We have what I hope is a somewhat unique situation :o in that we have TWO very large house payments and are now living in a third location. (Job moves that didn't work out.)
Now we have some real dilimnas:
(Not listed in order of urgency!)
1. We are close to retirement age, & have used up all of our reserves & retirement.
2. We have handicapped children who need care for at least 10 more years.
(Two are quite severe & in wheelchairs.)
3. We have one huge house that is in a small country town. We haven't lived there in over a year. We can't afford to continue paying the mortgage on it, but it may take a LONG time to sell. (It is the biggest house in the county.) We thought we had sold it to a friend as a lease purchase, but he defaulted. This, plus unexpected surgery for my DH threw us into a real financial crises.
4. The second house we bought (just 14 months ago) we paid way too much money for -- probably at least $50,000 too much. The lawyer said we could sue due to the problems with it, but it would take a long time & we might not get anything out of it. He suggested defaulting on the loan & letting it go to forclosure. Naturally, we would rather SELL the house, but what can we do when we have no money to cover the difference from what we can sell it for & what is due on it? Living there is not much of an option, since the job is in a different state & it takes both of us to manage the children's specialized care.
5. In spite of the fact that we have made a concerted effort to live on a "cash basis" for over a year, our debt load is ridiculous, & our credit scores as bad as they get. We think we could avoid bankruptcy by using one of those credit helping companies (getting the interest rates & penalties under control) but we still wouldn't have the house problems managed.
6. We need a place to stay in the state where we are now living. (We have temporary housing at present, but it is limited.) Qualifying for a loan is probably out of the question. But so far, we haven't found a place to rent or lease that can accomodate the children's wheelchairs. Plus, I'm worried about the damage the wheelchairs do to a house -- our kids are constantly scuffing the walls & damaging the door frames, etc. If we rent from someone, what would we do to protect the property?
7. Is there any place that we can get sound financial advice from someone who does not have a vested interest (IE, making money) on the advice given? Our lawyer said the best thing is chapter 13, due to the houses. We think he is probably right, but of course, he earns a living helping folks file. Is there is any other reasonable alternative? Who can we go to for unbiased and sound advise?
Thanks for any words of wisdom, referrals, etc that you may have.
Now we have some real dilimnas:
(Not listed in order of urgency!)
1. We are close to retirement age, & have used up all of our reserves & retirement.
2. We have handicapped children who need care for at least 10 more years.
(Two are quite severe & in wheelchairs.)
3. We have one huge house that is in a small country town. We haven't lived there in over a year. We can't afford to continue paying the mortgage on it, but it may take a LONG time to sell. (It is the biggest house in the county.) We thought we had sold it to a friend as a lease purchase, but he defaulted. This, plus unexpected surgery for my DH threw us into a real financial crises.
4. The second house we bought (just 14 months ago) we paid way too much money for -- probably at least $50,000 too much. The lawyer said we could sue due to the problems with it, but it would take a long time & we might not get anything out of it. He suggested defaulting on the loan & letting it go to forclosure. Naturally, we would rather SELL the house, but what can we do when we have no money to cover the difference from what we can sell it for & what is due on it? Living there is not much of an option, since the job is in a different state & it takes both of us to manage the children's specialized care.
5. In spite of the fact that we have made a concerted effort to live on a "cash basis" for over a year, our debt load is ridiculous, & our credit scores as bad as they get. We think we could avoid bankruptcy by using one of those credit helping companies (getting the interest rates & penalties under control) but we still wouldn't have the house problems managed.
6. We need a place to stay in the state where we are now living. (We have temporary housing at present, but it is limited.) Qualifying for a loan is probably out of the question. But so far, we haven't found a place to rent or lease that can accomodate the children's wheelchairs. Plus, I'm worried about the damage the wheelchairs do to a house -- our kids are constantly scuffing the walls & damaging the door frames, etc. If we rent from someone, what would we do to protect the property?
7. Is there any place that we can get sound financial advice from someone who does not have a vested interest (IE, making money) on the advice given? Our lawyer said the best thing is chapter 13, due to the houses. We think he is probably right, but of course, he earns a living helping folks file. Is there is any other reasonable alternative? Who can we go to for unbiased and sound advise?
Thanks for any words of wisdom, referrals, etc that you may have.
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