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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, 04:32 PM
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Thumbs down I am in serious financial trouble... someone please take my boat from me!

I'm not kidding. This is very hard for me to say, but I need some serious help. If something doesn't happen by Oct. 4th, I will be out on the street. I had the "forclosure" word used on me this afternoon by my mortgage company. I knew I was a little behind, but I have been working it out with them... seems they are tired of "working it out" with me (Wellsfargo). Anyone have any experience with the law firm of Trott and Trott in Bingham Falls, MI (near Detroit)?

Is there anyone out there who specializes in re-financing or something along those lines? I'm not a good money manager and could use some help. The Baja also needs to go away, fast. I owe about $9500 on it. The motor is broke (I have access to a running long block), but other than that it's in o.k. shape. Anyone interested in taking it away for my payoff (or less?)?? It could be made into a running boat with very little effort once the long block has been obtained.

The only way I can see that I might be able to climb out from under this would be to take a hardship withdrawl from my 401k plan. But the timing would be VERY critical on this.

If you think you can help me in anyway, please PM me or email me at [email protected]

I can't believe this is happening to me.

Mike
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Old 09-07-2004, 04:43 PM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

Mike, contact a mortgage company and do a refi on the house.

Don't sweat it, it will take two years for them to foreclose. Just refy the house at a lower rate, pay off the boat loan and some credit cards. THEN THROW THE CARDS AWAY.
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Old 09-07-2004, 04:51 PM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

I would go with a refi, even if it means getting into a ARM, to lower the payments for a few years, you can wrap up all closing costs, etc. go longer term if need be, I am doing one now to get outta my credit card debt. Just be careful not to dig back in afterwards. All it takes is a phone call, and a few hundred $$ for an appraisal, if your market is anything like mine, you will have equity, and even take extra $$$ to help with other bills.
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Old 09-07-2004, 04:58 PM
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Arrow Re: I am in serious financial trouble... someone please take my boat from me!

The 401K money is there and usually in bankruptcy situations "they" will want a piece of it. I had a friend who got advice to re-fi if possible and then use the 401K access because if your don't "they will". You will need to show a bank letter.
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Old 09-07-2004, 05:08 PM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

Foul Call up Chart. If you need his number I will give it to ya I am sure he will not mind. He speciallizes in helping businesses get out of trouble and trim the fat. You life is just a small business and a LOT of what he can share with you I think will apply. I know it did for me and my bus./life. Unfortuanatly you may need to take a hit on the boat as it is going to be a hard sell. However it may buy you the time you need to get things cleared out and then a refinance after you get that money and you can get going again. NO MORE TRIPS TO LOTO!!! You need to save that money and it is not only the money that you spend but also the money that you do not make from not working. Hang in there bro and if there is anything that I can do let me know. If you can get your ass to mass I can put ya to work for a little while

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Old 09-07-2004, 05:23 PM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

I wish you the very best through this. I'm in the same boat (no pun) somewhat. I'm selling my Scarab just for a little living money while I search for another job. I hate like hell to part with it but I have to make some changes in my life and career. Things are tough for you right now but keep a positive attitude and like me you will once again find your place on the water.

Roby
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Old 09-07-2004, 05:28 PM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

give details on the house, what is it worth, what do you owe, how far in the rears are you, I may be intrested in the house if I can pay off your note give you a few g's. I have bought houses all over, why not michican. any realtors on here that could take a look at this thing for me?
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Old 09-07-2004, 05:48 PM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

Refinance seems like the way to go! Since you are a home owner, you have so many ways to resolve this!


This May Help Too.
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Old 09-07-2004, 06:00 PM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

Been there too. Don't pay the cards, or boat for that matter, until the mortgage is caught up or refinanced. The absolute worst a card can do is file a judgement. Then you have to pay them 10% of your income a month. You can only have 1 judgement against you at a time, so it will never be more than 10%. It takes a long time to forclose, so don't worry too much. Good Luck!
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Old 09-07-2004, 06:00 PM
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Default Re: I am in serious financial trouble... someone please take my boat from me!

foul i wish i could help. we are jest keeping our head above water . we are late on some bills to . maybe after the election things will get better. robbie
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