their appraiser & told us that it would be a TOTAL miracle to get the amount that we refinanced for. They actually told us that they would try to list it for that amount, but would be shocked if any buyer would have any interest.
We went to a few different realty companies and all told us the same...and then warned us that this happens (after the fact!) We just didn't know that a market appraisal could be so much different. It would've worked out if we'd be staying in our home for another 15 years, but this is just a starter home. We were just unexperienced home owners I guess. But now I'm so gunshy to make any type of financial move.
Hugs!!
Becky
CL of 4th, 5th & 6th grade Scoliosis