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A good place to get a loan for an adoption?

Well I have asked a few questions on here before. I have been calling lawyers and the people for the homestudy and its going to cost around $6,000-$8,000. This wasn't a planned thing and the birth mom kind of dropped this on us with only a month to get it all together. Does any one know of a good place to get a loan for an adoption that is fairly low intrest. We are going to look into a peronal loan at our bank but I am not sure if there are better places.

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Ms.MarineWife

Asked by Ms.MarineWife at 12:41 AM on Mar. 4, 2009 in Adoption

Level 1 (0 Credits)
Answers (13)
  • I would lie and say it was for something else. Or ask birth mom to let you pay the hospital for the birth and pay her a fee as any other adoption agency would see fit. If you need a loan maybe you shouldn't take on another mouth to feed. I am not trying to be mean, it just sounds like you are really surprised and perhaps not ready. Good luck and God bless.
    Gigi1969

    Answer by Gigi1969 at 12:54 AM on Mar. 4, 2009

  • We dont have to pay her anything..... Its the lawyer fees and homestudy fees that rack up the money. Most the time people have time to plan and get ready had we known say 6 months ago it would be way different. I mean really how many people have 8 grand just sitting in the bank these days??? Just because I dont have $8,000 right this minute doesnt mean we cant provide for our child (when and if the baby becomes ours) its just this big chunk.
    Ms.MarineWife

    Answer by Ms.MarineWife at 1:28 AM on Mar. 4, 2009

  • Gigi1969 - few people can come up with several thousand dollars on short notice and that doesn't mean they can't provide for a child. That's like saying if you need to take out a car loan perhaps you shouldn't buy the car since you can't afford to pay cash.

    Check out the Dave Thomas Foundation and Shohana's Hope Foundation.
    MommyAddie

    Answer by MommyAddie at 4:10 AM on Mar. 4, 2009

  • Our adoption was a private adoption from the same state. We did not pay thousands for a homestudy. Basically through the courts a woman came to our house to talk with us and look at our home. Of course we had to have medicals done and background checks. I am not sure if your situation differs, but I never paid that kind of money for a homestudy. We only paid the lawyer a retainer fee up front.
    Kellyjude1

    Answer by Kellyjude1 at 6:30 AM on Mar. 4, 2009

  • Have you talked with your employers? Some employers will reimburse costs for adoption, up to a certain point.
    Christian-Mom79

    Answer by Christian-Mom79 at 9:11 AM on Mar. 4, 2009

  • Did you ask the lawyer about setting up a payment plan with them? Same with whoever does the homestudy? If you explain the situation they may be willing to work with you.
    KateKevinAdopt

    Answer by KateKevinAdopt at 9:29 AM on Mar. 4, 2009

  • If you have a way to take out equity in your home some people do that. Some charge it on their credit cards. Some people tell their church, friends, family, and community for donations. Some credit cards will give you that much in a cash advance. Some others still have sold some items they own and they are willing to part with. Asking family for loans is always an option. Asking several family members instead of just one to lend the whole sum may also be doable. Sometimes you just find a way.
    Anonymous

    Answer by Anonymous at 9:35 AM on Mar. 4, 2009

  • Here are a few websites that have financial information
    http://directory.adoption.com/frame.php?url=http%3A%2F%2Fwww.wacap.org&name=World+Association+for+Children+and+Parents++(WACAP)

    luckyshamrock

    Answer by luckyshamrock at 9:50 AM on Mar. 4, 2009

  • try this place they give grants
    http://members.shaohannahshope.org/site/PageServer
    wells75904

    Answer by wells75904 at 9:57 AM on Mar. 4, 2009

  • I know that Chase Bank at one time had an adoption loan available. FYI, I would take a little more than you need because the lawyers fees can be so variable. If the bdad needs a seperate attny, etc, you can rack up thousands unexpectedly.
    Also remember to make sure the cost of the home study is totaled for before and after the adoption. I know for us, it was $3000 for the homestudy and then an extra $2000 for the visits necessary after the child was placed. We didnt expect that.
    Anonymous

    Answer by Anonymous at 10:59 PM on Mar. 4, 2009

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