Hey Ladies, I'm completely stressed right now and have been for awhile - We were living in FL and hubby was transfered to Atlanta last Dec - this was unexpected. We were renting the house we were living in. We live paycheck to paycheck and have for awhile now. I have not worked since my son was born in 2004 and my daughter was born last Oct before we moved.
Since we've been in Atlanta, things are getting worse. We've been waiting for hubby's contract to be renegotiated and took a pay cut when we moved. It was all supposed to be worked out in his contract. He's just bringing in enough to make all our payments and have enough for groceries. We were trying to find out how much the landlord wants for this house we are renting. (We both love the house and the area it's in) We figured we would try to get 100% financed and try for extra to pay off all our debt - that way we would only have our mortgage, car payment and utilities. Then we could start saving some for emergencies and getting our debt paid off. Don't know if this was the wisest choice to make, but right now seems like a good answer since we have absolutely no money for a down payment.
The Lady that owns the house called on Monday and said she'd have a price for us on Wed - tomorrow. Now for the kicker - Hubby came home tonight and said he's going to be let go from his job in 2-3 wks!! I don't know what to do. If the price is right, do we still try for the house and debt consolidation? Or should we try for a personal loan to just do debt consolidation? Do you think a mortgage could be done in just a couple of weeks time while he still has a job? We are pretty sure that he will be able to work for another company, but not sure what he will bring in compared to what he's making right now. I'm sooo frustrated and scared right now - I've been crying for hours. I'm sorry, I'm rambling - I just need some advice as to which way to turn.
I agree with the pp that a mortgage might be too much risk. You might try to cut your expenses to bare necessities including your living expenses for the time being. You could do a 6 mos. lease for as little rent as you can, then if there is extra money, that can be tucked away for down payment (or payoff debt) at the end of the 6 mos. I would just worry that if the mortgage was too much, you might have a tough time even renting with a foreclosure on your credit.
I always have lots of ideas on this stuff, but don't wanna sound preachy, so PM if you have any questions!!