Wednesday, October 13, 2010

BIG TROUBLE!

I am shocked, crying and at a total loss as to what to do.  Why can't things go easier for me sometimes....geez!  I've been waiting to hear back about my loan to pay for the final adoption installment, the BIG payment.  An appraiser came last Saturday and I was supposed to hear on Monday. Monday was a bad day for me and then Tuesday was swamped so I sent an email this morning asking about the loan status. Well the appraisal didn't come back as high as they thought so the loan amount I can get is more than two thirds less than what I need.  Yes the tears came.

So now I'm at a total loss as to what to do, where to get the money. A friend at work told me to ask if I can use my 401k as collateral, so I'll ask that tomorrow.  I need the loan over more than the 5 yr. home equity loan they have because the 5 yr length payment, based on how much I need, will be too high a monthly payment for me. So I just got done looking at my bank's website for options.  Looks like a personal loan might work but I'm not sure of what they need, the cap if any and how long it takes to get approved. I have to have the money before I am allowed to travel and if I don't have it then the court date is cancelled and I wait in line for another one which would mean Feb. or March. I never dreamed my house appraisal amount wouldn't be enough but that just goes to show you how much  I know about the financial world.  I've asked my bank person to talk to the appraiser to see why it came in at the price it did. I have to have the money by Nov. 19th so I am trying not to panick and to stop crying but so far am not being successful.  Hopefully tomorrow will be a better day :)
If anyone has any advice on how to get the money (legally of course) I would appreciate any insight.
Thanks!
~Amy

4 comments:

  1. Your friend is right. I was able to take a loan out from my 401k - half of the amount in the account. Paid back at 5% interest over five years. You should check into that.

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  2. Though it won't help with the money upfront, don't forget that you get a HUGE amount back on your taxes next year with the Adoption Tax Credit and there is also a Missouri Tax Credit that you'll be able to take. So...no matter what you have to finagle right now to get the cash (credit cards???), know that you'll get big chunks back over the next 3 years or so as you claim the tax credits. Mine total came in over the course of about 3 years.

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  3. we were in good standing with our bank and had pretty decent credit scores, so we were approved by our bank for a personal loan of $10,000 with low interest and managable payments (around $200). We were approved in a day and received the money within a couple of days. hope that helps, praying for you.
    www.what-faith-can-do.blogspot.com - Summer

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  4. I would try to get the money however you can....loan from 401K over the 5 yrs plus home equity loan, then pay back a bug chunk with your tax refund, then maybe redo the loan to lower the pymts after you get the refund??? I thankfully had a few wonderful family members contribute some nice chunks....is that an option? Or again a temporary family loan until you get the tax refund which should be too long since we're towards the end of year...unless you already adjusted your take-home pay to reflect the tax credit.

    GOOD LUCK....you've been thru so much to get here, I just have a feeling you'll pull it together for this step too!!

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