Nel G
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you will be hard pressed to find even a studio apartment for 689 a month. Keep your house, maybe rent out a room if you have to, why are you making two car payments? anyway you can sell the car and get a used car paid it full or are you so shallow that you'd be embarrsed by using a used car? just wait to see how embarrasing it becomes living in a studio apt with three kids.
btw you have two kids, under 10, you should be receiving child support, that alone should be enough to pay the mortgage? |
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you're lucky I'm nice
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why do you have 2 cars? get rid of one. if the second one is for the 21 year old, then he needs to get his own car and insurance. don't support him. he's an adult.
you make a hell of a lot more than i do, and you have a house. i make $9.78, and rent for $710 a month.
do NOT let that 21 year old mooch off you. give him an ultimatum. either he pays rent, or he moves out. |
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bizime
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That depends, how much will your rent be? Can you get something equivalent for less money? A lot less money? Consider the difference in utilities as well. Check that out carefully before making a change. Can you do without one of the cars? Have a big garage sale? Get a second job? Have your son get a job etc? Use food share programs to help with food. Use a bike, if possible, to limit gas usage. In the current market, if you give up your house you may not get another one for a long time. However, I would make the house payment the first priority! Also, talk to your mortgage company. Sometimes they can lower the interest or monthly payment, even refinance. I hear that the mortgage company will get better within the next few months due to government bailing out mortgage industry. Might be a good time to refinance. |
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eminemsrevenge
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NO!!! [is that emphatic enough?]
@ 689/mo FIXED you're way ahead of the game, and the real estate market will eventually pick up again, so you'd be throwing away a fortune.
i'd try getting rid of one of the cars and look for other ways to cut back, and when Mr 21 gets a job, ANY job, make sure he kicks in at least $100-a-week.
Got cable? Get rid of it...and believe it or not, internet is NOT a necessity. IF you're paying for babysitting Mr 21 can do that until he lands a job...and those twirly-flourescent lights save money...and i'm sure if you look around the house, you'll spot a lot of other things you can cut down on too:)
Real estate is something that always goes up in value, even if it is dipping at the moment! |
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hunny bunny
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are you nuts! no no no.. unload a car.. get a room mate who pays .. get a part time job..anything but give up you home..clean up the stuff your not using sell it on craigslist get some bills paid .. turn off the tv .. dry your laundry out doors save on air conditioning bills don't go out to lunch.. ride share .. eat noodles but keep your house |
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That's Terrific
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Isn't it more Terrific to own rather than it would be to rent? Owning is Terrific. |
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Lion Lady
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No, you should already know the answer to that- buying a house is the best thing you can do for your future- when it is payed off- no monthly payments- renting?? you will always be making payments- that will always be going up. Why do you have 2 car payments? If your 21 year old has moved back in, then I am sure that they can start helping with the rent and other bills. If you are making $16.50 and hour- then you are making $660 a week? you should be able to pay your house payment with money left over- maybe you need to speak to someone about how you can make your money work for you-but remember the mortgage comes first! |
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Worldly25
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You will never find a rental cheaper than you are now paying. Your 21 yr old can be out washing dishes at a restaurant or something to bring home income. Two car payments for yourself is ridiculous. Unless you are making the 21 yr. car payments and that is wrong. The little ones under ten need a stable home and have priority over the 21 yr. old. |
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john m
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No way keep your house.You need to budget your money better.A 689 a month mortgage is like paying next to nothing |
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smilingnadi
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why are you paying 2 car payments? if your the only one working you only need one car, whoever is driving the other one needs to either take over the payments or sell the car...and the 21 year old...trust me im around that age and "looking" doesnt mean anything...lol...if he knows your struggling he should have a job by now...sorry for being so honest but i think you just need to make some cutbacks like the extra car payment, maybe cut back on the channels for cable...and make ur 21 year old get a job pronto...youd be paying just as much for rent. |
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smacksaw
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A home is generally equity and appreciates, while a vehicle is the opposite.
If you have any way to get the equity out of your home, refi, 2nd mortgage, whatever - do that and pay off the cars and sell the one you don't need.
I doubt you'll be able to rent for much of a savings. Watch that debt. |
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Breezy
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i would not suggest giving up a house that u pay less than $700 a month for because if you go to rent an apartment , here in TX at least its gonna be around 600+ plus utilities and you never know when something breaks if thye wil fix it. it may be free but then you have broken stuff forever and prolly worse neighbors!.i think you should get rid of one of your cars since you are single and your two under 10 years old can't drive. if the other car is for your 21 years old, they need to get a job to pay for the other one. just my opinion to help you save money. hope this helps. |
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Lisa
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Your mortgage sounds good, you can't rent a nice place around here for that much. I'd get rid of the car payments first. Sell the cars and get one reliable, old car (like $1500 or something, to get you by). It's the car payments that are killing you! See if your 21 year old can help out with paying you a little rent, too. See www.daveramsey.com |
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Franky N
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I say hang on for a while and wait until your 21yr old gets a job. You gotta make him help pay since he is living there. Even if he only gets a minimum wage job it's still going to be a huge help. |
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Mike2K8
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No. There are options. I wish that I had the opportunity to actually speak to you because I worked for a mortgage company recently. But that is a very long mortgage term. Whatever you do, don't ever give up your home. Is it possible to pull out the equity, is it neccessary to have both cars ? You may have to start cutting some things out of your life. I'm not certain if that helps any. But that's the best I can suggest. |
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Not bilingual
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No. You should sell a car, get rid of cable or cell phones if you have them. You can buy a car that will get you from point a to point b without a car payment - for 1000 bucks or close. You have to do what you can to survive - rent isnt going to be cheaper - you just have to live cheaper. Eat mac n cheese. I know its hard, but even we have to do it and our financial situation isnt as bad as others. I drove an old van that cost 2000 bucks for 4 years. I didnt like it, but I would like a car payment and higher insurance less. Good luck! |
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Jonathan G.
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NO. First of all, the rental market is skyrocketing. You'll be hard pressed to find something comparable to what you've got now. Plus you'll lose your tax benefit you get from owning your home, and you'll sort of end up where you are now.
I urge you to consider selling one or both of your cars in favor of a used car you can own outright.
I really feel for you and your kids and hope you make the right decision.
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Cheyenne
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No, keep the house. Try other ways to make ends meet. Is refi of the car notes a possibility? Hopefully soon the 21 year old will be bringing in extra income.
By the way, I am a renter and my rent is $1500 per month, and I also have 2 kids, so renting is not cheaper anyway. |
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honoko
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Don't think about renting. It would probably cost the same or more with renting a apartment or a house. Especially when you have two kids. Depending where you live the rental price of a house could go around 1000 and up. And Apartment are usually too small and at the price of your mortgage you can't really find a cheap and good place to live. |
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r_a_yin
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The 1st thing you should do is create a budget and eliminate all extra expenses and cut down to the bare minimum. Also if possible get rid of 1 car and go for a used car. You can still keep your house and maybe even save some money, if you can strictly maintain and stick to a budget. |
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girly27
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renting is a bad idea it is a waste of money and when your tired of living there you get nothing in return...at least with a house you can sell it and hope to make some sort of profit....i would stick with the house. |
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jack99skellington
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NO. Do not give up your house. Don't forget the tax benefits you get, that more than makes up for the extra you are paying in rent. If you need to, get rid of one of your cars. Cut back on other non-essential items as well. Do NOT get rid of your house, especially since you likely won't find rent much less than that! |
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katie
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yeah id sell it, its better then going bankrupt |
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sweetcookie52396
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no you shouldnt cuz ur not paying monthly now why do u want to go ahead and pay monthly |
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azpunkassmofo
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why dont yo try and get a Home Equity Loan and catch up on everything. I wish my mortgage payment was that low, dont give up your house |
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Jeffrey K
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set the house on fire and collect the insurance. |
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Jill
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About 60k debt (includes a 20k 2nd mortgage), 25k student loan, 142k mortgage..7 mos behind on house payment. Will be filing chapter 13 bankruptcy soon. Been in house 16 years. Tired of worrying what I'll do if something breaks down. Don't want another financial crisis after filing bankruptcy. Does it make sense to let house go and rent to get stress relief? annual salary 53k |
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