L3XOTIC

a mother is a lifetime

a car is one day

make the smart choice.........

save your MOM!

youll be blessed with another GS for your help

MikeyK02

iTrader: (7)

I appreciate the help and support guys. I'm going to be going to pick up my Accord here shortly, and then taking pictures of the Lexus to put up for sale.

I meet with my mother today (we have a house to clean) and I will get the scoop as far as where things stand. I wish you all nothing but the best, and good fortune!

kitsune

iTrader: (1)

I'm not trying to be rude but if your mother almost went into foreclosure and "WAS" in collection than there is problem there. If she can't pay her bills and your helping her out and supporting her than she will always rely on you for money. I know that family comes first but if she can't afford to pay her bills or afford to own a house than I would suggest selling the house and get into an apartment because with an apartment you have less risk to worry about.

If she couldn't pay for her mortgage I wonder if she paid her property tax or worst the IRS knocking at her door.

IMO, I would sit her down and work out a detailed budget with her if she has poor money management. I cut out privileges like cable TV, land line telephone and just using a cell phone which at most is cheaper since you get free long distance calls, etc..

There are some state funding sources that can possibly help her with certain bills for instance; if she is applicable for DSHS she can most likely reduce her phone and cable bills.

Sorry if I come off as an *** but usually financial problems is a burden and is the result of ones actions.

Mike

bigguppy

iTrader: (15)

you made a good choice. to you bro. KARMA

in the end a mother's happines is worth more than anything, even if its something that you work your *** off for.

go buy the lottery

MikeyK02

iTrader: (7)

Just a little update, considering I've been busy the past week with work, work, and more work. It's pretty hectic. I tried to talk to my mom about the situation, and all that brought was tears/crying.

I ended up getting the Honda Accord, and my god man, all I can say is ENJOY the GS's you all have!!! Going from soft saddle to tan cloth is HORRIBLE!

I now see why Lexus cost a few extra bills....LUXURY!

As far as my lexus, it's sitting at home, and will be going on the market as soon as it's goodies arrive from Sewell Lexus.

So if anyone is looking for a sweet baby, keep your eyes peeled for this one

onedropz

great way to think about it.

car = liability and home = asset.

MikeyK02

iTrader: (7)

And she's off

https://www.clublexus.com/forums/sho...62#post3239762

LEXUS_KID

iTrader: (4)

Well said

k.r.e.a.m.

dude, at the risk of sounding like a real tool regarding your situation.......have you explored all available options.

because YOUR CAR IS HOT! that interior is SICK, SICK, SICK.

look, go to your local credit union and ask if you can take out a personal loan and use something personal as collateral. also, if the loan is apprx 21k and you are asking 21k obo then there's no fluff there. you are simply walking away even. no cash to share with mom! if that is really the case then just go out and get a part-timer for 6-8 months and fork over all the cash from that gig to her.

if neither of those options work then i agree with everyone else.....moving it and helping MOM is the right thing to do!

gl with the sale!

Sceptre

iTrader: (2)

If you ride is paid off, you can take out a loan and use the car as collateral. It will give you some breathing room until you get the other stuff that figure out. (plus you don't take a huge hit from selling your ride cheap because you need the cash right away). Also your mom can go to her bank and they can dig up all her old checks for her, (they might charge her a small fee, depends on the bank) so she can prove she has been paying. The FED's dropped their borrowing rate again, so it "should" help out a little on your Mom's ARM Loan, but yea, try and get into a fixed interest rate now even if it means paying some basis points up front to "stop the bleeding". Unfortunately the rates will be relatively high unless she has someone as a co-owner to sign with her (not sure if you want to do that) Then when things settle down and her credit score gets back up to normal, she can always refinance. Good Luck. I'm a CPA and helping out a friend right now that is sort of in the same boat as your mom.

bluerex

if you havent looked into it, look into FHA loans, i'm in the business, if you dont have a resolution, let me know.

best of luck..and yes help your mom

MikeyK02

iTrader: (7)

Thanks for the support guys truly I'm thankful for the help and insight of a lot of you!

As far as the whole getting a personal loan, I can't, reason being, I just took out a loan for her about 3 months ago, for a pretty large sum.

I dont own the car, so I can't use it as collateral.

the reason I have to sell it, is so I dont have a payment on it. 500/mo can go a long way right now. And I just dont want to be tied down if I need be.

I already got a beater car (accord) so that will be used to get me from A-B. Also my g/f is sick (some sort of sinus infection thing), so she has been taking off a lot of days from work (and she doesnt have sick days built up)

So I get to pay for a lot of her stuff too. When does it stop

Luder94

So what you're saying is that this guy's mother should pray herself out of her mess? If that's the case, why aren't you coming down on her for not praying enough before? She may as well open up the good book (whatever book that may be), read one or two appropriate passages, and cash should fly out like a miracle.

Mikey, I think it was mentioned before in this thread, but it may be worth repeating again. Take a very realistic look at what you and your mom will accomplish by getting $20k into her bank account. Will the $20k help her out of the situation or only prolong it?

If it only puts off foreclosure for 6-9 months later, then what's truly gained? What's gained is 7-9 months of more worry, whereas if she and you decide to move from the house sooner, she can move on with her 'financial life' sooner.

I sincerely hope something works out for your mom and commend you on making some really tough decisions.

Kaydee

although i don't believe in religion, i believe the lord will repay you back somehow...maybe with a ferrari? lol...tough choice, but you know the answer

MikeyK02

iTrader: (7)

well the 20K will not be going directly to her. Lets just say I've come to a crossroad in this wonderful thing called life. I dont have health insurance, and I was burned last month, b/c I had something happen, that I ended up with a medical bill in the ten thousands range. So I get to also figure out a way to pay that massive thing out

So I'm looking at this as a whole. I am the only one in my family who seems to give a damn about having someone good credit. And each time I seem to be moving forward, something happens to set me back.

As far as my mom, it's tough to get any feedback from her. I had to have a talk with her, and she assured me that the person she's dealing with, will have something done (granted, I did not make it this far, without knowing what's what) She tells me, that she will for sure be able to do something in May (at the latest)

however I still have to pay the lawyers in the meantime, to sue her previous lawyer. It's funny, b/c my grandmother, who is VERY deep into religion sent me a text (yes,my grandmother texts) saying the quote "what doesnt kill us, only makes us stronger" And after this whole ordeal, I better be coming out like freakin barry bonds!