oh-crap
04-03-2007, 09:27 AM
Sorry for the long story, I think it explains how I got to this point. If you want to get right to it just skip the next paragraph.
I am looking for ideas….
I own a home in Wasatch County, UT. It is one of the fastest growing areas of the state. It is a pre-fabricated home with 2 bedrooms (built in 1974) on a foundation sitting on 1.1 acres of land. I purchased the property back in 1994 and lived in it by myself for several years. My girlfriend (now wife) moved in and then my son from a previous marriage moved in. The house was just right for the three of us. Then we decided we would have another child and soon after the decision it was pretty well set in stone. At this point we decided we needed a larger home and kind of dragged our feet doing anything. The child was born and it really wasn’t bad while she was tiny. Then a year later we had a slight accident and found out we were expecting again, this was around Jan. 2004. I started getting the house ready to sale and put it on the market in April 2004. We went for a while with little to no interest. In July my son was born and shortly after that we found out my wife had cancer. So we had a lot on our plate and the house was at the bottom of the list. Finally in September we entered a contract to sale while my wife was still in the hospital. We moved out and leased a home till the dust settled with the cancer then we would buy another one. Well the day we were to close the deal the whole deal fell through and we were forced to keep the house. We were making a lease payment and a mortgage. For the next 7 months while we had the lease on the second home we had 3 other contracts fall through on the house. Turns out that banks will not loan on this property due to the age of the pre-fab. When the lease was up on our second home we decided that we had no choice but to move back to the small house. Then we were surprised again when we found out that my wife was pregnant, we were told she would not be able to conceive again after the chemo and radiation…… we proved them wrong.
Okay skip to today….. We have 4 kids. One that is 15 and he has his own room. The other 3 ages 4-1/2, 2-1/2 and 1 share a room with me and my wife. The house is WAY too small for us but we have not been able to sale it due to it being an older pre-fab home. We have well over 100K in equity in it but cannot get it out. The land alone is worth 250K, we are trying to sale it for 239K. So really we are giving away the house and the garage with the sale of the land. We have it listed as land but that requires a large down payment for anyone who wants to buy it. We have a lot of interested people but they have no way to get the funding.
I am sure that my marriage will end in divorce if something isn’t done soon. I would really like to just build a larger home on the property then flatten the pre-fab. Problem is, my credit is damaged (due to situations from the fist paragraph) and I have not been able to get a construction loan.
Here is my question…… Are there any companies that will do a construction loan on bad credit? I make good money and have over 100K equity in the property now. I think my credit is in the low 600’s.
Any ideas??????
I am looking for ideas….
I own a home in Wasatch County, UT. It is one of the fastest growing areas of the state. It is a pre-fabricated home with 2 bedrooms (built in 1974) on a foundation sitting on 1.1 acres of land. I purchased the property back in 1994 and lived in it by myself for several years. My girlfriend (now wife) moved in and then my son from a previous marriage moved in. The house was just right for the three of us. Then we decided we would have another child and soon after the decision it was pretty well set in stone. At this point we decided we needed a larger home and kind of dragged our feet doing anything. The child was born and it really wasn’t bad while she was tiny. Then a year later we had a slight accident and found out we were expecting again, this was around Jan. 2004. I started getting the house ready to sale and put it on the market in April 2004. We went for a while with little to no interest. In July my son was born and shortly after that we found out my wife had cancer. So we had a lot on our plate and the house was at the bottom of the list. Finally in September we entered a contract to sale while my wife was still in the hospital. We moved out and leased a home till the dust settled with the cancer then we would buy another one. Well the day we were to close the deal the whole deal fell through and we were forced to keep the house. We were making a lease payment and a mortgage. For the next 7 months while we had the lease on the second home we had 3 other contracts fall through on the house. Turns out that banks will not loan on this property due to the age of the pre-fab. When the lease was up on our second home we decided that we had no choice but to move back to the small house. Then we were surprised again when we found out that my wife was pregnant, we were told she would not be able to conceive again after the chemo and radiation…… we proved them wrong.
Okay skip to today….. We have 4 kids. One that is 15 and he has his own room. The other 3 ages 4-1/2, 2-1/2 and 1 share a room with me and my wife. The house is WAY too small for us but we have not been able to sale it due to it being an older pre-fab home. We have well over 100K in equity in it but cannot get it out. The land alone is worth 250K, we are trying to sale it for 239K. So really we are giving away the house and the garage with the sale of the land. We have it listed as land but that requires a large down payment for anyone who wants to buy it. We have a lot of interested people but they have no way to get the funding.
I am sure that my marriage will end in divorce if something isn’t done soon. I would really like to just build a larger home on the property then flatten the pre-fab. Problem is, my credit is damaged (due to situations from the fist paragraph) and I have not been able to get a construction loan.
Here is my question…… Are there any companies that will do a construction loan on bad credit? I make good money and have over 100K equity in the property now. I think my credit is in the low 600’s.
Any ideas??????