My 21 yr. old son bought a house when he was 20. I told him at the time, he was too young for such a responsibility, but he did it anyway. He has an $800.00 house payment, and never has any money now. His bank account is always overdrawn, and I am constantly giving him money. I see him staying home, when he should be out having fun with his friends on the weekends. I am starting to go broke myself. How can I stop giving him the dough, without him losing the house, and getting bad credit?
2007-09-05 05:30:23 · 19 answers · asked by Mrs. Pickles the lunch lady 6 in Family & Relationships ➔ Other - Family & Relationships
sell house...
2007-09-05 05:46:00 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Help him explore all the options. He could sell the house, rent it out until he can save enough money to get back to it again, or he can just continue the road he is down but without any more help from you. He bought the house so it is his decision with avenue he takes. I know it might hurt you to see him fall, but he got himself into it and he can get himself out. I had the exact same predicament except I was 18 when I bought my house and my mortgage is only 555 a month. My mom helped me ALOT through it all and I was finally able to pull myself out of the whole. This was only after I rented the house to a friend for 6 months. It has been 5 months since I have been back into the house and things are going good.
2007-09-05 05:43:04 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Sit him down. Tell him that you are going broke from helping him out all the time. Tell him that the money tree has died and he needs to get another job or sell the house or just get bad credit. Stop hovering over him. He bought the house against your advice. You have helped him but there is only so much you can do. He is grown and wants to be a mature person so let him make his mistakes or hopefully find his own solution. good-luck.
2007-09-05 05:37:59 · answer #3 · answered by undone 4 · 0⤊ 0⤋
First of all, he's 21. You aren't obligated to pay for anything for him. I know that you want to, since he is your son and all, but if the fact of the matter is that you can't afford it...it's time to stop. You are his mother. Not his employer. If he's struggling, maybe he should think of getting another job to help him out. You did more than you should have. But if he ends up losing the house, you did what you could. Also, suggest to him that he sell the house and downsize to an apartment until he gets more financially stable.
2007-09-05 05:35:31 · answer #4 · answered by Anonymous · 2⤊ 0⤋
Have him sit down with a banker and find a solution. Maybe he should take on a boarder or roommate to help defer the cost, or maybe the only solution is to sell the house and try when he's more finacially ready. I have to wonder how he got the loan for a house at 20.
2007-09-05 05:35:17 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Convince him to rent out the house for steady income, and find an affordable apartment. Teach him to stay with in a budget and begin to invest in the future. Selling is another option depending on the market in your area.
2007-09-05 05:39:03 · answer #6 · answered by Barney 6 · 0⤊ 0⤋
you need to stop enabling him to continue is this manner. He needs to be working extra or something and you need to simply back off. right now he figures that you'll take care of it. You need to read a book called Boundaries.
if he doesn't change, then he may just lose the house. remember that if the bank forecloses, they are going to sell it for what they can get for it, then come after him for the rest. I would sell it now for whatever I could get for it.
2007-09-05 06:55:21 · answer #7 · answered by Slim J 4 · 1⤊ 0⤋
He bought the house, he made the decision, it is his responsibility. He needs the get another job, or some other form of income. If he cannot afford the house he needs to sell it.
2007-09-05 05:34:44 · answer #8 · answered by gorgeous 4 · 2⤊ 0⤋
Just stop it!! You told him not to get the house, and he felt that he was adult enough to do it. Let him deal with the consequences of his actions...his choice, his house, his credit, his problem!! He doesn't NEED to be out with his friends, he needs to be earning more money to pay his mortgage. You WANT him to be hanging out with his friend, but he chose this path. You can only offer advice, and stop bailing him out. Does he plan to pay you back?
2007-09-05 05:37:14 · answer #9 · answered by Anonymous · 1⤊ 0⤋
If you stop giving him money he will be forced to sell the house to save his credit.
2007-09-05 05:35:15 · answer #10 · answered by eviltruitt 4 · 0⤊ 0⤋
well mom, he just may have to loose the house. You can't and aren't going to always be there to clean up his mess. He is going to have to go through this in order to reevaluate some things in his life.
2007-09-05 05:47:57 · answer #11 · answered by Team 2 · 1⤊ 0⤋