Time to Move!!
By katsmeow1213
@katsmeow1213 (28716)
United States
June 24, 2008 2:20pm CST
Bit of background...
we started our family young, before we were really ready, and our finances have always been a bit of a problem for us. We have pretty bad credit at the moment, but we have personally gotten better over time and are working bits at a time on our credit problems.
Due to our finances, we've recieved helped from hubby's parents. We were evicted from a home, and his parents bought a house for us. The house is in their name, and we pay them rent.
Now we have a lot of problems with the house and the situation. His parents are extremely controlling and demanding. We couldn't even so much as cut down a bush in the front yard, even though it attracted mosquitos and had bees nests in it! His parents will also call him at work the day rent is due and demand he drop it off at their house before the end of the day. Not that we had plans not to, they just have to be sure we're going to.
There are many problems with the house physically as well. It is attracting a lot of nasty little bugs that bite, and I believe that is due to some water damage. The roof needs to be replaced, the basement is now leaking, and I'm scared I'm going to fall through the bathroom floor due to water damage, it is that weak. There are other issues too, such as foundation, electrical, plumbing, etc etc.
Now we assumed upon moving in here, his parents were going to put every dime they had into fixing the house up. It is a 2 family and they could rent the other side for more income. However we've lived here 2 years and they have not put a dime into the house.
There is a lot we need to do just to survive. Our heating bill was over $1,000 for a single month last winter due to the insulation. But we do not want to put money into a house that isn't ours, and his parents will not allow us to use the rent money to fix the house in lue of paying them. They also will not put the house in our name, we've asked repeatedly, and they just won't. We've offered to get a mortgage or continue paying, they flat out refuse.
Now we have decided we just can't stay here anymore. Regardless of our finances and credit, we have to begin looking for another home. I hope we can find a decent one, and get the loan approved, and quickly, as I have no desire to live in this house another day!
What is the best way to go about getting a home loan with bad credit?
1 person likes this
4 responses
@GreenMoo (11833)
•
25 Jun 08
I can't answer your question at all, as I've no idea how the US mortgage market works. But I wanted to respond anyway and wish you all the very best with your plans.
It certainly sounds like it's time to move on. Putting your rent money into something which is yours and which you have some control over sounds like so much better a solution than the one you are in now.
It makes me wonder what motivated your inlaws? It does seem like rather an odd way to behave!
@katsmeow1213 (28716)
• United States
25 Jun 08
I think they were under the impression they could fix the place up and rent it out, and have more income while helping us. Then my father in law got greedy and bought himself a van, which he's still paying $300 a month on. So now they're strapped and most of their bills are behind. They aren't paying the taxes on the house and actually asked us for more money so they could pay the taxes.
They don't do the repairs as they should. We lived here for 2 months with no water. The best I got was a drip from the kitchen faucet, and no hot water. FIL was in the hospital at the time, and expected us to wait till he was home and better before he'd fix the water. We had a newborn in the house then. So we hired a plumber and took the money out of what we paid in rent. Only fair, right?
@DonnaLawson (4032)
• United States
25 Jun 08
There may be some type of programs that will help you get a loan for a new home but you do have to have your credit in good standing.. I believe if I were you, I would look for a legitimate credit counseling company, and I do mean a legitimate one, as some of them are rip-offs too, get your credit in good standing and them go from there.. You amy have to tough it out for awhile longer until you can do that.. Other than that, there is owner financing that could be an option.. Good luck whichever way you go..
@blizzard330 (40)
• United States
24 Jun 08
My credit is bad too and I live in an appartment of a house that my parents bought. They are also controlling and demanding of the rent even though they paid for the house in cash and don't have a morgage. They aren't in need of money by a long shot. I'd never get a loan is I just deal with it and try to save alittle here and there for a house someday. Good luck.
