Update 4 years after filling

[pmed8]

First Post

http://www.bkforum.com/showthread.php?26507-First-time-poster-long-time-lurker

One year Update

http://www.bkforum.com/showthread.php?41056-UPDATE-over-1-Year-Later&p=291601#post291601

So here we are 4 years after our initial filing.......

We just closed on our new house 2 days ago and have finished moving all of our possessions into it. After 4 years of renting it almost feels strange being the king of my castle again!

We bought a 3BR 1.5 bath with a full basement and attached carport. Not counting the basement(unfinished) it is 1350 Square feet.

We ended up going USDA guaranteed through a local bank in our area. The house was listed @ $37,500 but needs repairs made to the basement which come to $22,500 so all total we are into it for 60k. After closing costs ect, we financed 65,306 for 30 years at 4.25%. When the appraisal was done, it was completed assuming the work on the basement had already been done..... that came in @ 70k which seems realistic for the area we are in.

In the end, we had to bring $31.87 to closing. Mid Score was ~675.

Payments are $580 with taxes and insurance included.

The basement people are scheduled to come march 6-9 to do the work on the basement. The walls are bowing in. (anyone have experience with this?)

What the appraiser didn't know was that underneath the 30-40 year old psychedelic shag carpet in the living room, hallway, and 3 bedrooms lies pristine hardwood floors!!!
They really don't look like they have ever even been walked on.....

Needless to say I spent many hours ripping carpet out and pulling staples.

The floors might bump the appraisal a little, not that it matters at this point.



So...........you may be wondering.....how did we get here?

First of all, we lived almost entirely on cash for the first 2.5-3 years of this journey.

Also, we had reaffirmed on the wife's car during the bankruptcy and made regular payments on it each and every month until it was paid off. I bought my truck for 3500 bucks at a buy here pay here joint and paid it off in about 18 months. This was not reported on CRs

We didn't open any credit cards until about a year or so ago. We have one card with a 2250 limit and one with a 750 limit. Both sit around 50% usage at the time of closing. I plan on paying these off with tax money and then using them once a month and paying off in full.

Zero collection accounts since filing. All doctor's bills have regular payments sent to them to keep the billing office Nazis in check and their evil graffiti off the credit reports! :p

Best wishes everyone!

Pmed8

[nohoneymoney]

Sounds like you took your fresh start to heart and followed through for four years. Congratulations! There is day light at the end of the tunnel and it can be there for the rest of our life's journey. Thanks for sharing.

[btbeme]

Basement walls bowing in is typical of poorly drained soil around the house pushing in the walls with hydraulic pressure. Part of the necessary cure will be to trench and excavate around the outside of the basement to seal the walls and create a drainage system that will keep the area much more dry. If you are on a downslope this is pretty easy to do; if in a flat area you may need to create some drywells to pump any excess water out. For certain, you will need to move any roof moisture away from the house with proper rain gutters and downspouts.

[Drazil65]

Congrats! Great job, we are looking at a March 19th (approx.) discharge and love living on cash. Makes life simple, if you got it you can get it. Sounds like you have taken this process and turned it into a positive in your life. Thank you for checking in I appreciate hearing from the been there done that people!