Expert: Toni Yates - 6/21/2009

Question
My Name is Lisa and I'm 25 soon to be 26 this year in Aug. I am married and have 2 children I am a stay at home mom because daycare would cost more then i"d make working .. My husband works for Albertsons and makes about 36K year ... he brings home about 400 a month maybe a little more .. we have no credit card dept yet we have the worst credit in the world he has about 40K in medical from a surgeries he had when we had no insures and theres about 15 Hundred in dept on my end from little things here and there mostly medical we could buy gum with our credit we live pay check to pay check barely making it .. we have no down payment .... is there any hope for us ? I mean the 40K would take years and years to pay off 10$ at a time should we just give up hope or is there something that could help us ? HELP! Thank you , Lisa

Answer
Hi Lisa-
Thanks for the question. There is always a light at the end of the tunnel. I would suggest that you talk to a loan officer about your options. I doubt there is anything immediately that you can do but they should be able to help you with a plan of action that should include the different options available to you. There are FHA programs out there for very little down but you will most likely need to resolve your debt issues either with an attorney's help or by arranging some kind of settlement and payoff plan. This is not my area of expertise but I do know if you want something bad enough there are always ways to make it happen even if it takes awhile. I hope this helps and best of luck, Toni