U
/u/elm329
Guest
My mother is in financial hot water right now and is notoriously bad with her finances.
Background:
Seven years ago, she retired from one job and took up another in a different state. Before the move, she was living with my sister and her children in a house that she was (and still is) paying a mortgage on. When she left, she allowed my sister to stay in the house and continued to pay all the bills for the house in addition to her new apartment. In her defense, she was unsure if this was going to be a permanent move, which it is looking like it is. Pretty dumb that she allowed this to continue this long.
Seven years later, as you can imagine, my mother is in dire straits with her finances. She can no longer afford to pay for two homes. My sister feels that she is entitled to the house because she funded a renovation for one of the bathrooms and she has lived there for nearly a decade.
__________
The Zillow estimation for it is $350k but it needs work: painting of the interior and exterior, new cabinets for the kitchen, new flooring, fixing the fencing, etc.
My advice to my mother is to sell the house, which she is hesitant to do. Her idea is to give the house to my sister and have her pay what's left on the mortgage (50k). I fear that my sister is going to turn around and sell the house and take the profits.
Does anyone have advice on how to handle this?
submitted by /u/elm329
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Advice for family home debacle
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Background:
Seven years ago, she retired from one job and took up another in a different state. Before the move, she was living with my sister and her children in a house that she was (and still is) paying a mortgage on. When she left, she allowed my sister to stay in the house and continued to pay all the bills for the house in addition to her new apartment. In her defense, she was unsure if this was going to be a permanent move, which it is looking like it is. Pretty dumb that she allowed this to continue this long.
Seven years later, as you can imagine, my mother is in dire straits with her finances. She can no longer afford to pay for two homes. My sister feels that she is entitled to the house because she funded a renovation for one of the bathrooms and she has lived there for nearly a decade.
__________
The Zillow estimation for it is $350k but it needs work: painting of the interior and exterior, new cabinets for the kitchen, new flooring, fixing the fencing, etc.
My advice to my mother is to sell the house, which she is hesitant to do. Her idea is to give the house to my sister and have her pay what's left on the mortgage (50k). I fear that my sister is going to turn around and sell the house and take the profits.
Does anyone have advice on how to handle this?
submitted by /u/elm329
[link] [comments]
Advice for family home debacle
Continue reading...