Just wondering what others would do if they were in my situation.
Im 40, and in october of 2006 my father died. At the time I had a primary mortgage on a townhouse, a home equity loan of 40k, had 35k in student loans, and another 26k in credit card debt, and 14k on an auto loan (please dont lecture me on money, I was bad at saving and good at spending, and I know this).
I knew that it was really only a matter of time before all that debt caused me to lose my house. My parents house, which sits on 5 acres of land had a reverse mortgage on it of 160k, and was valued at 350k. At the time it seemed like the thing to do would be to sell my house, use whatever I made on the sale to pay off my credit cards, than purchase my parents house and stay and help with my moms care. This is what I did in June of 2007.
One year later, while I still have the student loan, and auto loan, and a new mortgage for about 180k, I have paid off the 26k in credit debt and have closed those accounts. However, I am really pretty miserable. My girlfriend left me due to my fiinancial situation and my move, and many of my "friends" have bailed on me. To top it all off, my mother has some mental illness issues that make it hard to deal with her.
If I stay here another year, my mother goes to assisted living, and the house is basically mine (though if I sell it while she is still alive the remaining equity, minus would I put into the mortgage goes to her), and with the mortgage payments as low as they are, I am able to make double payments on my student loan which means I can have that thing paid off in about 4 years instead of the 20 it would take otherwise.
If I leave here, while I will have peace of mind and be happier, I will have no choice but to live in small condo (housing prices in my area are ridiculous), and will no longer be able to afford to make double payments on my student loan.
Wouldnt mind hearing others input.
Im 40, and in october of 2006 my father died. At the time I had a primary mortgage on a townhouse, a home equity loan of 40k, had 35k in student loans, and another 26k in credit card debt, and 14k on an auto loan (please dont lecture me on money, I was bad at saving and good at spending, and I know this).
I knew that it was really only a matter of time before all that debt caused me to lose my house. My parents house, which sits on 5 acres of land had a reverse mortgage on it of 160k, and was valued at 350k. At the time it seemed like the thing to do would be to sell my house, use whatever I made on the sale to pay off my credit cards, than purchase my parents house and stay and help with my moms care. This is what I did in June of 2007.
One year later, while I still have the student loan, and auto loan, and a new mortgage for about 180k, I have paid off the 26k in credit debt and have closed those accounts. However, I am really pretty miserable. My girlfriend left me due to my fiinancial situation and my move, and many of my "friends" have bailed on me. To top it all off, my mother has some mental illness issues that make it hard to deal with her.
If I stay here another year, my mother goes to assisted living, and the house is basically mine (though if I sell it while she is still alive the remaining equity, minus would I put into the mortgage goes to her), and with the mortgage payments as low as they are, I am able to make double payments on my student loan which means I can have that thing paid off in about 4 years instead of the 20 it would take otherwise.
If I leave here, while I will have peace of mind and be happier, I will have no choice but to live in small condo (housing prices in my area are ridiculous), and will no longer be able to afford to make double payments on my student loan.
Wouldnt mind hearing others input.
