Advice For My Mom
Posted by Lori on February 28, 2008 at 15:13:10:
My mother retired a year ago. Her income has drastically reduced. She has both a first and second mortgage on her home that she has had listed for sale close to two years now.
These payments total approximately $800 / month. She has limited equity in the home due to the second mortgage that she used to pay off alot of her debt.
She has become very frustrated and is meeting with a bankrutcy attorney tomorrow to attempt to file to wipe out her debt. My concern is that she has a great credit history - and has never missed a mortgage payment.
She has moved in with her boyfriend in Kentucky (another state) and is finacially burdened by the inability to sell her home and having to constantly travel back to take care of her property (lawn; etc..).
I am very concerned about her ruining her wonderful credit history by filing a bankruptcy. I feel that she should try to rent the home out or try at least a lease option.
If she does try to rent - the area of town that her home is in would only receive approximately $600 / month.
Does she have any other options? Perhaps investors willing to purchase homes at a discount to help people like mom that are in a rush to sell?
Follow Ups:
- Re: Advice For My Mom - Bill H 20:20:08 02/28/08
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- Re: Advice For My Mom (url) - Paul 17:50:58 04/20/08
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