Massive Vent and Advice Needed!!!!

[AmyJo27]

Hello everyone!!! Sorry I havent been on here much! My family and the pups keep me very, very busy!! lol
(All the pups are doing well.... Oh and the kids )

Any way I had to come here to vent because Im a loner and have no friends.


I cant hardly sleep at night any more due to our living situation. :/ Im very fortunate for all I have but I feel like our lifes been flipped upside down the past few months.

First of all Kris (My husband) is the only one who works in our home, I stay home with the girls and dont make enough $ for loans or anything.
Weve (IVE) recently found out that Kriss credit, is horrible. He cant even have an LP tank in his name and can not get a credit card its so bad thanks to horrible decisions when he was 18-20. :/


In July we had a friend of the family offer us a farm house to rent/ possibly rent to own. They swore up and down us just renting would be a for sure thing for at least 5 years. We were hoping to spend these next 5 years building up his credit and paying off any debt then we were hoping that in 5 years time we would be eligible for a USDA loan or FHA something.... It was God sent and too good to be true. Well, since then everything has fallen thru. I trusted this persons words more than I should have. Long story short-- Our land lords have decided they are going to build a new house on this property THIS spring and would like us to move out NEXT summer (They are breaking the 2 year contract weve signed).


I dont know what to do or where to go. We OWN 5 dogs, a horse.... I do not want to move back into city limits again.

I know I have these options:

1. Me get a full time job NOW since my credit is not bad and in a year hope Im eligible for a loan with that short of a work history.

2. Desperately search for someone who will sell on contract

3. Try to find something to rent in the country


Then theirs option 4. Which is a guy offered to sell us a 6 acre acreage thats an hour and half away from where we live now. The house is almost what Id call a dive (A TON of repairs need done-- Its sat empty for 3 years). Im soo afraid of doing this then going bankrupt in repairs or getting screwed over or us not being able to get a loan in 3 years and having no where to live then!

Ugh!!



I want to buy BADLY. Are there any more options out there for us that I dont know of????

Are there any BIG things we can be doing to help Kriss credit score or is he just kinda screwed?


Everything is such a mess...... Its a horrible feeling not knowing where you are going to live in a year


Any advice is appreciated....
Hope everyone is doing good!!

[RealPitBull]

Amy Jo, I'm sorry you are going through all that. I'm kind of in a similar situation, so I can definitely relate. I wish I could offer some good advice or give you a quick fix to help relieve some of the stress you are experiencing.

Taking out and repaying on time and then paying off small loans here and there can help fix credit fast. Also, does Kris have his full credit report to look at and see what exactly is messing with his credit? You can also contest items on your credit report to have them removed. TALK to creditors as well and try to work out payment arrangements and get some of those items off ASAP. You have to work at your report, there are definite ways you can be active and work to fix it.

Try to keep a positive outlook as hokey as that sounds. Just keep telling yourself that opportunities arise and you will all be ok. The worst you can do is fall into a slump and think you are totally stuck and nothing will work out.

Maybe others with more experience with buying houses can chime in. There was some good advice in the thread I posted about needing to find a place to rent, maybe go check that out.

[adoptapitbull]

For starters, I would try to stash away as much cash as possible. Having a large downpayment will help a lot, even if your credit isn't fantastic. Getting another job now will help with saving, but most banks require 2 years of employment for it to count towards your income. Stupid, I know.

The property with the acreage and house...is it completely uninhabitable? Is the guy doing anything with it right now, or is it just sitting? If it's just going to rot, you may have a leg to stand on. Get a home inspection so you know where you stand. Show it to the owner. Then low ball the sh!t out of him. Chances are he'll realize what it's going to need for any buyer and may just take what you are offering.

The place you were telling me about...is that off the table now?

[maryellen]

If the bad credit happened that lkng ago it should have cleared up by now unless it was not cleared up back then, get rid of all credit cards if he has any. Call creditors to workout payment plan. Get debt paid off, if u can even get a part time job do it. If u have a mac card only use that for purchases and always use it as a credit onpurchases. See if fha will give you a mortgage. Do u have any savings?

[emilys]

Have you talked to legal aid about the contract you have and whether you have any protection against the landlord's demand? "Would like us to move" isn't a demand that you move. Depending on what the contract says they may not be able to force you to move until your contract is up

I would not advise you get into a purchase situation with bad credit and insufficient savings. That's a recipe for MORE bad things happening.

If you chose to rent the acreage with the falling down house, be sure you have a solid contract that protects you. If the owner expects you to do the repairs that make the house liveable, make sure the contract specifies who will pay for that. Don't put yourself in a position of fixing up a house which then the owner sells out from under you.

[michele5611]

First thing that jumps out at me is that the landlords are "breaking" the contract...on what basis?!

The other thing I can tell you from experience is that buying a house always ends up costing you more then you think as do repairs and renovations. The other thing people never take into consideration is the utilities. They are not a constant and they change. Is this house bigger or smaller then the current place?

[AmyJo27]

Thank you all for the feedback!

We do have money saved up, just not 20% for a down payment for houses on the market. :/
Allison, The owner is doing nothing with that property and is desperate to get it off his plate. Its just very iffy- There are holes in the siding, half the house is wrapped in tarp. Hes unsure if pipes have froze and burst, hes unsure if the electical has been destroyed by mice, it for sure needs new power lines to the well. Hes very honest about everything and all the iffy things make me nervous. Sounds like it needs more $ put into it then wed have. As well as Kris would need to find new employment if we moved that far and he has a good job now
The house I talked to you about is off the plate. Seller is not interested in any type of contract what so ever.

Our current situation stinks.... I could take legal matters and stay the entire 2 years but my husband made a good point to me-- Our landlords are going to be our very close neighbors after this spring (Houses are practically on top of each other) If we take legal matters they could make that last year a living hell if they chose to. :/ We will if we HAVE to but Im hoping a better option comes along!

On another note my dad went a looked at an acreage thats for sale 4 miles away from where we are living. He knows the guy selling, he a very elderly gentleman that used to run an attorney office in town. I am going to look at the acreage tonight. Ive made a 'resume' type paper to give to them... Hoping theyd be interested in a 3-5 year selling contract with down payment. Fingers crossed. My dad said this place is very nice and in our budget. Im trying to think positive but dont have my hopes to high, dad said they seemed like they just want it off their plate. Maybe theyll give a family a break..... Cross your fingers and send positive thoughts!