Buying a New Home After a Bankruptcy

We just sold our family business and home, which we ran for 17 years. Due to the economy, we only ended up with $16,000 profit from the sale. Now we need to move out by June 1st and find a home to live in. Any advice on what we could find? We also have one child and two cats. We had to declare bankruptcy and can't seem to get a loan anywhere until maybe in January.

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I am looking for jobs in my field (teaching) so I can finally realize my dream, but most teaching jobs don't start until mid-August. Hubby has a part-time job which doesn't go in the summer. So all we have to live on in the summer is un-employment from a part-time job. I'm so stressed out and and can't take this anymore.

By Sandee

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May 12, 20120 found this helpful

The way I understand it, is even if you started teaching right now, a mortgage company wouldn't finance you until you had been teaching for awhile. You might have to crowd into a small apartment if you can find one that will allow cats, and for the amount of income that you currently have.

Put the money you have in savings and don't touch it because when you have enough income to buy another house that will make a down payment.

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I know people that have filed bankruptcy and been able to keep their house, even though the house was mortgaged. If you are a qualified teacher, why haven't you been teaching all along to help pay bills? Consult a realtor and a lender to see what they say.

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May 12, 20120 found this helpful

I was helping to run the business (my husband's dream) and raising our child. Someone had to be here to run the business during the times my husband was at his part-time job.Trust me, my husband isn't too patient with our child, so I had to be the primary parent, which has been my main pleasure in my life.
Sandee

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May 13, 20120 found this helpful

Any chance you could put your things in storage and move in with friends or relatives for a few months? Probably not an ideal solution but it would help you get through the lean times. Otherwise I agree that renting would be best until you get back on your feet. Renting can be a lot more flexible if you need to relocate if you find a job in another town.

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Since you have specific needs (two cats, need to move pretty quickly) you might try calling up local rental agencies and see what they have available now. If the cats are a problem you might have to rehome them for a while. It sounds like you've really had a difficult time of things, and I hope it all turns around for you soon!

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May 14, 20120 found this helpful

Are there summer school teaching jobs in your area? I agree with saving the $16000. That is your nest egg for the future. The cats may have to go - hard to face, but realistic.

Look for a summer job with your education, you may be able to find something else. Consider part time as a replacement for people on vacation.

To deal with the stress, make a flexible plan. Depending on where you live, look for real cheap housing; some landlords will reduce rent if you fix up a rundown house, but get it in writing what you are to do.

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Why are you looking for loan already? While this is a good time to buy a house because interest rates are low, this may not be the smartest thing to do. Rent - it can save you money. Make a budget, and cut out expense you can. It is amazing what one can live without; cell phones, cable, vacations, eating out, fast food, soft drinks.

One trick I used was to have a set of cans, each with a label; tires, oil change, shoes, etc. and put myself on a weekly allowance. Anything left over when into the different cans. Hope this helps. Been there.

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May 14, 20120 found this helpful

Have you looked into substitute teaching? I am retired, and only do it when it is convenient for me, but it pays well and I can work nearly half time in some months. I could likely work nearly full time if I desired. There are sometime mat leaves and so on that you may have a chance to get for the last months of the year.

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At this time of year, you could perhaps get into some tutoring as well - helping students prepare for exams.

Also, time for hubby to get a full time job. Or more part time jobs. People who need money work at several jobs if they have to - even if it is pumping gas or doing home repairs or yard work.

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May 14, 20120 found this helpful

Check with your library-many hire tutors during the summer to work there, or perhaps you could advertise yourself as a tutor to help kids over the summer who are behind, and use the library as your meeting place.

See if you can do summer work at the park department, daycare center, or zoo or other places that have summer education programs for kids. Check craigslist.org for camps that are hiring help or summer childcare positions.

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May 15, 20120 found this helpful

Could you try to get employment at a local day care centre, with an added bonus; you may be able to bring your daughter to work if you are uncomfortable leaving her with your husband. But he is really going to have to step up to the plate.

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For your letter it seems that it was his dream to run the business which is now bankrupt and you were prevented from entering teaching because he had a part time job and was not very patient with your daughter. I think he needs to start pulling his weight, instead of leaving every thing up to you, because it sounds like you are at the end of your tether. I hope everything improves for you and your daughter, stay strong.

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