blownincome

Waterfoul..
A friend of is a loan manager for country wide finance..(full spectrum) his name is Gerry Wilensky phone # 1-800-395-6992 x2111 If you can bail out of this he can help.. tell him Bob Jordan told you to call.. Good Luck!!!
Sorry to hear about this...

frequentflyer

Hey there Bud.. Sorry you are going through that. It's one of the toughest things to ever have to go through. Post the details on the boat /yr/ motor / drive/ condition ect and I will put the word out. If there is anything I can do on the refi side to help you out let me know. I work for a lender here in So. Fla and have helped others in your situation out many times. Hang in there...

bryanspeedracer

Foul,

My Aunt is a VP at Wells Fargo. If you have met with resistance, PM me. Maybe she could help.

Bryan

blue thunder

Great story Cuda.... I always liked the saying "successful people fail more than unsuccessful people". Sounds like you are headed in the right direction now Waterfoul, keep the faith.

BT

bajabob38

Mike.

I was not trying to make light of your financial problem when I told you to bet your house on ND this weekend ( I do hope they kick Michigan ass ) There is some good advice offered here for you to follow now I will give you mine Free. I will call it Economics 101, For one month cary a note book with you, every time you spend one dime weather to buy a pack of gum or a tank of gas write down every penny you spend, also write down all your bills for the month at the end of the month you will be suprised how much you can save, things like cable TV, cell phone, internet are things you can do with out, I will bet that if you got rid of just those three things you will save a couple hundred bucks, You mention that you are in a 401k plan if you are like the average person you probably put 10% of your pay into it or what ever cut that amount in half or more. Mike you will be suprised when you go down that list how much $$$ you waste.It will take some sacrifice and some doing with out but remember this is only a temp thing If you stick with this plan you should be able to save about 300 a month or more now that may not sound like a lot but it adds up, also maybe a part time job to supplement your income just a couple hrs week will put some spending $$$ into your pockets, Remember the name of the game is to liquidate and eliminate and in no time you should be on your way out of your hole and back on the right track.

Good Luck
Bob

mcollinstn

Isn't there a difference between a "401k loan" and a "personal loan secured by a 401k"? The latter, I would think, would be a "safer" alternative in the event that the money cannot be comfortably repaid in the 5 year window.

In Tennessee, it is dang near impossible to actually foreclose on an inhabited property. Like 18 months on the short end to 36 months on the long end, and you can still avoid formal foreclosure by a last-minute auction.

I don't like the thought of using a bankruptcy as a financial tool, but if you're really upside down with no way out, it can be a way to regain a solid footing. I know a man who was caught with no medical insurance and showed up with serious heart and pituitary problems all of a sudden. His work required him to be outside and fairly active, and the medical conditions kept him from being able to be very productive.

In a rash of questionable judgement, he cashed in his retirement to pay huge medical bills and about the time he was good and broke, he found out that he was going to have to be put on the list for a heart transplant. No more outside work for him, and no income. His wife needed to stay and take care of him, so she could only babysit for people for some extra money. They sold all of their cars and hard assets to cover the food costs, and then they ran up $64k in credit card bills. He had two mortgages on the house and wasnt able to cover but about half of the monthly obligation, and the medical bills still poured in.

His house was worth about 220k because it needed some work. He owed $235k on the two mortgages. A lawyer friend crafted his bankruptcy.

I bought his house at the auction for $203k. I told him that he and his wife could live in it forever at half of what his previous monthly payments were. The house is sound, and in a nice area, so I don't worrty about my ability to get rid of it when they are gone. It will continue to appreciate. Sure, I could make more return on other investments, but it helps him out, so...


The doctors worked out a very minimal payment schedule. The credit card bills vaporized. The house mortgage vaporized.

He now has damaged credit, but doesn;t care cause he doesn't think he will ever be in an income position to ever qualify for anything even with good credit. He is still in his house, and his wife will remain there as long as she wishes as well.

His ongoing medical treatment is still expensive and they must make arrangements and agreements with doctors. This will prove to be the biggest hardship. It's tough to see. He has no assets. He has no life insurance. He has no disability income.

But the BK gave him some significant breathing room.

MnFastBoat

careful on that 401 loan
remember you talking about loosing you job several times.

You loose that job and the automatic payments, you loan could come due!
yes all at one shot too!

Just a thought to go over

hot water

I would look very seriously at Jonas he has the best reputation out here, and would certainly look out for your best interest.

Good Luck with everthing

bajabob38

Maybe some day I can be a know it all like you

FunHome

I told a friend of mine about your boat and he sounds interested, I looked for more info in the Classifieds but didn't see anything. Can you post them or send them to me!!