Bankruptcy To Owning My Own Home!
Please excuse the length of this story but I feel the background info is important.
My ex-husband and I split up when my daughter was 2 1/2 years old (she is now almost 19). We sold our house and split the assets. Since that time, my daughter and I have rented and lived in 5 different homes. Most of the moves we made were due to the fact the owners were selling the homes we were living in. Since 2001, we lived in the top floor of a home and there were tenants in the basement suite. We shared a washer and dryer with these tenants. For most of the time, the tenants were fine, but the last 2 years, the tenants were a nightmare! The house itself was not in very good shape. The carpets were tattered, the appliances were old, and there was mould in the bathroom. I desperately wanted to move out of that home for years, but rents were not cheap and the landlord never raised the rent the entire time I lived there, and was very understanding when I was late with the payment. At one time, I was 3 months behind!
At the beginning of 2007, I said to myself that “I can not spend another Christmas in this house!”. I had actually purchased the movie The Secret the previous fall. I watched it again and decided to buy the book. I read it twice, and what really stuck was the point about taking steps toward what I wanted.
I was reading the local paper one day and came across an ad from a mortgage broker who was advertising no money down and debt consolidation. Although due to previous severe financial situations my credit was not good, I decided to call and see if I qualified, and for how much. The lady called me back and told me that I was pre-approved although I would have to come up with 5% down. I qualified for enough to purchase a 2 bedroom condo! I had absolutely no money and no idea how I would get money. I explained my situation and she asked if she could send my file to her contact at the bank. I agreed and had the appointment at the bank.
The day of the appointment I was feeling wonderful from the moment I got out of bed! I just believed that the bank would help me! The loans officer called me a few days later to tell me that they would consolidate my debts plus give me an unsecured line of credit for $5,000, all without a co-signer! I was ecstatic! Three other financial institutions that I had recently applied to refused to give me anything without a co-signer. That was the first step for me! I paid my landlord the back rent and got myself back on track.
I was still determined that I was going to purchase my own home, so in April I found a realtor. I was very scared because I had no idea how I was going to afford a condo or come up with the down payment, but deep down I believed that the universe would provide. I told the realtor that I was very specific in what I wanted, and the area, and that I would not rush into anything. He was great, and showed me condos that met all my criteria. But nothing felt right. In August, I saw a condo that I really liked, was in my price range, and not only met my criteria, but exceeded it! Still not knowing how I would pay for it, I made an offer.
The condo was already vacant as the owners relocated to another province. The realtor called me and told me that another offer was made the same day as mine! He encouraged me to put an offer in, but he suggested that I put the offer in for the full asking price and that I put in quick closing date of 2 weeks! I put the offer in and thought I better figure out a way to get some money.
I came across an article in the paper about reverse mortgages to help older people get some extra cash by taking equity out of their home. People did this for many reasons, one of them being to buy another property! I decided to talk to my mom about this and to make a very long story short, she agreed to help me and give me part of my inheritance early! Now I just had to wait to see if my offer was accepted!
I visualized myself living in the condo with my daughter. I visualized the new furniture I would have and the friends and family that I would entertain in my new home. I also wrote in my journal I live at . knowing that the universe would make it happen. The realtor called me the next day and said that my offer was accepted! The other offer was higher then the asking price but the owners accepted my offer because of the 2 week completion date!
With my early inheritance, I was able to put a 30% down payment, pay off the bank consolidation loan and the line of credit, and had enough money to purchase new furniture and still have plenty to put in savings! I moved in last September and have never looked back! I am easily able to afford the mortgage payments and am now financially secure!
I know that I will never have financial problems again! I am living proof that The Secret does work!