Quote:
Originally Posted by Dayze
I definitely want to get to a point where I’m debt free.
The real kick to the onions with this deal is we did everything right 3 years ago when we bought the house. We only borrowed about 65% of what we qualified for etc. It just sucked bad when I had to take a job paying 40%less per year; and by the time I got the job, we had racked up debt; . It took every bit of unemployment simply to pay the house payment; my wifes income covered the other secured debt; gas, food, even some utilities had to be put on credit.
I want to get past this; begin restore credit (hopefully only restoring late pays etc and not a foreclosure) and get out of unsecured debt. Then only enter into a small practical home.
Our current house is nice, but too big for the two of us anyway.
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Friend, restoring credit is not your first priority, there is no shame in renting until you are financially capable of being a home owner.
If you spend your life worrying about a FICA score, you are spending your life worrying about what to put on credit next..
I did it before, I was up to my ass once before, thought I deserved this or that just because I worked, then I realized I deserve nothing I couldn't pay for.
Now when I buy a car, it's cash, a boat it's cash or anything else I want... My credit score is falling like a rock because I have no debt and I am no longer important to them unless I am paying payments and debt...
I could care less about credit, it's good for one thing... To buy a house at a decent rate, other than that they can keep it.
Bank your money, save up 20-30k while u are in bankruptcy... when you are able to buy again, put the big payment down to avoid PMI then get a 15 yr note that is no more than 25% of youy NET household income per month
can I ask you what the % of your NET income the house payment is or was?