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Need Advice and Guidance.

Anonymous Coward
User ID: 6560148
United States
12/22/2012 11:22 PM
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Need Advice and Guidance.
Kay, let's start off with this.

I'm 22, about to go in for my externship to be a clinical medical assistant. I have no college loans, I have a fulltime job and I make about 1.6k/monthly as a caregiver for my mother through the state.

Moms disabled, pulls Social Security from my dad who died in '05. House is in foreclosure since he was an engineer and took care of us and the house. Dad left us insurance money but that ran out and my mother made some bad decisions....

Took a pay hit earlier this year, and the credit I was building has taken a hit as well. They are also finally moving in on our home and we don't have anything saved up as of yet to move. My mother's health is failing badly and I don't expect to have her or the house for much longer as shitty as it is to say.

Right now I pay full rent and I am trying to keep us afloat but things are getting really bad here. I don't want to fall into the government/bank trap that is loans and I want to do the honorable thing which in my eyes is work for my future, not take handouts such as welfare and social assistance. I have alot on my plate, but I see were our country is heading and I don't want to be part of it's downfall.

Any advice? Right now I have no idea as to what direction I should go. Take out a minor school loan, relocate, re-establish a base and push on from there? Get a second job and take care of my mother?

Any advice would be appreciated.
Anonymous Coward
User ID: 27352798
United States
12/22/2012 11:40 PM
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Re: Need Advice and Guidance.
If you can keep the house, that is the MOST important thing. I am assuming that the monthly mortgage payment is not too high. If you lose the house and end up in an apartment you would have to pay montly rent anyway. Under a bridge, the rent is not so much.

It's HARD to get things, don't underestimate the worth of your house to your situation, it is very, very important. Can you try to refinance it?

Do you know that it is very difficult to even rent an apartment these days?? They run a credit check on you, investigate your bank account, call your references, and you would need first and last month's rent plus an equivalent amount as security deposit. Plus you end up living very close to neighbors and a lot of people these days are pretty inconsiderate.

Chance of you saving up $15,000 for a down payment to buy another house are practically impossible given your situation. KEEP THAT HOUSE no matter what it takes. Rent out one of the bedrooms if you have to. Stall for time, just keep paying on the mortgage. Don't feel bad about getting food stamps if you can qualify. Take an assessment of all your monthly expenses and cut to the bone. Shut off the cable, reduce the utility bills, sell one of the cars, mow the lawn yourself, stop buying clothes for awhile.

You can try to repair your credit by simply disputing the bad debts...the credit card companies have two options when you dispute the bill, they either spend time and money to pursue an investigation to PROVE that it is your debt, or they just say oh my bad. They are required to do one of the two, they choose the cheaper alternative.