My husband, Justin, and I are looking to pay off our car loans (total $26,000 combined) so that our credit score will increase and we may have the opportunity to purchase a home. Last night, Justin’s SUV got repossessed after we called our insurance due to a flat tire and needed road side assistance. Because of this, Justin called his auto lender to discuss settlement, and they gave an option to buy out the vehicle for $6,000 less than what is owed on the loan. We would like to take this opportunity, but cannot without help. I’d like to offer some back story of how we got in this position and who we are as people so that you understand us a bit more.
My name is Lacey, age 26, and I am currently obtaining my Master’s in Clinical Psychology. Justin, age 28, is a chef along the Emerald Coast and has recently been accepted into Johnson and Wales University’s bachelors culinary program. He was awarded an academic scholarship however due to that, FAFSA did not award as much to him based on our 2017 taxes, this meaning housing will come majority out of pocket. Due to this, we are looking to purchase a home. We have rented thus far and the renting process has not treated us well. We are good tenants with a good rental history however, we would like our own home to take care of and build equity in. Through our search, we have been informed that our credit does not qualify for home ownership due to my outstanding student loan debt ($234,000; Bachelors from The University of Alabama and Graduate from Purdue University) to income ratio. My car loan is $12,500 and Justin’s care loan is $15,600 with a total buyout of $9,600, including the repossession fee. We are looking to move within the next month so that Justin can begin school in September.
What us landed us in this position: In February, we purchased a 30 ft. travel trailer that we hoped to live in full-time however, we were sold a lemon. The floor was rotten, the ceiling caved in during transportation – we were devastated but were up for the challenge. We deconstruction and reconstructed the entire travel trailer making it a tiny home on wheels however became tiny hell on wheels. Because we were basically playing with different sets of Lego’s, the construction ended up being a bust. Leaks and plumbing issues from day 1. Traveling also became a huge and costly burden to bare. Because we could not find a vacant RV lot close to where we were working in Destin, FL, we both had to quit our jobs and live on the little we had saved. We had hoped to live a minimal, tiny life however, we realize we jumped way in over our head and it swallowed us. We just want to get back to stability.
We do not have family that we can ask, as my parents are paying for my sister to go through school and Justin’s family is helping his sister with her children. We do not have other relatives or friends that are doing well-off enough to help us. We’d appreciate anything, and really just want this chance to do this right.
Thank you for reading,