Homestudy & Finances

I don't think that they pulled an actual credit report on us, they just asked us to list our debts and our income and we have to sign it (and maybe get it notarized?) that we were telling the truth. I think they called to verify income too with our employers. As long as your debt to income is ok, then I think you are fine. It could vary by state though, I don't know? I would say that you should wait till after you forclose on the rental property to start the homestudy so you don't have to list it as a debt. I think our income sheet did ask if we had bankruptcy in the last 7 years, but I don't recall anything on a forclosure. Our SW did ask us all about our finances, but it was pretty quick when she was reviewing our income and debt sheet.

I honestly think I would wait until you could get it all straightened out and bills paid off. In the mean time you can do things to make it go faster once you do start your homestudy. DH and I have not yet officially started our homestudy, but we have already done our physicals, gathered all the paperwork they will need to see and made copies. We also are starting on our birth parent letter and profile. If you were to have the profile and birth parent letter ready then you would be ready to go as soon as your homestudy if completed and you won't really loose too much time.

Nevert mind. I guess we can't adopt anyway. DH just found out that if we were to foreclose (on the condo that has ruined my life) then he'll lose his job because he has a top secret security clearance. Keeping that bloody property is costing us over $1000/month; we won't be able to sell the thing for years because its now worth way less than what we owe. I am so depressed. After suffering multiple failed IVFs and waiting so long to have a baby, I don't know if its possible to be even remotely happy waiting for several more years until we can adopt.

I agree with Olivia. I know nothing about your full circumstances, but in this day and age, I would never consider wiping out my 401K. There is probably a lot more that you have not shared on this public forum (and well you shouldn't), but I would really rethink the 401K issue, if not the other financial ones you mentioned.

I don't get this?? I am sorry, but remember - where there is a will, there is a way.

Could you short sale it? If you are close to forclosure the bank might accept a shortsale at this point. Then you might be able to finance the difference at a smaller month payment. Good luck! For those that are not aware, to have a top secret clearance, you (and almost everyone you know and are related to) have to have a spotless record both personally, professionally, and financially. My half sister married a man from Pakistan that was 1 month from gaining his citizenship and they almost fired my step father because they weren't told before hand. They didn't even know before hand, but somehow it was their fault anyway. My mother had to have all the details of our adoption, and any details on Ty's bparents that we had, and if we had adopted internationally...FORGET ABOUT IT...they would have been all up in our business. Thankfully my stepfather is out of MI now, so it's easier. He retained his clearance (which is actually above top secret, but when you say it sounds so stupid I can never even say it right, it's like super duper the works top secret, we own you clearance) but works privately with it. It's a huge PIA...for the persons entire family. FBI checks and everything.

Ohhhh! You mean the bank (or whomever) is going to do the foreclosure on you. Your wording had me confused, I was assuming you were the owner forclosing on a buyer who wasn't paying. Now I'm straightened out. I agree with aclee - check into a short sale. Many banks would rather have a percentage of the cost now and the rest maybe later, vs having to take control of it and manage it and maybe get the whole thing later.

The bank isn't foreclosing on us; we want to foreclose on this property which we have rented out but the rent is not nearly covering the mortgage (and the rent is high). In his infinite pre-marital wisdom, DH bought a condo he couldn't afford and with crazy financing right when prices were highest. (We own the home we live in and it is within our means.) We could possibly afford to continue making payments but that would be 100% of our spending money. We asked the banks to work with us and they said that because we haven't missed any payments, they won't work with us. I guess we could look into a shortsale but this might be prohibited as well. Besdies, we'd then be making IRS payments which might be just as high as what we're paying now. The only way to avoid this is to prove insolvency but I don't think we can. I'll have DH find out if its even allowed. Thanks.

Yeah!! I just found out that DH almost certainly won't lose his job if we short-sale. We'll still be taxed on the "gain" but the adopotion tax credit will off-set that to an extent. Now, I just have to pray that the banks approve the short-sale. If so, I guess I'll be starting the process in about 6 months!!

Wonderful news, Shan....welcome to a whole new rollercoaster of adoption! We also exhausted our options with the infertility rollercoaster...the good thing about adoption vs. fertility treatment is that in some way, somehow, you WILL get a baby, guaranteed! Best of luck to you and your hubby! Blessings, Michelle