Pursuing home ownership after financial ruin from child support
This is a cry for help. I am trying everything i know to pursue home ownership while still fighting a currupt child support system that has done nothing but financially ruin me and my family for more than 20 years.
I cannot get a car loan, let alone a house loan, because if we do purchase a house for instance, they will immediately place a lien on it and no mortgagae company will touch us, even though we are currently paying support off and have been for over 20 years.
There must be some way around this. We can get pre approved but no one wants to touch us.
This mesage is for all those parents out there that are suffering from this same corrupted system that violates our rights to the pursuit of happiness, while the other parent has all there is in life that they could ever want.
Yes, this is a broad issue, and id love to share my story with you all, yet i am currently asking anyone out there how i can bypass this system and purchase a home.
If anyone has any advice, answers, etc... please let me know.
Thank you,
Kathy Panos[ Edited by kpanos on Date 04/03/2003 ]
Have you talked this over with an attorney?
My husband has had the same problem, years ago, although he never owed any support, she just claimed he did, and yes, the system doesn't always work right.
Anyway, I would suggest to talk with your attorney about setting up an LLC or corporation and have the LLC or Corp. buy your house. I am not an attorney so I cannot say if it is possible, it also depends on the fact if you do have employment or are self-employed.
Depending on where you live (big city or small town) how is your relationship with the bank (president)? Maybe he/she can help you get a mortgage through an LLC if that looks like a feasable project, after you talk with your attorney. If that could be your solution, then there is no way that a lien could be placed on your property.
And... maybe, moving to another State or city/town could be a solution.
I'll think on it some more, and talk to some other people about your problem. If anything comes up, I'll let you know on this site.
In the meantime, keep your chin up and have faith.
Good luck,
Ladybug
Ladybug,
I thank you very very much for your suggestions. I had not thought about a corporation. I will definately research that and let you know how it goes on this webpage. Thank you again.
Sincerely,
Kathy Panos
1. Form Trust
Let the trust buy the property with an assumable existing lien or let the trust buy under a contract for deed where the deed to the property is conveyed to the trust when paid off.
If you don't live to far away. I will come and do it for you.
Vernon Baugh (vbaugh@bellsouth.net)
Braxton MS 39044
Vernon,
Thank you for your info as well. I will check that out as well and let you know how that goes.
Thanks again,
KP
If you are married, have your husband buy the house (using his credit, his income, etc.). Then have the home put into a trust immediately--inform your real estate attorney that you want the house put into a trust BEFORE YOU CLOSE ON THE LOAN. It will not show up on your credit report or will it be listed in the county records under your husband's name. This is if you dont live in a community property state.
Hello Kathy,
I can empathize with you because I have been in your shoes.
I hope you won't feel like I am being brash, but the first thing you can do is try to get over this feeling of being taken advantage of and move on...
This mesage is for all those parents out there that are suffering from this same corrupted system that violates our rights to the pursuit of happiness, while the other parent has all there is in life that they could ever want.
...the system is corrupt and there is nothing we can do to change it immediately. The other side got the "love" for now but your kids will come back to you.
Besides you want to spend your time investing in real estate not changing the system.
I my case, I was being garnished for my monthly amount plus an additional amount to clear up the arrears. My loan would not close because my credit report said I was in default of my child support.
I am a newbie and was pretty discouraged by this news.
After doing some research, I found out that in my state of Oregon there is a special department in the Child Services Division called Escrow. They spend their day faxing mortgage companies letters stating that because you are making the monthly payments you are not deliquent on your Child Support.
Once my mortgage company received this letter the loan was able to close.
Maybe the Child Support Services in your state has a similar department.
Hope this helps! Good luck!
Cindy
I agree with CindyB. I too have had some past trouble with the Child Support folks and their less than smooth system.
The one thing that was killing me was the Child Support folks had reported to all the credit agencies that I owed over $7000.00 a month in child support. Any time I tried to get a loan, all the numbers never added up with that darn thing on my report. I actually owed a monthly payment of a manageable $600.00, but no amount of calling, writing, begging and pleading would get anyone to fix my credit report.
It is still not fixed to this date.
Thanks for the hint CindyB - about the folks at the state who send notes to the mortgage company that you are paying on time. This might be worth pursuing for me too!
Keep looking and you will find answers to all of your problems. [ Edited by stormblade on Date 05/28/2003 ]
“LAND CONTRACT or a ALL INCLUSIVE TRUST DEED”
These contracts are where you sign a legal purchase agreement with the home seller but you never record it. Basically, what you are doing is make the payments for the seller on his existing mortgage and you never tell the mortgage company you’re doing it or they might call the loan. You need an attorney set it up for you. I recommend you use some kind of third party escrow were you make the mortgage payments to and they in return make the payments to the mortgage company. If you make the payment directly to the seller and he is suppose to pay the bank and he doesn’t, you’re screwed Remember the mortgage company can’t know that you are the legal owner because they never had a chance to approve you for the loan.
Forget about getting you newly formed corporation or trust with no assets or income approved for a loan. It is not going to happen for many reasons. For you guys who posted above me please show 1 homeowner who bought a house this way.