Author Topic: Two mortages...help!  (Read 2075 times)

smiller088

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Two mortages...help!
« on: December 01, 2014, 10:15:33 AM »
I just started reading this blog a few days ago, so please forgive our current situation, as we are still fairly naive!

To make a long story short, we have two houses. My fiance's house is a disaster and almost not livable (its currently empty), so when I got pregnant we bought a more livable home for our family. He bought his home before the market crash at 9% interest rate. For various reasons the bank will not allow him to refinance and of course, no one will buy the disaster of a house unless he wants to take a huge loss. I'm guessing what we need to do is fix the house and make it sellable, but fiance works full time night shift and is getting his bachelor's degree (online program and our hospital is paying for most of it, we are both registered nurses). So he has minimal extra time. I work part time and have more free time, but have zero skills to fix a home, plus caring for our son (so far we haven't had to pay a caregiver for his care while we are working).

I guess I would just like some advice on our situation. We are losing a lot of money on the wreck of a house, plus my fiance's old student loans as well as medical bills from a bad car accident in March. I've already cut back drastically on spending. Fiance is not as convinced, his thinking is that we don't make enough money to make it worth paying off our debt sooner (a difference of a few years maybe). We live in a crappy place for nurses, I only make 22.38/hr, he makes a few dollars more. Thanks so much, any advice is appreciated!

skunkfunk

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Re: Two mortages...help!
« Reply #1 on: December 01, 2014, 10:36:46 AM »
Wow, bad situation. Have you considered a full case study?

smiller088

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Re: Two mortages...help!
« Reply #2 on: December 01, 2014, 11:01:35 AM »
How do I go about getting a case study?

skunkfunk

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Re: Two mortages...help!
« Reply #3 on: December 01, 2014, 11:03:28 AM »
Post every detail of your finances, pretty much, along with explanations. Expenses, income, assets, liabilities. Hard to get a handle on how screwed/not-screwed you are without it. I mean, depending on circumstances you might want a short-sale or something. I don't know, I'm not a real estate guy (yet) but I suspect you'll get much meaningful advice from a case study.

Frankies Girl

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Re: Two mortages...help!
« Reply #4 on: December 01, 2014, 11:15:19 AM »