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Help please

here is the situation. I am trying to help my mom get a 15K personal loan to buy some new things for her place and take care of some other stuff that she would like to do. She has a 740 credit score but, her income yearly is 17k she only gets ssi (she is 65) she has over 70k put away in an annuity so she will have the ability to pay it back no problem however as the banks see it she doesn't have the income to support it. Do you have any ideas of how to make this happen for her?? any companys that may look at the WHOLE picture and not just crunch the numbers and move on!!!

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Anonymous

Asked by Anonymous at 12:25 AM on May. 6, 2009 in Money & Work

Answers (10)
  • i would go into the bank and actually talk to the loan officer. maybe if you cosigned with her that would make them more willing to consider her.
    vabchmommy

    Answer by vabchmommy at 12:27 AM on May. 6, 2009

  • i have NOOO credit so i think having me on it would make it worse!!! We did go into US bank and they said that she had to make at least 30k to quailfy
    Anonymous

    Answer by Anonymous at 12:29 AM on May. 6, 2009

  • ok well than, who does she bank with? whos the annuity with? maybe she can get a loan and use that as collateral? or if she owns her home, she could maybe get a equity loan?
    vabchmommy

    Answer by vabchmommy at 12:34 AM on May. 6, 2009

  • ok i'm not asking for who she banks with realized that sounds funny, i mean did she go to her bank or is she just applying in general at random banks? that kind of thing.
    vabchmommy

    Answer by vabchmommy at 12:34 AM on May. 6, 2009

  • yeah she went to the bank the annuity is with US BANK... she owns her home but, its a mobile home so she can't get an equity loan from it....any other suggestions?
    Anonymous

    Answer by Anonymous at 12:44 AM on May. 6, 2009

  • aside from putting up something (like a car maybe) for collateral thats all i can think of. if you can't co sign maybe someone else can, or maybe someone else could get a loan and she could in turn get the loan from them? say you could afford the loan and get it (just an example) you get the loan give the money to your mom and write something up saying she will pay you such and such a month (that is b/c obviously since you said you had bad credit it won't be you, it would be someone else) to pay off the loan. maybe if another family member could do that for her, or a very close family friend. aside from that i really am out of ideas, sorry
    vabchmommy

    Answer by vabchmommy at 1:00 AM on May. 6, 2009

  • Unless she truly needs these items to survive, she should not be buying what she can't afford. People and businesses spending money on wants, not needs are such a huge part of our country's current financial mess. Live within your means!!!
    rkoloms

    Answer by rkoloms at 8:04 AM on May. 6, 2009

  • Never co-sign for someone unless you plan on paying that money back yourself, and that applies to mothers as well as anyone else. She should not be taking out a loan to buy "some new things for the house". She needs to save her money and buy those things with cash when she has enough saved up. If she is unable to save enough money, there's the proof that she wasn't going to be able to pay off that loan. Both you and your mother should read the book The Total Money Makeover by Dave Ramsey. It will help your mother with a budget and saving for future "wants". It will help you to realize what happens when you co-sign for people and take out loans for things that you should save your money for instead. The main reason why I think that you should read it is because you seem truly distraught that your mohter can't get this loan....for once the banks are taking responsibility for themselves and saying "no". Read the book.
    slw123

    Answer by slw123 at 12:25 PM on May. 6, 2009

  • my mom has 60K saved up she wants to use the loan and make small payments because she knows no matter what she would have $260 a month but it scares her to take a large lump some out of the money that she is living on!
    Anonymous

    Answer by Anonymous at 4:31 PM on May. 6, 2009

  • If she pays back a loan the interest will be higher than what she makes on the money. She'll actually lose money over time by taking out a loan. The fact that she is fearful of taking it out of her annuity in one lump means she really can't afford what she wants to get. What does she want to do? Are there any creative alternatives that would cost less? That kind of money sounds like big ticket items. If it's getting new furniture, there are tons of options. Auctions, furniture store's slightly damaged merchandise, going out of business sales... If it's new windows and construction materials, try a Habitat for Humanity resale shop, or check out places that sell things retail. Perhaps someone ordered something that doesn't quite fit. I knew someone who got windows that way. Then there's things like "oops" paint at Home Depot. They can always make it darker. And the pirice is tons cheaper.
    oddfox

    Answer by oddfox at 9:18 PM on May. 6, 2009

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