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I am in serious financial trouble... someone please take my boat from me!

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Old 09-07-2004, 06:15 PM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

Understand, I want to keep the house, if I don't I have no place to live. I have no credit cards (and pretty much 0 credit too). I've talked to a few "people" this afternoon and they all want to use my dad's credit to refi my house. I can't do that.
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Old 09-07-2004, 06:26 PM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

what about Rock Finacial. i hear there ad's all the time on the WRIF in Detroit and i think they specialize in this type of re-fi. good luck hope it works out for ya man.
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Old 09-07-2004, 06:29 PM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

been there Mike, I went under once, My mom put her house up as backup for my first mortgage, as soon as I built my credit back up I pulled a home equity loan and paid it off. releasing her from any risk. I never borrow more for a home, truck or boat than it can be sold for in a fire sale. worry about the house payment first. if your credit is not doing well already skipping the credit cards wont do much more damage.

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Old 09-07-2004, 07:58 PM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

Just worked a deal out with my dad. Man I love that guy! He's loaning me the money to pay off what I owe, then I'm taking a 401k LOAN out to pay him back (and pay myself the interest on the loan instead of the bank). We did the math 6 ways from Sunday and this makes the most sense. No taxes on the 401k loan (not counted as income like a hardship withdrawal would be), get's me AHEAD actually on the home loan, and it gets my father payed back within 30 days.

I'd also like to thank Mitch Stellin for listening to me babble for a while tonight, and then agreeing with my plan! Thanks Mitch. Friends and family are priceless.

Mike
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Old 09-07-2004, 08:08 PM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

I'd still like to get rid of the boat though....
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Old 09-07-2004, 08:38 PM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

Hey foul, Hope it all works out for you, If you want to pick up a little Money Bet your house on ND this weekend.
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Old 09-07-2004, 08:49 PM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

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Old 09-07-2004, 08:54 PM
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Thumbs up Re: I am in serious financial trouble... someone please take my boat from me!

Glad you've got a viable plan worked out. Your right, family and friends are priceless. Good luck to you and if I find someone looking for a boat similar to yours I'll certainly send them your way.
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Old 09-07-2004, 08:59 PM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

hey, i hope you don't think I am a jerk for my salution, but that is what I do is buy houses, and I have helped people out like that in the past and made a few bucks to boot. I look at it like this if you are going to lose it anyway, why not sell it to someone like me, save your credit and put a few bucks in your pocket, sure beats just losing it to the bank.
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Old 09-07-2004, 09:01 PM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

Hey Foul. Sorry to hear of your situation. I hope you get it all figured out.
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