Author Topic: Advice- lump sum for people who are bad with money  (Read 1684 times)

Murse

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Advice- lump sum for people who are bad with money
« on: April 14, 2019, 02:57:15 PM »
Hello everyone-

I am seeking advice for my parents. My parents are not good at managing anything. They hit a rough patch financially 9 years ago and have just given up on everything since then. They have a tight budget and a lot of debt (about 100k+a mortgage of around 80k.)

Their house is in poor condition. Per Zillow it is worth 380kish but that would be in good condition. Last year they nearly got foreclosed on, they needed 60k or else they would be foreclosed on, they were housing 10 of my relatives at the time. I gathered what I had together and loaned them the money to stop the foreclosure. It has been 15 months, their credit has improved, they have made on time full mortgage payments for 15 months and we are going to be looking at getting a second mortgage or cash out refi to kill this debt (including paying me back.) I am seeking advice on how to proceed, many of my questions are real estate related.

Priorities- paying me back (around 70k, I have injected more cash over the year) as well as 20k of back taxes owed
-replacing their siding-currently in poor condition
-They have had a plumbing (leaking) issue in an upper floor bathroom for years that has left the wood under the flooring soft and spongy, so repairing this
-Fixing their furnace- they have gone over 4 years without heat
-Fixing electrical issues, they have been without power in the downstairs area for years- my step dad was trying to fix something in an electric socket, got zapped and the power has been out since
-need To replace a sump pump- theirs hasnít functioned in years


So basically, I am seeking advice on how to proceed. I plan on speaking with a mortgage broker on our options. I have never owned a house before, my thoughts on the repairs is to get an Angieís list membership and get multiple quotes on each issue? I tried talking them into selling the place and buying elsewhere but they decided against it.

Another thought was to pull as much cash out as possible and use the extra cash to put in some IRAís to reduce future tax liability although their state and federal taxes are not much (Marginal rate of 12 for federal and 9 for state.)

Big picture I only loaned them the money to save the house and those living in it from being foreclosed on. My main objective is to get paid back. Looking forward, I think they will be okay for retirement- my mother should get a pension of around 30k/year and they each will be entitled to SS. Beyond the house they have no assets.

Any/all advice welcome

Dave1442397

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Re: Advice- lump sum for people who are bad with money
« Reply #1 on: April 14, 2019, 03:06:57 PM »
Instead of contacting individual trades for each job, you might be better off finding a good contractor who can manage the projects and make sure they get done in the right order. The last thing you need is to fix things that may have to be disturbed again to fix something else.


Another Reader

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Re: Advice- lump sum for people who are bad with money
« Reply #2 on: April 14, 2019, 03:20:23 PM »
Lenders won't generally make loans on properties in bad condition.  This one is uninhabitable by most standards.  You are likely going to have to fix much of what is wrong to get a mortgage.

In their shoes, I would collect some rent from those relatives.  Pay the mortgage and use what's leftover to cash flow the major repairs.  Once the house is in decent shape, then go for the refinance.

They may have an issue with property insurance as well.  The insurance company might cancel the homeowner's policy if they knew about the condition.  The condition could also result in a claim denial for damage or injury.

Since you have almost as much into this as the current lender, I would get on top of the problems and try to solve them as cash becomes available.  The furnace and the electrical issues first and then the spongy floor.

Frankies Girl

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Re: Advice- lump sum for people who are bad with money
« Reply #3 on: April 14, 2019, 03:22:57 PM »
I remember the post about you bailing them out. I strongly disagreed and I believe the consensus was similar. I am not sure if you are even going to entertain any suggestions that don't follow your incredibly ill-suited path to subsidizing them further and basically sacrificing your own time/money for relatives that are willfully incompetent. But hey, it's a question about your seeking advice and sometimes the advice you get isn't what you want to hear and you can ignore it (again) if you want.

Seriously, your parents should not be homeowners. They likely should move to a small apartment, where things can be fixed by management since they are so neglectful to the point of their current home would be condemned if someone inspected it. I also think if their homeowners insurance got a look at the condition of the house, they'd drop them instantly. It sounds like the house isn't actually safe for habitation.

Your parents should sell the house for whatever they can get for it - distressed property buyers will give maybe enough to clear the mortgage debt - at least would mean this money pit would no longer be their - really your - responsibility. They don't want to sell? Then they should not be having their hand out and expecting you to front the money. Ask one of the near dozen other relatives freeloading of them.

The 10+ other relatives should get the fuck out and get jobs and residences of their own. The fact that 10+ adults can't get their shit together and pay for the mortgage/upkeep on ONE property is just pathetic.

But you really REALLY need to put your foot down about your involvement. They have had nearly a decade of dealing with this and the only answer they're willing to entertain is you pay for the mortgage and now you get to be project manager and fix up the house and pay for that too... and they won't maintain it (they are PROVEN to be shitty homeowners) and they don't want to sell... so you'll never get any of your investments back and they will continue to stick their heads in the sand ostrich-like and ignore everything. And ask you to infuse money every so often because they will not keep up with this.

But the answer is NOT just keep bailing them out, and paying for/managing things and basically parenting your parents.

You will never see the money you loaned them. It's gone down into that sinkhole of a house. Throwing more after it isn't going to get any of it back. Help them find a place to move, maybe help them do anything minor to get the most money out of the house, but the house MUST go, and no more large infusions of time and money. This is a waste of time for all of you.

BicycleB

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Re: Advice- lump sum for people who are bad with money
« Reply #4 on: April 14, 2019, 03:32:47 PM »
Typing out loud here, no expertise.

If there's income to support a bigger mortgage, by all means have them re-mortgage and pay you back.

If they can't, that likely means the other posters are correct in saying you're not going to get the money back. Presumably the way to proceed in that case is tell them you can't spend any more money on the house. Advise them to sell it while they can still get something for it. They can sell it, just not at the price you'd like.

Perhaps there still wouldn't be any cash left from a sale. In practice, it sounds like they won't sell until the last second. Obviously that means there will be little cash left. Good luck getting any of that amount. They'll still need a place to live; any money will probably go towards that.

Sorry there's not a better solution. Good luck with the mortgage (and actually getting paid back).

PS. Sounds like a tough situation. Best wishes.

Murse

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Re: Advice- lump sum for people who are bad with money
« Reply #5 on: April 14, 2019, 03:34:11 PM »
Please continue the responses but I would like to clarify- there are now 4 people living in the home, my parents and 2 siblings who are both now college age.

Murse

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Re: Advice- lump sum for people who are bad with money
« Reply #6 on: April 14, 2019, 03:40:48 PM »
Lenders won't generally make loans on properties in bad condition.  This one is uninhabitable by most standards.  You are likely going to have to fix much of what is wrong to get a mortgage.

In their shoes, I would collect some rent from those relatives.  Pay the mortgage and use what's leftover to cash flow the major repairs.  Once the house is in decent shape, then go for the refinance.

They may have an issue with property insurance as well.  The insurance company might cancel the homeowner's policy if they knew about the condition.  The condition could also result in a claim denial for damage or injury.

Since you have almost as much into this as the current lender, I would get on top of the problems and try to solve them as cash becomes available.  The furnace and the electrical issues first and then the spongy floor.

I would like to clarify- what makes the house uninhabitable? The furnace and electrical issues? I believe the quote on the furnace is 300, we have not yet gotten a quote on the electrical. Would a spongy floor stop a refi- even if the cash for that refi were going towards home repairs?

Omy

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Re: Advice- lump sum for people who are bad with money
« Reply #7 on: April 14, 2019, 03:54:38 PM »
Refinancing and taking cash out to pay you will only work if they can afford the higher mortgage (probably $500 more per month - and if they can pay to make all the repairs before they start the process). And the house has to appraise for the higher number. You said they are on a tight budget and refuse to sell and move. Your best bet would be to have them pay you $500/month until you are paid back.

CindyBS

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Re: Advice- lump sum for people who are bad with money
« Reply #8 on: April 14, 2019, 03:56:28 PM »
How old are the parents?  Elderly?

If so, do you have a social service agency like the area agency on aging that can help you with placement in a senior apartment.  Maybe even subsidized.

Your parents are basically living in squalor b/c no heat (maybe depends on climate?) and no electric is a considered substandard living.  If your college aged siblings were under age they would be candidates to be removed from the home by CPS.   

I agree with Frankie's girl - your parents have no business being home owners and need to be in an apartment where a landlord is responsible for repairs.  I also agree that giving them more money is not the answer.  You most likely will never see the money you put in again.  Sell for what you can get, and cut your losses.

 

Making some assumptions here . . . .

I assume if you have college aged siblings, you are also that age or 20's ish?  Parents are probably late 40's or 50's?   

Honestly, if they are living in those conditions for YEARS!!!  No heat??!!???.  No assets at all.  I am in my 40's with older kids and this is really not normal. One could argue it is child abuse.   It is hard to see one's parents objectively, but your posts raises so, so many flags in my mind.  Please protect yourself. 

Murse

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Re: Advice- lump sum for people who are bad with money
« Reply #9 on: April 14, 2019, 04:09:23 PM »
Refinancing and taking cash out to pay you will only work if they can afford the higher mortgage (probably $500 more per month - and if they can pay to make all the repairs before they start the process). And the house has to appraise for the higher number. You said they are on a tight budget and refuse to sell and move. Your best bet would be to have them pay you $500/month until you are paid back.

They have some fat they could cut in their budget, they have an extra 500$/month after all expenses if nothing happens, and my mom is expecting a 300$/month gross pay raise in June. We are also trying to get them out of a pet insurance fiasco they pay 250$ on/month. Honestly, if they went back into foreclosure after paying me back I would be able to again encourage them to sell their house. The way I currently see it is if they can pay me back it is really none of my business. If we canít get a refi then I will be having a different conversation with them.

As for the comments about squalor/uninhabitable housing I donít see it- except possibly the heat issue but that is an easy fix. All plumbing works- they just have a leak that they have not taken care of causeing damage. As far as the electricity, it is a portion of the downstairs living area, the electricity in the bedroom, bathroom and laundry room downstairs all runs fine. Just no lights/plug ins in the downstairs living room.

My parents are 50 and 51.

Another Reader

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Re: Advice- lump sum for people who are bad with money
« Reply #10 on: April 14, 2019, 04:28:35 PM »
In it's current condition, it is uninhabitable.  Lack of heat alone dictates that.  You have no idea what the electrical problem is, it could be a nightmare fire hazard or something very simple.  Plumbing leaks as you describe are often accompanied by mold.  No bank will lend on a property in that condition.

If all the relatives except your siblings have moved out, is there any rent being paid?  Are your folks making the mortgage payments on time?

If the furnace requires a $300 fix, why hasn't that been done?  The electrical could be fairly simple as well.  In your shoes, I would spring for an electrician to look at the problem. 

In the long run, what Frankie's Girl says is absolutely correct.  Your parents do not have what it takes to be homeowners and you can't subsidize and manage this circus forever.  Get the property fixed to a reasonable standard of habitability and go from there.

Murse

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Re: Advice- lump sum for people who are bad with money
« Reply #11 on: April 14, 2019, 04:42:10 PM »
In it's current condition, it is uninhabitable.  Lack of heat alone dictates that.  You have no idea what the electrical problem is, it could be a nightmare fire hazard or something very simple.  Plumbing leaks as you describe are often accompanied by mold.  No bank will lend on a property in that condition.

If all the relatives except your siblings have moved out, is there any rent being paid?  Are your folks making the mortgage payments on time?

If the furnace requires a $300 fix, why hasn't that been done?  The electrical could be fairly simple as well.  In your shoes, I would spring for an electrician to look at the problem. 

In the long run, what Frankie's Girl says is absolutely correct.  Your parents do not have what it takes to be homeowners and you can't subsidize and manage this circus forever.  Get the property fixed to a reasonable standard of habitability and go from there.

I am right there with both of you. No, there is no rent being paid. Yes the mortgage has been paid for over a year on time. The furnace has not been fixed because they have not made it a priority. They have paid off around 10k of debt in the last year. They are making progress, just not at the speed I would like.

I would like to get them to a place where they can get a loan to pay me back then let them continue on with their life however they would like.

six-car-habit

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Re: Advice- lump sum for people who are bad with money
« Reply #12 on: April 14, 2019, 05:42:12 PM »
 Do you know what the quote for the furnace says needs to be fixed ?  What parts does it need ?  If the thing hasn't run in 4+ years, something is surely gummed up / plugged up / rusted together, unless it is an electric furnace.  I think $300 is a low quote, maybe covers the broken part only [?]  PLUS installation / tuning  [ If it is natural gas / fuel oil.]

  The problem with telling the bank the HELOC is for fixing the house, is that there is no way for the bank to enforce this.  What stops the homeowners [ any, not just your parents ] from taking the money out and buying a new Cadillac, or a trip to Tahiti, ---- nothing.  There is generally no enforcement mechanism for what the proceeds are spent on.

   HAve some co-workers who wanted a HELOC on their house , to pay down "consumer" debt.  They have a strong income, so they should be able to re-pay. BUT the house has obvious faults - rotted entry stairs and back-deck.  Insulation problems / airflow causing mildew.   The appraiser came out, took his notes, submitted them to the bank - bank said no thanks, no loan.  The potential lender didn't want to have a money-pit in their portfolio that would cost them money to get ready for marketability should the co-workers default on the loan.

 Call the pet insurance company and tell them Fluffy has passed away, therefore no need for insurance.

Murse

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Re: Advice- lump sum for people who are bad with money
« Reply #13 on: April 14, 2019, 05:49:05 PM »
Do you know what the quote for the furnace says needs to be fixed ?  What parts does it need ?  If the thing hasn't run in 4+ years, something is surely gummed up / plugged up / rusted together, unless it is an electric furnace.  I think $300 is a low quote, maybe covers the broken part only [?]  PLUS installation / tuning  [ If it is natural gas / fuel oil.]

  The problem with telling the bank the HELOC is for fixing the house, is that there is no way for the bank to enforce this.  What stops the homeowners [ any, not just your parents ] from taking the money out and buying a new Cadillac, or a trip to Tahiti, ---- nothing.  There is generally no enforcement mechanism for what the proceeds are spent on.

   HAve some co-workers who wanted a HELOC on their house , to pay down "consumer" debt.  They have a strong income, so they should be able to re-pay. BUT the house has obvious faults - rotted entry stairs and back-deck.  Insulation problems / airflow causing mildew.   The appraiser came out, took his notes, submitted them to the bank - bank said no thanks, no loan.  The potential lender didn't want to have a money-pit in their portfolio that would cost them money to get ready for marketability should the co-workers default on the loan.

 Call the pet insurance company and tell them Fluffy has passed away, therefore no need for insurance.

Good information- I think they got the quote when it first broke, could be more now, I was just assuming it would be the same.

I would assume it would be possible for the bank to put it in an escrow account limited only for repairs.

Another Reader

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Re: Advice- lump sum for people who are bad with money
« Reply #14 on: April 14, 2019, 05:57:17 PM »
The bank won't escrow for repairs.  They are not set up to babysit.  They only do that for construction loans.  Someone has to fix the house if you want to refinance it or get a HELOC.

Murse

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Re: Advice- lump sum for people who are bad with money
« Reply #15 on: April 14, 2019, 08:23:01 PM »
The bank won't escrow for repairs.  They are not set up to babysit.  They only do that for construction loans.  Someone has to fix the house if you want to refinance it or get a HELOC.

Wanting to clarify- are you saying a heloc would not require the repairs?

Another Reader

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Re: Advice- lump sum for people who are bad with money
« Reply #16 on: April 15, 2019, 04:05:49 AM »
Sorry if I was not clear.  Either loan will require an appraisal.  If you want to refinance or get a HELOC, the bank will require it to be in good condition.  No bank will loan you money on a house in the condition you describe.  See the example posted by six-car-habit.

Omy

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Re: Advice- lump sum for people who are bad with money
« Reply #17 on: April 15, 2019, 07:00:20 AM »
If they aren't willing or able to make a $300 furnace repair, they aren't going to go through the hassle of refinancing. It sounds like they are fine with their current situation and paying you back is not a big priority for them.

frugaldrummer

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Re: Advice- lump sum for people who are bad with money
« Reply #18 on: April 15, 2019, 08:46:12 AM »
Is the $100k in debt on top of the $70k they owe you and the $20k back taxes?

Also, how did they get into this position in the first place? Was there a job loss and they didn't adjust their spending, were there medical bills, or just living above their means?

You mention they're in their early 50's - can neither of them take a second job to pay for repairs?

If they didn't owe you $70k I'd suggest they go bankrupt and start over. If you want your money out you'd need to fix the house up enough to refi or get a Heloc but are you sure they would qualify for the higher payment?

Murse

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Re: Advice- lump sum for people who are bad with money
« Reply #19 on: April 15, 2019, 07:03:02 PM »
Is the $100k in debt on top of the $70k they owe you and the $20k back taxes?

Also, how did they get into this position in the first place? Was there a job loss and they didn't adjust their spending, were there medical bills, or just living above their means?

You mention they're in their early 50's - can neither of them take a second job to pay for repairs?

If they didn't owe you $70k I'd suggest they go bankrupt and start over. If you want your money out you'd need to fix the house up enough to refi or get a Heloc but are you sure they would qualify for the higher payment?
No, 100k total debt seperate from the mortgage. They got into this position due to a on the job injury. The primary bread winner got hurt at work, then they spent years trying to get him to qualify for social security disability, then they lost the case and had a ton of debt from borrowing money because they expected to win the disability challenge.

They make about 85kish and have around 185k in debt including their current mortgage. Honestly I am sure they could get a second job but I doubt they would.

Their current payment is 1600, i guesstimate their new PITI payment will be around 2300 with no other payments.


frugaldrummer

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Re: Advice- lump sum for people who are bad with money
« Reply #20 on: April 15, 2019, 09:38:36 PM »
So - they owe 70k to you, 20k back taxes, 10k credit cards and 85k on the mortgage?

If they could repair the house and refinance the mortgage to pay you off, they could probably keep their mortgage payment the same (although they would be significantly extending the life of their mortgage). But the repair work would have to be done first and I suspect you are underestimating the cost of repairs. That soggy floor from chronic plumbing leak could turn into 15k of toxic mold remediation. Get a contractor in to give an estimate (and remember cost overruns are the norm).

CrustyBadger

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Re: Advice- lump sum for people who are bad with money
« Reply #21 on: April 17, 2019, 01:41:52 PM »
People are saying that the bank will not offer a HELOC for a home in need of repair, but I wonder is this is accurate?    If the needed repairs are obvious (such as entry stairs crumbling) I could see it, but the repairs your parents need to make don't seem so obvious to me, except for the siding perhaps.

We had a house in not great shape and got a HELOC.  There was an appraisal but we didn't have a full home inspection.  They looked at the outside, and did a walkthrough of the house.   But certainly no one checked all the outlets or that  that the AC/furnace worked.  No switches were flipped; he just took pictures.

I suppose he would have noticed rotten floorboards if he happened to walk in that part of the house, depending on the severity of the damage.  At the time we did have some siding damage as well.

I think some of the problems in your parents' house might seem more difficult to fix than they are.  I agree with others that it seems your parents should be renters, not homeowners.  But if they are going to stay in the house and need to prioritize repairs, I would get some quotes for the rotten floorboards first because that one could be something relatively simple or horrendous depending on how much damage.  If you want to help them, just call three people and have them all come on the same day, and sit with your parents to hear the estimates.  At least then you will know.   

Cassie

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Re: Advice- lump sum for people who are bad with money
« Reply #22 on: April 17, 2019, 02:48:39 PM »
Something for Helocs they just look at the outside. I am sorry you didnít follow the advice in the original thread.

affordablehousing

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Re: Advice- lump sum for people who are bad with money
« Reply #23 on: April 18, 2019, 11:29:33 AM »
Sounds like a nightmare. I don't think lenders care much about the condition of the house, you just have to prove it livable to the appraiser who provides the opinion the bank relies upon. You probably need to move in for a month, watch a lot of youtube about how to fix things and do the work yourself. If your parents rather have no heat for 4 years than pay $300, why would you expect them to do anything now? Just move in, get the house habitable by any means necessary, refi, pay yourself back and be done with it. The appraiser would notice the lack of heat and the messed up siding. the spongy floor depends on how visible it is.

Gotta love the seniors that want to hold on to their moldy oldies! I'm assuming they don't want to move to safer habitable housing....

Laura33

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Re: Advice- lump sum for people who are bad with money
« Reply #24 on: April 19, 2019, 09:25:30 AM »
Your parents should not be homeowners, period.  Either they donít have the money to maintain their home properly, in which case forcing a HELOC and repairs will be only a stop-gap measure until they fall behind again*; or they are not psychologically suited to manage all of the obligations that come with homeownership, in which case forcing a HELOC and repairs will be only a stop-gap measure until the house falls apart again. 

Your continued financial support is therefore hurting them.  They may have the ability to change somewhere buried deep inside them.  But why bother when you are always there to rescue them when things get hard?  The more you give them financially, the more you jump in to rescue them and tell them what they need to do, the more you are treating them like children who cannot be expected to be capable of taking care of themselves.  And people tend to live up or down to the expectations you set for them.

What that means is that your continued support is for your benefit, not theirs.  It makes you feel good, or it assuages the guilt of watching your parents struggle, or it meets family expectations that you were raised with or avoids pressure/guilt trips they might put on you if you donít help, or whatever.  I donít know what the actual emotional driver is, but itís important to recognize that your response is about you, not them.

If you truly want to do whatís best for them, you need to raise your expectations for their behavior.  Treat them like grown adults who are competent to make their own decisions, not children who canít be left unsupervised.  Give them your advice and emotional support, but do not accept responsibility for their choices, and do not shield them from the consequences of making poor decisions - that is the only way some people can learn.

I also donít think you understand the gravity of the housing situation.  It is currently uninhabitable by any US standards.  If your parents were landlords, they could be sued and have the rent withheld until the repairs are made.  If your parents were trying to rent it as Section 8 housing - which does not tend to be super-high-standard housing - they would be laughed out of the office.  If they try to sell it and the buyer needs an FHA or VA mortgage, they will not be able to sell it, and it is questionable whether any normal mortgage company will issue a loan; they might end up being forced to take a lowball offer from a ďwe pay cash for housesĒ guy.  You will not get the HELOC if you get an appraiser that is paying attention; obviously, I canít say what kind of appraiser you will get, but if that is the plan, can you afford to take that risk?  In addition, if the HELOC or refinance request lets the current mortgage holder know about the state of the house, they could call the existing mortgage, and your parents could lose the house anyway.

Iím not saying this to be mean.  It just seems like itís not only your parentsí perspective that is warped, but your own as well.  Your parents have one single asset - their house - and yet they have not done the most basic things to take care of it - and they still do not see the need to do so.  You also apparently donít see the issue with just ďa littleĒ electrical issue and ďa littleĒ long-term leaking.  In addition, you donated $60k to ďsaveĒ them, and then immediately got sucked into donating another $10k, which you apparently paid without batting an eye.  That tells me you have the same issues and blindspots that your parents do - they expect unreasonable things from you, and you expect the same unreasonable things of yourself, and no one even realizes exactly how unreasonable, how far out of the norm, those expectations are.

So before you dive in even deeper to fix more of your parentsí problems for them, please take a look at yourself - what is driving you?  Is that reasonable?  Is it in your own long-term interests?  Is it in your parentsí?  If you continue to save them, how will they learn to save themselves - and why should they even try?

*Donít bullshit yourself by saying they can afford it if they cut back in other areas.  They have had decades to cut back in those areas to avoid getting into this situation in the first place.  If they had either the desire or the psychological ability to do so, they would have.

AccidentalMiser

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Re: Advice- lump sum for people who are bad with money
« Reply #25 on: April 19, 2019, 08:06:10 PM »

Treat them like grown adults who are competent to make their own decisions, not children who canít be left unsupervised.  Give them your advice and emotional support, but do not accept responsibility for their choices, and do not shield them from the consequences of making poor decisions - that is the only way some people can learn.

As always, @Laura33 gives solid advice.  You're not helping them by continuing to eat their risk and losses.  You've moved on into the enabling phase.

former player

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Re: Advice- lump sum for people who are bad with money
« Reply #26 on: April 20, 2019, 04:37:34 AM »
Your parents should not be homeowners, period.

... they are not psychologically suited to manage all of the obligations that come with homeownership,


This is spot on.  Maintaining a house is not just about money, it's about having the gumption to recognise when there are problems that need work and to put in train the process of remedying them, which your parents do not have.  It's also about doing preventive maintenance on a regular schedule, something which is also apparently beyond your parent's capabilities.

Also, if this house has at times been lived in by up to 10 people at once, I suspect that it is a MacMansion which is far too big and expensive to maintain in the long run (what happens when the roof needs renewing?) without a bigger income  than your parents will ever have.

Honestly, your parents will probably be happier without the responsibilities of maintaining a house.  The best thing you can do at this stage is persuade your parents to put in enough money to get the house to a state where they can sell it, get what money you and they can out of it, and find them a much smaller and better condition place to rent long-term.

Malkynn

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Re: Advice- lump sum for people who are bad with money
« Reply #27 on: April 20, 2019, 06:05:00 AM »
Gotta love the seniors that want to hold on to their moldy oldies! I'm assuming they don't want to move to safer habitable housing....

These are not seniors, these are middle aged people in their 50s.
This situation is insane, and that's speaking as someone who is in a very similar situation with my parents, except that I've kept my situation infinitely more reasonable because I refuse to have an unhealthy level of involvement.

MayDay

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Re: Advice- lump sum for people who are bad with money
« Reply #28 on: April 20, 2019, 07:39:30 AM »
This is a puzzling situation. How big is the house?

The idea that no functioning electric in the main living space is not a big deal completely baffles me. Same with the spongy floor. If it is a minor leak, why wasn't it fixed before it destroyed the floor?

Maybe heat isn't a big deal where you live but for 300$ why wouldn't they fix it? It makes no sense to me.

Do your parents see any issues with this?

As far as what you should do: get real quotes from a contractor to fix it. Maybe had a realtor come in and give two opinions- one if you fox things, one if you sell as is. Will seeing numbers in black and white make any difference to your parents?