Update- and how is this board used?

iVillage Member
Registered: 05-01-2006
Update- and how is this board used?
5
Sun, 05-07-2006 - 12:25pm

HI everyone. This is Rachael again. I posted as a newbie last week. Several people sent me encouraging notes and I want to say thank you (I was not sure I could contact people off list.. can I?)

QUestions on the board?
1. Is snowflaking equivalent to paying off debt?
2. Do most members update the group.. each month.. each week?
3. I have heard a lot about Dave Ramsey.. Is there a section on the board I should read to get info on him.. or is there a book I should get?
4. Is bankruptcy ever discussed here?

For those that wrote me.. updates from last time.

1. I had 3 interviews last week.. 2 went well .. and will move to second interviews
2. Real estate market has further deteriorated as homes larger than OURS have dropped their prices. Realtor suggests we drop further before the Spring market is gone.
3. Dad has advised he will not loan us money to close the sale of the old house and we have no other avenues to get the money necessary to close on the old house if/when it sells.
3. I think I mentioned we had refinanced our house just before buying the new house and then took money out for the new house down payment(now the old one is listing for $100k less than appraisal).. I researched that because it seemed very WRONG.. maybe fradulent ledning and maybe a predatory lending practice to lend us so much over what the house is really worth.. I mean we would not have taken out the loan if we thought our house would sell for so much less. The bank person was alarmed at this too.. and are researching the loan officer who made the loan.. who is the wife or a realtor that had screwed us as well.
4. The real estate market looks like it will be WORSE next year per several realtors (due to gas costs, higher rates etc)
5. no interest yet on the rent-to-own scenario

Anyway.. my husband is investigating part time jobs, we have cut costs and I am looking for work.. we also made $700 at a garage sale!!

Hanging in there. I have thought at this point of Chapter 13 (I hope that is a not a bad word here.. I super need support) because we are drowning each month paying both homes, and our house is listing at 100k less than what the bank appraised it at 4 MONTHS ago and we simply do not have the cash that will be required at close.. at this point $80k.. but each month we go in deeper and this all happened within 4 MONTHS!!

Chapter 13 will allow us to simply hand back the old house, possible renegotiate some of hte credit card debt and move on. We are not able to move on with this no-win scenario of not being able to sell the house and going in deeper each month.

Rachael

iVillage Member
Registered: 01-06-2005
Sun, 05-07-2006 - 1:07pm

Rachael,


Nothing is "taboo" on this board.

 

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iVillage Member
Registered: 03-27-2003
Sun, 05-07-2006 - 4:41pm

I'm glad to hear that your garage sale did so well and sorry to hear that the house situation isn't improving quickly.


Snowflaking is a means to pay off debt-it just means taking any extra money you can find and applying it towards debt.

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Sun, 05-07-2006 - 5:59pm

Rachael

iVillage Member
Registered: 05-01-2006
Mon, 05-08-2006 - 9:46am
Thanks Becky.. Would you resent the link to the debt Q and A board.. or the bankruptcy section. On my agenda today is an appt with a really good bankrupcy attorney I was referred to. I have been researching this and want to know all the facts before I make the decision. I will update the board with what I find out. I think once I clarify what is going on . .I will do by monthly updates with what we have done towards debt, income, savings etc.
Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Mon, 05-08-2006 - 9:54am

Here you go - The Bankruptcy Q&A is the 2nd folder (I don't know how to link to specific folders - just the boards)


http://messageboards.ivillage.com/iv-mldebtqa


Just click on that and scroll down after the CC Question & Answer folder.