Debt Dumpers 2024

[ruadisneyfan2]

That's not my lender. But how can they legally do this? Should be against the law. We had fallen behind on our old house, and I called to get help. They offered to move 2 payments to the end of the loan and didn't tell me anything about building up interest. Now I'm wondering if this happened to us. Anyway, should be illegal that they do this, just like the little fees on our credit cards I posted about just recently.

Any time there are no payments being applied to the principal, interest will keep accruing and continue to be compounded. This will happen whether you get penalized for it or not, and whether or not they explain it to you.

 

[Twilghtsprkle]

I'm making minimum payments on all 3 cards. But because of fees (protection fee and monthly fees, not to mention annual fees on all 3), my balance is still going up on one of them despite not having used it in 4 months. It is what it is, I guess. As far as the car goes, I'm still paying minimum on it (bill is $496, and i pay an even $500/month). Haven't checked the balance, but I'm sure it's going down. Everything is still on go. Had a good little savings set aside, but we used it for rent last month. Started another that we'll use for rent with it comes due again. And just put the car back in the shop this morning. Needing oil change and inspection (headlight is out, so I bought that and they're going to charge me $120 to put it in). Just typical maintenance stuff. But staying afloat.

How much to change a bulb? Do it yourself. Find a YouTube video.

 

[Matty B13]

How much to change a bulb? Do it yourself. Find a YouTube video.

Some head lights are very difficult to take out by design, and some require special tools as well (hex head screw drivers). Unless you have these sitting around your garage, it is almost more cost affective to have a garage do it.

 

[Twilghtsprkle]

Some head lights are very difficult to take out by design, and some require special tools as well (hex head screw drivers). Unless you have these sitting around your garage, it is almost more cost affective to have a garage do it.

Maybe some. But my first reaction to anything simple is to google a YouTube video on how to change it myself. If the video is under 2 minutes, you know it’s a simple fix.

Anything that needs to be done under a car, I have a garage do. Getting under it drives a phobia off the charts. But engine air filters, cabin air filters, bulbs, etc I do myself.

 

[WDW_fan_in_TX]

I did YT it. That's why I bought the bulb myself. But when I tried to fit my fat fingers in there, I couldn't reach it. And the video said that might be the case. The next option was to take the front bumper off. So I guess I get to return the bulb, lol, and get my money back. I'll just let them do it and buy the bulb themselves.

How much to change a bulb? Do it yourself. Find a YouTube video.

 

[Matty B13]

Maybe some. But my first reaction to anything simple is to google a YouTube video on how to change it myself. If the video is under 2 minutes, you know it’s a simple fix.

Anything that needs to be done under a car, I have a garage do. Getting under it drives a phobia off the charts. But engine air filters, cabin air filters, bulbs, etc I do myself.

Yep, I usually google something first to see if I can handle it. I have a whole barn full of tools.

The only easy head light that I have replaced was on my 1994 Chevy S-10 pick up with a manual transmission. Every vehicle I have had since that truck was always a pain in the butt to replace any bulbs.

 

[WDW_fan_in_TX]

Yea, my GMC Sonoma was like that. But the last 2 cards I've had have been tough. But it's all good. Going to get it done. And I can take the bulb back (they won't use the bulb I bought). So I'll get my money back.

Yep, I usually google something first to see if I can handle it. I have a whole barn full of tools.

The only easy head light that I have replaced was on my 1994 Chevy S-10 pick up with a manual transmission. Every vehicle I have had since that truck was always a pain in the butt to replace any bulbs.

 

[Tygerlilly]

Curious if anyone has done a cash out on equity on their home to do repairs, specifically to get it ready to sell. How did that go?

I'm trying to get my mom's house ready to list and there's several things that need done to get top value for it, which she needs because she will be surviving on the proceeds of the home sale plus her disability payments. (We also just got her an appointment for survivors benefits but her appointment is a month out.)

Anyway, I'm hoping to cash out enough to do the repairs and help with paying her bills. I've put in a request for the mortgage lender, who is also our bank, to go over options, but it may be a few days before they get back to us.

 

[barkley]

Curious if anyone has done a cash out on equity on their home to do repairs, specifically to get it ready to sell. How did that go?

I'm trying to get my mom's house ready to list and there's several things that need done to get top value for it, which she needs because she will be surviving on the proceeds of the home sale plus her disability payments. (We also just got her an appointment for survivors benefits but her appointment is a month out.)

Anyway, I'm hoping to cash out enough to do the repairs and help with paying her bills. I've put in a request for the mortgage lender, who is also our bank, to go over options, but it may be a few days before they get back to us.

have you had a realtor look at the place and give you an honest assessment on what the difference between selling it as it is now vs. doing repairs and such? it's a pain to deal with repairs on a home you're not in and these days it can take soooooooooooo long. if it's an older home many times it's not a huge price difference after you've paid for the repairs, the loan fees, the time the home has been delayed being on the market (insurance, utilities, property taxes, interest on existing loan/home equity loan)...we've known a few people who found the net profit to be negligible and they've saved allot of stress.

it costs nothing to have a couple of realtors from different agencies give you an honest opinion.

 

[ruadisneyfan2]

Curious if anyone has done a cash out on equity on their home to do repairs, specifically to get it ready to sell. How did that go?

I'm trying to get my mom's house ready to list and there's several things that need done to get top value for it, which she needs because she will be surviving on the proceeds of the home sale plus her disability payments. (We also just got her an appointment for survivors benefits but her appointment is a month out.)

Anyway, I'm hoping to cash out enough to do the repairs and help with paying her bills. I've put in a request for the mortgage lender, who is also our bank, to go over options, but it may be a few days before they get back to us.

We took out a home equity loan to put an office addition on the back of our house. It wasn't difficult but I like advice @barkley gave you about getting advice from a realtor. Our neighbor died at 95. He had been a widower as long as we've lived here, soon to be 28 years, so we never knew his wife. Neighbors say he lost all urge to do anything, including keeping up on his home, after his wife passed and rarely came outside.
When I saw pics of it online, I was floored. It was like stepping into 1964. It had the same oven and dishwasher we had in my earliest memories (I'm 57.) Amazingly, they still asked $520k for it, as is, and it sold in one day. If it were updated, it would have gone for probably $650k. It definitely needs at least $100k in work.
Anyway, they still got a good amount for it and all they did was empty it out.
Depending on the condition of the home, realtors know which homes will attrack flippers, or if it doesn't need everything, they could give you tips on the most important items to replace, how to get the best bang for your buck.

 

[disdain]

We took out a home equity loan to put an office addition on the back of our house. It wasn't difficult but I like advice @barkley gave you about getting advice from a realtor. Our neighbor died at 95. He had been a widower as long as we've lived here, soon to be 28 years, so we never knew his wife. Neighbors say he lost all urge to do anything, including keeping up on his home, after his wife passed and rarely came outside.
When I saw pics of it online, I was floored. It was like stepping into 1964. It had the same oven and dishwasher we had in my earliest memories (I'm 57.) Amazingly, they still asked $520k for it, as is, and it sold in one day. If it were updated, it would have gone for probably $650k. It definitely needs at least $100k in work.
Anyway, they still got a good amount for it and all they did was empty it out.
Depending on the condition of the home, realtors know which homes will attrack flippers, or if it doesn't need everything, they could give you tips on the most important items to replace, how to get the best bang for your buck.

Some great advice here. I would add that when talking to a realtor you need to remember that (generally) their motivation is to make money, which means they want the listing, and time is money. I would guess that most realtors/agents will say just do a little bit to fix it up, and not to do an expensive, $100k + many months of time renovation.

If you decide to do some work, look into getting a Home Equity Line of Credit (HELOC). Probably the easiest way to get some cash out, it's flexible, and just got 0.50% cheaper.

 

[Sheree]

Curious if anyone has done a cash out on equity on their home to do repairs, specifically to get it ready to sell. How did that go?

I'm trying to get my mom's house ready to list and there's several things that need done to get top value for it, which she needs because she will be surviving on the proceeds of the home sale plus her disability payments. (We also just got her an appointment for survivors benefits but her appointment is a month out.)

Anyway, I'm hoping to cash out enough to do the repairs and help with paying her bills. I've put in a request for the mortgage lender, who is also our bank, to go over options, but it may be a few days before they get back to us.

SS will give a lump sum on survivor benefits. My fil died in Feb and she got them in October along with a big check

i will echo the advice on home repairs. see what she could get as is and with minor fix ups. it's probably better to get the money quickly vs waiting a few months after repairs if it's a good market where you live

 

[focusondisney]

Anyway, I'm hoping to cash out enough to do the repairs and help with paying her bills

I’m gonna echo what @barkley said… it can be a long time to get repairs & updates done. Not sure what you’re thinking in terms of repairs. But I’m 15 months into a 15-17 month wait for a bathroom remodel. Even replacing some carpeting this summer was 2 months by the time they measured, ordered the carpet & scheduled installation.

My sister just bought a house. Every house she was looking was mostly updated & at went for 20-30 K over asking. So yes, there is more to be made by doing things before you sell. But if you won’t be able to sell for many months waiting for repairs, is it worth the extra you’ll get is the question.

 

[disdain]

Even though interest rates dropped, rates and prices are still high and buying a house now is still very expensive. I'm seeing more homes for sale in my area but they are sitting for a while and prices are being cut because there aren't enough buyers.

if a larger renovation makes sense, it could also work will with the timing of further interest rate cuts in the future which will lower mortgage payments and increase the amount a buyer can pay for a house.

 

[princesscinderella]

Curious if anyone has done a cash out on equity on their home to do repairs, specifically to get it ready to sell. How did that go?

I'm trying to get my mom's house ready to list and there's several things that need done to get top value for it, which she needs because she will be surviving on the proceeds of the home sale plus her disability payments. (We also just got her an appointment for survivors benefits but her appointment is a month out.)

Anyway, I'm hoping to cash out enough to do the repairs and help with paying her bills. I've put in a request for the mortgage lender, who is also our bank, to go over options, but it may be a few days before they get back to us.

You might find it difficult to get a HELOC on the home just because your mom probably doesn’t have enough income to support the loan, even though you have equity in the house.

I’d clean it out and sell it as is as fixer uppers can sometimes sell more quickly as the buyer can upgrade to their taste vs the seller doing quick repairs/upgrade to bring it to market which they may not like.

 

[Tygerlilly]

We aren't talking large remodel, it's mainly just needing new carpet, paint, etc. Things we can't really afford to do without the loan. The comps were coming back with as is being around $220k and after replacing carpet/paint/making it "pretty" would comp closer to $270k, so it's a pretty big difference for someone who will need the proceeds to essentially live on.

SS will give a lump sum on survivor benefits. My fil died in Feb and she got them in October along with a big check

Curious how difficult the process was on this? She called and set some stuff up and has an in person appointment in November. Once the in person appointment happens, was it pretty quick to start the payment and get the check?

 

[Sheree]

We aren't talking large remodel, it's mainly just needing new carpet, paint, etc. Things we can't really afford to do without the loan. The comps were coming back with as is being around $220k and after replacing carpet/paint/making it "pretty" would comp closer to $270k, so it's a pretty big difference for someone who will need the proceeds to essentially live on.


Curious how difficult the process was on this? She called and set some stuff up and has an in person appointment in November. Once the in person appointment happens, was it pretty quick to start the payment and get the check?

I had called in August and her phone appointment was October. I believe she got me the money before the end of the year

 

[Sheree]

We aren't talking large remodel, it's mainly just needing new carpet, paint, etc. Things we can't really afford to do without the loan. The comps were coming back with as is being around $220k and after replacing carpet/paint/making it "pretty" would comp closer to $270k, so it's a pretty big difference for someone who will need the proceeds to essentially live on.


Curious how difficult the process was on this? She called and set some stuff up and has an in person appointment in November. Once the in person appointment happens, was it pretty quick to start the payment and get the check?

also, if the paint, carpet, making it pretty costs 20k, it take an extra 4 months to get the proceeds, higher real estate commission, higher realty transfer tax, how much extra are you really netting? we just had my mil home painted, top to bottom. paint alone was about $1500 (50/gal) plus paying the painter, trim etc isn't cheap

 

[ruadisneyfan2]

We like carpeting but we’re old. Lol. The latest trends are toward hardwood, laminate or tile flooring.
This is why it’s good to talk to a realtor.
Dh used to make repairs in homes that had been foreclosed so the banks could sell for higher prices. (They usually trash the place before they leave.). He’d say “It’s all lipstick and rouge.” Meaning just some cleaning up the old appliances and bath fixtures, paint and flooring. It brightens everything up.
People don't slide open windows and notice they’re 40 years old. The see clean and bright and say “ooooo!”

I didn’t know what you were getting at when you mentioned getting a loan for house repairs.
Flooring and paint can be a huge improvement. I wouldn’t go big like kitchen/bath remodel.

 

[Tygerlilly]

We like carpeting but we’re old. Lol. The latest trends are toward hardwood, laminate or tile flooring.
This is why it’s good to talk to a realtor.
Dh used to make repairs in homes that had been foreclosed so the banks could sell for higher prices. (They usually trash the place before they leave.). He’d say “It’s all lipstick and rouge.” Meaning just some cleaning up the old appliances and bath fixtures, paint and flooring. It brightens everything up.
People don't slide open windows and notice they’re 40 years old. The see clean and bright and say “ooooo!”

I didn’t know what you were getting at when you mentioned getting a loan for house repairs.
Flooring and paint can be a huge improvement. I wouldn’t go big like kitchen/bath remodel.

We have a realtor and have spoken to her. The comps I mentioned earlier came from her. The things that need done came from her suggestions.

We literally can not afford to do any kind of updates unless we get a loan. At this point, she doesn't even have enough to cover her mortgage payment much less pay the regular bills.