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Old 04-13-2008, 05:00 PM
 
Location: St Simons Island, GA
23,125 posts, read 36,372,059 times
Reputation: 15465

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Quote:
Originally Posted by Buckhead_Broker View Post
It's pretty simple, really. If you have money in savings - even in a 401k, you could take it out and use it to make payments. If you don't, it's a good lesson to learn.
Sorry if I mistook your comment as snide...your point is well taken
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Old 04-13-2008, 05:53 PM
 
Location: Atlanta
738 posts, read 670,390 times
Reputation: 279
No problem, no offense taken
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Old 04-13-2008, 07:54 PM
 
169 posts, read 476,987 times
Reputation: 62
Definitely contact the bank. Maybe you can ask family or friends to help you catch up and then put it out for rent or sale.
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Old 04-15-2008, 07:18 PM
 
6 posts, read 17,270 times
Reputation: 10
No, I do not have money in my savings. I have used them to pay the mortgage thus far.
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Old 04-15-2008, 08:07 PM
 
Location: Norman, OK
3,479 posts, read 6,484,614 times
Reputation: 1198
Quote:
Originally Posted by Buckhead_Broker View Post
It's pretty simple, really. If you have money in savings - even in a 401k, you could take it out and use it to make payments. If you don't, it's a good lesson to learn.
You should NEVER use your retirement money to pay for debts. That is a foolish move to make. Remember - IF it comes to the point that you need to declare bankruptcy because of this debt or whatever, the money in your 401(k) CANNOT BE TAKEN! Instead, if you use some of your 401(k) to pay some debt and then STILL come up short - guess what? Not only is your credit ruined but your retirement money is too, meaning life will be much harder for you as you get older.
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Old 04-15-2008, 10:29 PM
 
1 posts, read 1,522 times
Reputation: 10
would you consider a toommate. Soon moving to Atl
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Old 04-15-2008, 11:34 PM
 
42 posts, read 186,113 times
Reputation: 18
How soon will it be 90 days delinquent? At that point, how much money will you have to have for your lender? I have access to some folks who make some shot term loans, but they are not men that you want to get involved with unless you have no other alternative to losing your home. Get back to me with information and we'll talk. I will need actual figures and how soon you anticipate being able to make payments on the money you are borrowing.
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Old 04-16-2008, 01:49 PM
 
Location: Atlanta
7 posts, read 38,212 times
Reputation: 11
Quote:
Originally Posted by Buckhead_Broker View Post
It's pretty simple, really. If you have money in savings - even in a 401k, you could take it out and use it to make payments. If you don't, it's a good lesson to learn.
This would be helpful if people managed to "forget" about money in savings like we used to, but these days, I don't forget where that dime is that fell in my couch, let alone savings or 401Ks.
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Old 04-16-2008, 02:06 PM
 
Location: St Simons Island, GA
23,125 posts, read 36,372,059 times
Reputation: 15465
Quote:
Originally Posted by vecchio View Post
How soon will it be 90 days delinquent? At that point, how much money will you have to have for your lender? I have access to some folks who make some shot term loans, but they are not men that you want to get involved with unless you have no other alternative to losing your home. Get back to me with information and we'll talk. I will need actual figures and how soon you anticipate being able to make payments on the money you are borrowing.
Good God, this sounds like an episode of The Sopranos
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Old 04-16-2008, 04:44 PM
 
Location: Atlanta
738 posts, read 670,390 times
Reputation: 279
As harsh as it might sound, people should never buy a home without at least 6 months of total household expenses in savings. If a person loses a job or has a major financial obligation they are in serious trouble without a cash cushion to rely on.
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