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Okay,
Here is my dilemna. My dh and I have a net worth of -35,000. This is because we have 45,000 in student loans. We just graduated 2 years ago and have not paid much on them yet. We just bought a house and our cars are fairly new. As a result, we do not have enough equity to cancel out the huge student loan debt. I am sure there are others with student loans who have adopted. We had our home visit yesterday and she looked somewhat concerned by our negative net worth. Did anyone else encounter this? I am concerned they will deny our home study for fnancial reasons. We can definitely afford a baby. We make more than we spend and we have (some, not a lot) in savings. Any feedback, positive or negative would be appreicated. If we are going to be denied, I need to preppare myself, because it will be very hard on me. I think I am going to call the agency later and see what they can tell me. Thanks for listening.
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Hi Marci,
We didn't have that problem, but I'm sure the agency will work with you. Especially if you make more than you spend. I'd think that they would want to make sure that you can financially support a child, rather than be concerned with what your net worth looks like on paper.
Good Luck!!
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I too was worried about my student loan debt when I went through my homestudy, but was approved. In fact, I've adopted 4 times and am still paying on the loans. Good luck to you!
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Trust me, negative net worth is not a problem. Negative money at the end of each month is though! School loans are a very common way to have negative net worth. So is owning a house you just bought with very little down. Don't worry about it!
Jen
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I wouldn't be worried either. We have all been there. lol
We live in Canada, but DH went to University in the US, so we had a lot of debt.
We adopted twice without any issues.
:)
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We had more than our share of debt and it didnt seem to be an issue. I think they basically look at what you bring in montly and they calculate if you are able to take care of a child. I would call the agency if I were you, it will help you feel a little better.
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I did call the agency and they said not to worry too much. They have not looked at our financial papers but it is 'usually' not an issue. Did not help me much. I am trying not to worry about it. I will just have to wait and see what happens.
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And if you do worry....well, it's good practice for parenting! LOL. Parents worry about everything.
Robin
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Marci,
Glad you made it through yesterday!
I wouldn't worry too much - they'll really look more at the current income and be sure it's steady.
Yay!! You survived the homestudy! Another hurdle down! You're farther along in the process ! It's a milestone - I'm celebrating for you!
So, did she look in your cabinets? Closet floors? Refrigerator? Ask any off-the-wall questions???
Stork
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I"m sure a lot of us w/ mortgages have the same issue - it never came up with us, it was more a monthly issue
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Storkwatcher,
She did not look at anything! No terribly difficult questions either. I had cleaned like a fiend and spent $35 on fire extinguishers. She did not even turn lights on in all of the rooms as she looked around. She asked about fire extinguishers, but did not actually check to make sure they were there. The questions were mostly repeats of questions we had already been asked either on our paperwork or at our office interview. At least this part is done. My husband says we will be fine and will get approved. We find out Monday, so I am sure I will post as soon as I hear something.
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