Finances/finding a Home or Place to Live

Updated on October 09, 2010
R.L. asks from Lewisville, TX
5 answers

I am a single mom with an 18 month old daughter and I would love to find a little place for us to call home! I have a steady job, making $28800.00 annually. Unfortunately, I have taken financial chances and have fallen! I have a bankruptcy in 2003, a foreclosure in 2004 from a condo I lost under the bankruptcy and since having my daughter in March 2009, have fallen behind on my 2 credit card bills and the medical bills associated with her birth. However, the credit card bills and medical bills are now ballooned on a debt settlement program am I using to get that debt under control. I am currently living with my folks as I get back on my feet. Also, I have $1200.00 to put towards a down payment. Any assistance or suggestion as to how I should go about finding us a home would be welcomed! One more thing, I am on the Housing Assistance wait list and will not be up for review until May 2011 – there was a 3 year wait on that program! Thanks!

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answers from Columbus on

I'm sorry for your financial struggles.... I'm sure you are very anxious to get out and on your own again. However, I think maybe the better thing to do is to stay with your parents for longer, and pay off as much of the debt as possible. Pinch every penny till it screams, and get your debt paid down first. I think, given your financial history, unless you do pay down the debt, you are going to have a very hard time getting any kind of mortgage approved, at least at a decent interest rate.

Unfortunately, I don't think there is any quick way out of this financial mudpit, but you are doing the right thing trying to rebuild your credit and pay off the debts. Focus on the long term goals, and doing everything you can to get there.... I highly recommend The Tightwad Gazette, which you can get from the library. It has tons of ideas for how to pinch those pennies.

2 moms found this helpful


answers from Pittsburgh on

In your situation you should rent for as long as you can. There is really no good reason to own. You probably aren't even eligible for the write-off. There are SO many extra costs with home ownership that I am not sure that you can swing it with your debt and income level.

2 moms found this helpful


answers from Dallas on

i had a similar situation. i lived with my for a year in her living room and then moved out slowly into a studio with my 1 year old, then the next year it was a two bedroom. when i lived with my mom i only paid for things related the previous bills and my daughter's expenses. it SUCKED, but you gotta do what you gotta do.

1 mom found this helpful


answers from St. Louis on

No idea where to go, but just to know you may have a hard time finding a bank that will loan you money on a house. They are skeptical now a days anyways (most are asking that you have 20% down for a house). I'd suggest moving into someplace as a rental instead of looking for a house. Apartment, townhouse, etc. If you have become used to living with your parents and/or if they help out with your daughter, I would not move far! If you can live with them longer and it's no burden, I would do that and save every penny you can. Ideally pay off all your debt (credit card and medical) before moving out.

1 mom found this helpful


answers from Dallas on

In Japan, young adults often live with their parents well into their 30's! I don't understand why our American culture is so different. Movies like "Failure to Launch" add to our cultural idea that we should NEVER live with parents past age 18. In your case, I'd suggest throwing off the cultural stigmatism and stay where you're at. Pay your parents $500 rent each month, cook a family meal for them every Saturday night, pay 1/3 of groceries, and SAVE all your other money. I can highly recommend taking the class called "Dave Ramsey's Financial Peace University."

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