BK getting me down

[cathywhite4495]

Well, the intial feeling of relief for filing and getting this thing going is wearing off! My wall just started leaking from who knows what source and my "fixer-uper" house is starting to worry me. I'm buying on a land contract and obviously between that and a BK, I won't be able to get a home improvement loan anytime soon. I've only been in the house for a few months and regret is really sitting heavy right now. I didn't know that I was going to have to file BK until after I signed the contract (a 5 year old repo deficiency for 15K reared up and I had to file). I had planned on doing a balloon payment on the land contract after 18 months. I had talked to the bank and they said I would have no trouble getting a loan at that time. Now that I filed, I will have to wait 1 year after discharge before I can even get a high interest crappy loan. And that 1 year falls after the date the balloon is due. I can probably extend the contract and I do have somebody who would probably take it over. I'm starting to just want out of the whole thing but I don't know that I could find a rental. I have pets and it would break my kids' hearts to get rid of them. Plus, I sued a previous landlady a year ago because she didn't return my security deposit. I won but it really p'd her off so I'm sure she would give me a horrible reference just to get back at me. What I really wish is that I could pick up and move next summer and start all over someplace else. I'm a special ed teacher so I can find a job almost anywhere and I have family in Florida. I just don't know if I could find a place to live there! I need to see a light at the end of this tunnel!

[lrprn]

For most of us, bankruptcy is an up and down emotional roller coaster ride for sure - you're just on a downward loop at the moment.

Buying a home through a land contract can be a good deal if the terms stretch out long enough to avoid a big balloon payment at the end. How is yours set up?

Hubby and I have rehabbed an old house while living in it with our two small children and pets underfoot so I understand what it's like to live in a fixer-upper. When you don't have the ability to get a big pile of cash to get all the work done at once, make a list of everything that needs to be done and set it up in priority order. Then save the money to get some of the work done is small pieces over the next two years until you can get decent financing again.

All is not lost....you just have to get creative and accept that it's going to take longer than you thought to get the house perfect for your family. Hang in there - keep us posted and vent here anytime you need to.

One more piece of advice....DO NOT make any decisions about walking away from the house hastily. Take the time to think all the possibilities through to their logical conclusions because now that you've filed, Ch 7 isn't an option for you again for eight long years and even Ch 13 isn't an option for four. Tie an knot and hang on for now. Explore all your options and make a decision about the house from cold, hard financial facts, not from your emotions.

[HenriettaHen]

I can relate to the "my house is falling down" feeling. I live in a Money Pit. It's not fun, and can keep you on edge. Always something.

But, one thing at time while you decide what to do with the situation.

Water in your wall is something that should be fixed immediately. Identify what water-carrying pipes may be in the wall. If none, check the attic for roof leaks.

These are the two most likely sources for a leak, and hopefully it's still a minor repair. If you wait, it will be a major repair.

Come on now! You've been trained by BK forum NOT to panic! Find out what's in that wall and get it fixed as soon as you can. Then forget about this until ...

the next time.

If you can empower yourself and learn some home handywoman skills, it will reduce your dependence on men and add years to your life !

[JRScott]

Well your not alone. I'm kinda in a fixer upper too. My folks own the place but I'm suppose to maintain it. It was in bad shape when I moved back in late 2000, and its in worse shape now because I didn't have the money to do the repairs.

The floor in the main bathroom and back door....the only entrance that's really usable are about to finally give way. The roof is missing a number of shingles and I really need to get it redone. Got the guttering that is falling down. Need to finish the small bathroom. Now you have to keep this in the light also that I've hurt my back twice in the last five years, and still have problems with my back on an ongoing basis.

There are days I wake up and look at it all and wonder what I'm going to do. The bankruptcy is just part of the problem and it will make it easier. But things are in bad shape to the point I hope I can get them fixed before I fall through the floor or the roof becomes really leaky (so far no leaks).

So you aren't alone. I look at it this way, once the bankruptcy is fully finished, then I'll be able to do some of the repairs, some may have to wait til next year. Still I can work on it.

Try not to let it get you down. The wall that's leaking there isn't a bathroom above it is there, kids can flush things down toilets and cause problems. Just something to look into.

[CindyLou]

just curious, what is a "land contract?"
I've seen the term here a few times and wondering if maybe its a regional term...i've never heard it..thanks.

[lrprn]

just curious, what is a "land contract?" I've seen the term here a few times and wondering if maybe its a regional term...i've never heard it..thanks.

Here you go, Cindy - these explain how land contracts work - http://www.wisegeek.com/what-is-a-land-contract.htm and http://en.wikipedia.org/wiki/Land_contract HTH!

[cathywhite4495]

Thanks for the support! This has been a very up and down couple of days. I was called out of the blue and offered a small extra job that will help with money. I'm still way under the median so I should be fine with the extra income. Then I heard some bad news about my upcoming paychecks. My school has recently changed management companies and our pay cycles have changed. We're supposed to start getting paid at the end of August but a co-worker was told that we weren't getting paid until mid-September. There is no possible way I can go that long! I would miss a car and a house payment and then there's food, gas and I still haven't been able to get any back to school stuff for my kids. I'm going into work this morning and finding out what's what. We don't have a union at my school but there's enough of us that will be upset by this that they'll have some trouble. Aaargh!!!!

[JRScott]

Sorry to hear Cathy, hope you get it straightened out with the pay. .

Keep your chin up

[cathywhite4495]

I got the news from out payroll person today - she made a mistake and we ARE getting paid in August woohoo I haven't had a check since early July and I'm feeling it.
I caulked around the drain in my bathtub and so far no more leak. Keeping my fingers crossed...

[JRScott]

Sounds good, glad you got some good news