Being single gets me nowhere in life $$
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| Sat, 04-29-2006 - 3:52pm |
I've just sat down and taken a good hard look at my finances, and it's pretty grim.
Due to a divorce, I had to file bankruptcy, and let the house fall into foreclosure last year. I want to focus on starting my life over and re-gaining the life that I thought I was going to have with my ex-husband, and that includes getting out of renting and back into my own place in a few years.
Well, at this rate, it seems like I'm doomed.
I make just over $13/hr, and as a single woman making that kind of money, there's no possible way I can ever buy another house of my own, unless it's in Crackville. Even once my car is paid off, based on the percentage rates people have been telling me that I'll get because of the bankruptcy (up to 12%, yikes!), the price range I'll be looking at on my salary is around $50,000. Therefore, the only houses I can afford are on the wrong side of the wrong side of the tracks--it's that bad.
So now I'm just really depressed. Am I doomed to live the rest of my life in this apartment?

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Isn't it frustrating!!!!!!!!!!
In my area, $50K wouldn't even buy a tent.
No desire to be married, but I'm tired of never having $$$$
mslvp@sbcglobal.net
Cruise and Group Specialist
HAVE A GREAT DAY! (OR EVENING!)
I'm so sorry you're feeling this way. I'm sending you some cyber hugs.
I think $50k would go about the same distance in our town as yours. It takes about $90-100k to get into a decent townhome or condo, and then the association fees kill you.
One thing to remember is that the bankruptcy won't be on your record forever. And as it gets older on your record, it will have less of an impact. Have you gone and gotten a secured credit card to start rebuilding your credit? A lot of people do this right after a bk and find it helps. You put, say, $100 in a savings account that acts as security for a $100-limit credit card. You charge a bill or two on the card each month and pay it off right away. This starts the process of putting some positive credit history between you and the bk, and it doesn't cost you anything because the banks don't mind "loaning" you the money because if you default they just take the cash out of your savings account to cover it.
I wish I had other ideas for you, but mostly I'm just sending you warm thoughts and hopes that your situation improves soon or that you feel better about it soon (or both!).
Blessings,
Heather
Hi,
I am sorry to hear about your divorce. I have no idea what that must be like since I have always been single, but it sounds like a very very difficult thing to go through.
I live outside a city, so the least expensive condo/townhouse is about $250,000 and that would be in a not so nice section (actually, I RENT in a not so nice section because its so expensive here) so I do understand that one. Alhough I know from experience on this one that it is frustrating, its good that the price range in your area is relativly low so hopefully eventually you can find something to supplement your income and get in your own home.
Well, like the other poster said, a decent condo costs at least $100,000...they're building new ones up my street that start at $110,000 for a 2 BR 1 BA TH. And I'm not in that great of an area, either.
I've gotten a credit card (unsecured, $300 limit from Orchard Bank), and gotten a car loan, so that will eventually up my credit score, but for the most part, it's the wage thing that will probably still be the death of me...even once my car is paid off in 4 years, it's not like a $27,000 salary is going to go far in the purchase of a new home.
I think it's totally insane that single people cannot afford to make ends meet in this "land of opportunity". Who deemed the world a couples-only place?
I have to agree with your perspective. Right after my divorce was over with I filed bankruptcy. The truth is, if I had not filed the bk and protected my home, there is no way on God's Green Earth I could have ever qualified to buy my home today. The fair market value is out of reach. You are sooooo right - housing prices and wages are out of line to make the American Dream come true for many people. It's insane.
But what I would like for you to understand is there are ways to get into a home. Way back when.... a long, long time ago (LOL) I bought my very first home on a Land Contract. I had no help. No family to loan me money. Nothing but desire. I paid some cash down to the owner/seller at the time we entered into the contract and when there was enough money available we opened escrow, he transferred the home and loan to me in return for the cash. The house was a new home, but had not sold because it was the smallest model so the builder/owner rented it to me and from there we went through the land contract so the house eventually became mine. The owner/builder also lived in the tract and he taught me a lot. Also one of my dearest friends is a real estate broker and over the years she has taught me the many creative ways for people to get into a home of their own. As you and I and others know, getting into a home the conventional way is not going to happen for many people, but there are other ways to get into home ownership. You can start small and go on from there. After my first home I went on to purchase another home, turn the first home into rental property, bought more and bought unimproved land. I did quite well. I asked questions and got answers. I read and would ask more questions.
One thing about us divorced folks: we are creative and can find ways to make things work while living on a shoe string. You are bright and sound motivated to get into a place of your own. Your desire can become reality. And you won't have to live in a slum. It may take some leg work to see what is available and learn about creative financing. I hope you'll be surprised at options and learn how to make your dream a reality.
Chin up.
Carolyn
Hello,
I know it seems hopeless right now, but it is possible for you to have a home of your own. You mentioned that a $27,000 salary won't go very far. Actually, it can go quite far if you've paid off debt and live frugally. At the time
Sincerely,
Lindsey Schocke
Geeks on Tap: Mission Accomplished
I know exactly how you feel. I'm soon to be 30, $30K in credit card debt. It all started when I moved to the big city and not making enough to cover expenses. Now i'm living pay check to paycheck and would love to save some money and buy a home.
I am optimistic that everything will work out, and that's how I feel for you too! All it takes is a little time. Have you looked into any financial assistance by your state? I know in Michigan there are some assistance programs.
How do you suggest saving money to pay cash for a
mslvp@sbcglobal.net
Cruise and Group Specialist
HAVE A GREAT DAY! (OR EVENING!)
When I lived in San Francisco, it was not unheard of for women to get together - two to four of them, form an LLC, and purchase a home together - living in it like roommates, sharing the expenses, and the profits of homeownership.
All my best,
Danni
I don't know if there are any statistics on it, but it does seem harder for single women to buy property than men. Probably because we traditionally earn less.
It is hard to buy a home the traditional way if your income is $27,000 unless you live in a rural area. You usually base a home on 3xs your annual income - so a home roughly at $81,000. That doesn't buy barely anything. My condo is now over $187,000, and I bought it 3 years ago at $82,500. Add the increasing interest rates and it makes home buying even more expensive.
They advertise brand-new starter homes in this area now from $200,000. I can see where your frustration is coming from. It's okay for everyone to say to look for cheap property and it can be done, but it is difficult to think of wanting to live in a bad neighborhood or to live in a home that is in a state of disrepair.
Try to look for a foreclosure or a HUD. Sometimes these homes need a lot of fixing up, but it's a way to start. Try to think of your first home as just that - your first. It's not your dream home, or the one you live in for years. It's the home to get you started.
Best of luck.
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