I’ve gotten a few comments about my previous post. My in laws do own two homes. Both outright at one time, but due to some really poor financial choices, they are losing one. They do have the paid off home up for sale, but it is an older home closer to the city of Chicago. It has a tiny front and back yard, and the garage is too small to park a car in. That leaves you parking on the street. There are two bedrooms in this home–and honestly, old as it is, it’s a nice home. However, prices in that area have dropped considerably and they wouldn’t be able to get the amount out of this house that the owe on their house. But worst of all is the fact that homes aren’t selling in this area nearly fast enough to save their home.
Since I wrote the last post however, they have come up with a possible solution. I’m a little wary of it, but if they plan to keep the home they are in, their hands are tied. They are taking out a $50,000 loan on the home that is for sale. This will pay up the current loan on their house–as well as finish off some of the repairs they need on the other home. Neither mortgage will then require a payment for a year and the home should sell within that time frame. I’m wary because these people don’t move on things! They had 2 years before they got into trouble with the home their in. I pray their house sells, but if not–they will be walking away from this house as well as losing the home that is currently for sale. At that point, the only thing I will have left to offer them, is the boys bedroom upstairs. And I will be LIVID if it comes to that!!