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Old 07-23-2013, 11:53 PM
 
10 posts, read 32,064 times
Reputation: 16

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I just wanted to get some input from some of you. I am currently going through some financial issues, and am on the verge of going delinquent on my mortgage payment. I am working several part time jobs on top of my day job, and still am having issues. I plan renting out one of my rooms, but do not want to use craigslist as it seems unsafe. I have found this site www.sharedfamilyhousing.com which seems like a safer version. So my question is would you rather go delinquent and maybe foreclose, move out to a new neighborhood, or share your home with a random person using a website? Thanks for your help.
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Old 07-23-2013, 11:58 PM
 
35,095 posts, read 51,053,827 times
Reputation: 62662
I think you need to start looking very closely at your budget first and see where you might be able to cut back a wee bit here and there. I have been where you are and I wish you the quickest recovery but you have to start at the root of the issue then take one step at a time toward the way out.

After you go through your budget and your debts why not talk to your lender and see if there is some sort of guidance they can offer.

I personally would not rent part of my home to a stranger, you seriously never know what you are getting yourself into.
Start with the list of all expenses and your budget and see where you can cut, then go through your home and find things you can sell for quick cash to help pay down your debts. Contact all of your creditors in writing, not just a telephone call and see if you can negotiate lower interest rates, smaller payments temporarily, etc.

Also, we followed The Total Money Makeover program by Dave Ramsey, a lot of people don't like him or his style however, it is a place to start so you can control your money instead of your money controlling you. I do sincerely wish you the best of luck and if you do decide to look into Dave Ramsey and have questions please ask them. My husband and I started the program 10 years ago and it took us 10 years to get completely out of debt but we did it and have remained out of debt for the last 1.5 years.
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Old 07-24-2013, 12:37 AM
 
823 posts, read 1,775,359 times
Reputation: 453
Your post reminds me of a time when a decision I made led me to a mountain of financial problems. A banker advised me to go BK, but I felt I had a responsibility to pay off the debt I created. It was a lot, but not worth BKing on anyway. I ended up working 2 full-time jobs until I felt carpel tunnel starting in my hands from the 2nd job I got. By that time, my debt was pretty much paid off, so happy ending

I agree that you should call your lender, but please--first call this non-profit in Long Beach: HPP Cares. I spoke with Katherine Peoples McGill, the Founder and Executive Director, years ago and was floored by the work they do to help people who are having problems with their mortgage payments. I think they help people who aren't behind, but you sound like just the type of people they can help.

From what I remember, they have counselors who will contact your lender. Yes, you can do that, but I have read about so many homeowners who have gotten the runaround. HPP Cares does this all the time, so they know the process, they know lenders and what to expect and how to get through.

We've all seen the flyers and ads that say they will help homeowners who are behind in their mortgage. Send in money, right? HPP Cares is not like those crooks who will take your money and run. They will work with you and it's all FREE! Yes, all free. Even after they successfully get your loan modified, you don't pay a cent. I sound like an ad. I have never worked with them. I don't know anyone who has--because I don't know anyone who's had mortgage problems. They will not ask for money. Give them a call and let me know if they are as good as Katherine said. I need to give her a call again.

HPP Cares
4120 N Atlantic Blvd Long Beach, CA 90807 (Bixby Knolls area)
562-424-4477
Home Preservation & Prevention
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Old 07-24-2013, 06:10 PM
 
Location: Riverside Ca
22,146 posts, read 33,318,185 times
Reputation: 35433
Like the others said

WRITE down EVERY monthly bill, every payment you must make. Now look and see what you can get rid of. You will be surprised how much crap you pay for that you can do without. It's not gonna be easy because like most you are used to a certain lifestyle and this may really cut it down.

As for getting roommates when I was young I had roommates. There is nothing wrong with roommates. Just set the rules BEFORE anyone moves in. If they get broken tell them to move out. You can tell if someone comes and sees the place and if. You will or won't get along with them.
Have them fill out a application and call on employment. Referrals I take with a grain of salt because its usually friends. But having roommates can be helpful financially. Just set house rules before anyone moves in

I would not go delinquent and move losing my house. You work and CAN make it. Just be smart about how and where you spend.


Believe me at one time my wife and I were in the dumps. I specifically remember the day I did something bout it. I wanted to do something forgot what but anyway. Got in a argument with the wife over it and she finally said ok we just won't eat next week and I don't know how you plan on getting to work with no gas.
To this day I remember looking at my checkbook and realizing there is no money except for the basics. I swore to myself I will never get in that position again. I refused to play the keep up game stopped giving a crap about what others think and did my own thing. Believe me it took a lot of ramen noodles and 99 cent store shopping to get. Debt free. Providing for my family and not in debt to anyone. I sit back and shake my head watching people financially f themselves over a pile of sticks and drywall.
I have been debt free for over 12 years. Never heard of Dave Ramsey at that time. It can be done .

I have a friend who was in debt for 130k. He is down to 4300 and. Gonna be debt free in a few months. And that was with three kids a wife and only a 75 k income.

Last edited by Electrician4you; 07-24-2013 at 06:22 PM..
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Old 07-28-2013, 04:22 PM
 
2,919 posts, read 5,788,909 times
Reputation: 2801
Wow...all of these stories about debt free is great.....Was in the same boat 3 yrs. ago...Had about $13,000 in credit card debt and paid it all off...But had to adjust the lifestyle..shopping, eating out, etc...Now I totally debt free...and you can do it to......
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Old 07-30-2013, 12:00 PM
 
823 posts, read 1,775,359 times
Reputation: 453
Quote:
Originally Posted by westcoastbabe View Post
Wow...all of these stories about debt free is great.....Was in the same boat 3 yrs. ago...Had about $13,000 in credit card debt and paid it all off...But had to adjust the lifestyle..shopping, eating out, etc...Now I totally debt free...and you can do it to......

Yeah! So happy you're free! It was such hard work for me, but so worth it. I had more debt than you did, but paid it all off. It can be done.
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Old 07-31-2013, 01:02 AM
 
Location: Temporarily residing on Planet Earth
658 posts, read 1,550,332 times
Reputation: 393
Quote:
Originally Posted by Builtok View Post
I just wanted to get some input from some of you. I am currently going through some financial issues, and am on the verge of going delinquent on my mortgage payment. I am working several part time jobs on top of my day job, and still am having issues. I plan renting out one of my rooms, but do not want to use craigslist as it seems unsafe. I have found this site # which seems like a safer version. So my question is would you rather go delinquent and maybe foreclose, move out to a new neighborhood, or share your home with a random person using a website? Thanks for your help.
Trust me, Craigslist is not unsafe. I mean, it can be, just research the area first and don't move anywhere run down looking and you should be fine. I've been renting from craigslist for almost 10 years. Sure there have been a couple not so great places but for the most part as long as you visit a number of places and choose a good one then you have nothing to worry about.

--

That said, I can guarantee there are other issues with your being able to manage your money that are the real culprit to not being able to afford your mortgage.

Post an itemized excel sheet of your:
* Income
* Expenses

If you've never done this before, well then there is your first problem. Your first step is to do this. Then you can see where your money is going. Then if you still need help then post the excel sheet here and people such as myself can help you by telling you what you can change to fix all your money issues.

Of course, anonymize the excel sheet, like don't write the address of the movies you went to, etc.

Anyone with a full-time job that can't afford their living expenses, has budgeting problems, not cash flow problems! It means that you're living beyond your means and need to make some changes.

There are two ways to fix a budget problem:

GOOD WAY) Decrease spending or spend more wisely. Determine wants and needs and eliminate some wants. Spend less for more by shopping smartly. This method is a change of MINDSET and change of HABIT.

BAD WAY) Increase cash flow, such as getting more jobs - granted it solves the symptom (temporarily), but because it does not solve the original issue (living beyond your means), then what will happen is that as you gain more money, you buy more things and spend more, resulting in you continuing to be in the same financial predicament. This method only AVOIDS the primary issue.
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