I'm wanting to sell my home and my mom thinks it's crazy.?

Question

I've gotten myself into financial difficulties (thanks to my fiance) and can't afford to pay some of my bills. If I just had my house pmt that would be great, but I've racked up some credit cards and I can't afford the payments on them along with everything else. My fiance is moving out and he has been helping me with the payments. I'm only working part time now and have a 2 years old, plus starting school full time this fall. I need help! if I sell my home I can take the capital and pay off eveything and be debt free.

Answer 1

It depends.

What state are you in? How much unsecured debt do you have? How old are you?

Write down all your debt.
If you have unsecured debt collections on your credit report , the longer they are on the report the less they count. Home ownership payments with no lates are the best for maintaining a good credit score and re-establishing credit after the collections.

How much do you equity do you have in your home? How much will it cost to sell your home? Ask your local real estate agent for a Comparative Market Analyis that includes homes exactly like yours in the same neighborhood, school district, builder, number of beds and baths. Ask for additional information as total number of homes in your price range for sale, number of homes sold in last 60 days. If there are more than 8 homes on the market for less than 60 days that is good. The longer it takes to sell the less you want to sell.

Option: if you owe more than $10,000 in unsecured debt contact legal aid for an attorney and consider bankruptcy.
Get a roommate(s) to help with house payments.

Option: can you rent the house for the payment? If not how much difference between rent and supplementing the payment?

Option: can you rent the house and move in with your mother or friend or rent a cheaper place? Then pay off your credit cards?

Option: what about using student loans to subsidize your income while in shcool? Get student loan (subsidized are best), file banktruptcty, go to school. Student loans can be used to support you. My daughter has done this and now her company is helping her pay them off. Remember student loans cannot be expunged in bankruptcy. But student loans can be consolidated and payments are deferred as long as you are in school. Depending on your major in school they can be negotiated when you go into the work force.

Things to remember that others might not tell you. Financial independence gives you emotional independence.

Remember;
The childs father will need to pay support.
Lower income probably means help with child care and child insurance ( check out state progras funded by the federal government.)

Most loans and help is after AGI, adjusted gross income. Home ownership means homeowner deductions, lower AGI.
You may also qualify for earned income tax credit.

Overall your house is a stable place for you and your child. Housing is a foundation for your future.

Good Luck,
Chris C
Real Estate Financial Advisor

Answer 2

I can partially agree with my fellow colleagues here under certain circumstances. Now if the rent in your area equals or exceed the mortgage, taxes and insurance you are currently paying then I would rent the property out. That would take care of the mortgage monthly payment.

Now if your mom is supportive and you can stay with her for a period of 6-12 months while you are paying off the credit card debts this would be even better. Now don't take advantage of your mother. Pay off the debts, and save as much as you can, because your objective is to get out of your mother's home within a specific time period.

Put your credit cards in order and pay them off one at a time, starting with the smallest one to pay off first.

If this can not happen and the rent does not equal your mortgage payment then perhaps you should sell the property to come back and fight another day.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

I am a real estate investor that has been through the exact scenarios early in my career. I would definitely recommend selling the property and paying off debt, etc. This will give you more options in your life. You have a lot to deal with without having money problems on top. Sell the property, take care of your family, get your education and then buy again later. You can still rent or "rent to own" a nice home.

Answer 4

funny you would ask this my sister is going through the same thing and my parents went nuts when she put it on the market. She figures that if you cannot afford it youre going to ruine your credit and she would probably end up in foreclosure. if you are in that situation i would sell sell sell and save your credit so that when you save for a down payment again you are able to buy a new home.

Answer 5

If your payment are not to high, rent it out of a year or two. You can still write off the taxes, insurance, and other cost. That will give you time to get yourself together.

Answer 6

Got to a consumer credit counselor. It's typically a free service to help you manage your debt. They can help you make an informed decision based on your income and debt.

Answer 7

Just do the right thing. Sell and pay your creditors.

Sometimes you have to reorganize and start all over again.

Please don't blame your fiance. You are an adult.

Answer 8

To be blunt - this horse goes to be tough to promote within the present marketplace. However, this doesn't imply that you've a unsolvable difficulty. It does imply considering matters by way of. Especially in case you favored this horse and could love to preserve her if you'll be able to eliminate the bucking. I may even need to factor out that there will have to had been no method for a individual hooked up on a horse to get into aisle of your barn. If you didn't near the world gate or hooked up up within the barn, that used to be reckless and might open you to a lawsuit. I am going to expect that you simply, your mom, or anybody rather then the landlord rode the pony earlier than acquire and the pony gave the impression excellent. I'm additionally going to expect that you simply had a fundamental prepurchase examination. If those are each actual, then whatever has modified due to the fact you purchased the pony, If you didn't do that, then name the normal proprietor and give an explanation for the difficulty and ask if they're going to come on your apartment and check out to trip the pony so you'll be able to see if you're doing whatever unsuitable. If they aren't inclined to do that, ask them if that they had run into this earlier than and if this is the case, what they did. It could also be they have been cheating earlier than, where case you will not get an sincere reply. But if they're sincere, they're going to wish to support their horse keep in a well dwelling. A 15k horse offered for 2k would very good be being offered for the identical intent you wish to promote her - and due to the fact this can be a coaching difficulty, it could be lovely unhappy if this horse maintains getting driven off anybody else while you might be having fun with her for the leisure of your lifestyles. Before any of the next have a radical vet examine and comprise assessments for Lyme ailment. A buddy of mine had a an identical difficulty with a horse who became out to be particularly optimistic for Lyme. If it is not scientific, it is coaching. Bucking isn't an unsolvable coaching difficulty, despite the fact that the extra she dollars, the extra her bucking is bolstered. I have for my part labored with bucking horses and it's almost always whatever that's really convenient to delete, however you do must be very skilled, specifically with the extent of bucking you describe. The the very first thing is to take a deep breath. And give up driving her. Not simply considering the fact that of the threat, however considering the fact that she has efficiently bucked off a number of folks, and also you are not able to find the money for extra - each time she succeeds, it is going to make it more difficult to eliminate the bucking habits. If the landlord can trip the pony and nobody you realize can, you must recognise if you're doing whatever otherwise - saddle, bit, driving kind, exclusive cues, lighter rein stress, use of spurs, no need of spurs... you get the concept. You additionally must examine the habits of the pony at the lead line. Does she lead effectively, does she lead instantly, does she preserve speed with you while you lead her, does she give up instantly while you give up? Does she stand nonetheless reliably whilst requested? If now not, this discipline demands your first recognition to retrain. There's plenty to this, so ask a separate query if you wish to have recommendation. If she spooky approximately items, particular environments, tack, noises (even gentle or far-off ones) or folks? If so, you must habituate her to whatever unique to your atmosphere. Does she lunge evenly and reliably, keep calm, and now not bolt, kick out or dollar, and keep at a managed velocity? If now not, you must paintings along with her at the lunge line and delete the bolt, dollar, kick out, and loss of velocity manipulate by way of forcing down transitions to the halt or the following diminish gait with yanks of the lead line that do not give up till she does. OK, now whilst she leads good, stands good, does not spook and lunges with mild manipulate, you've got a horse who could also be all proper to trip. But you'll must watch out, put on protecting apparatus, keep close the core of the world, slash distractions and surprises, and stick to the stroll even as you ensure she's dependable at that gait. Doing this your self is intricate and dicy and it calls for persistence and calm. You might decide upon to uncover a official horse teacher with previous good fortune retraining a bucking horse. Get references and examine them. Make definite you'll be able to come watch the learning so you'll be able to be definite the teacher is operating the pony and honestly fixing the difficulty. You might must positioned someplace from a couple of hundred to one thousand into this coaching, however that might be good valued at it - it would make the pony in a position to be saved or it is going to support make the pony salable to a brand new well dwelling if you do not wish her even after that. I wish this is helping. Please recall to do what is nice for the pony's longer term pursuits if feasible. Best needs to you and your horse!