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Posts Tagged ‘monthly expenses’

My mother is retiring and has very little saved for retirement. She is expecting to live on Social Security which will barely cover here monthly expenses. Her home is paid for and I am considering purchasing it for full appraised price to allow her to have some cash. She would be able to live there rent free and just help with the upkeep. What kind of problems can I run into in this deal? What could I do to provide her some legal protection, and to make her feel comfortable with this?

Another wrinkle is that I have 2 brothers and she is concerned that this would hurt their feelings. Neither of them could afford to help her if something happened. That would be up to me.

I am trying to think this through completely before going forward because I don’t want any additional trouble with my siblings because they already resent me because I make a decent living don’t have any debt.

Any advice is appreciated.

My wife and I have approx k in unsecured debt and second mortgage already. We’re paycheck to paycheck paying min payments now and its pretty uncomfortable.

I don’t want to shirk my responsibilities but we’re in a rut, treading water and not going anywhere. What type of professional should I trust? I’d like to sit down face to face with somebody. My research in different debt consolidation services scares me as does the thought of bankruptcy but for all I know, those are viable choices but I’d really like to talk to a neutral party to help me decide what to do.

A CFP would be more investment oriented right? Are there any government sponsored organizations statewide that are good?

Thanks,
We have a budget already and have cut down monthly expenses (tv, phone etc)to a minimum, living modestly. We analized a debt repayment plan but based on our surplus cash were looking at 4-5 years to get out by using the debt snowball thing. That is also assuming no financial hardships popping up.

I will soon be receiving approx 200K. I have very little debt in the way of credit cards, and one small 0% interest account if we pay it off within 2 years, which is no problem. I took money out of 401K to buy a car, which I pay myself back at 10% rate, I have a mortgage, and my son has about 60K in student loans… with another daughter getting ready to enter college, and 2 siblings behind her (15 and 6).

Do I take this money and pay off the mortage (150K)? Do I pay off the school loans for my son (60K?). Do I pay off the car loan in the 401K(30K)? Do I do none of these and take my dream trip to Ireland and invest the rest? I would love to own a vacation home some day… do I just invest everything… or is it better to free up our monthly expenses and start saving on our own again?

For lack of a better term i was forced to take out a mortgage last year on my home that was paid for. The terms and percentages were awful but thats besides the point.

My income at the time was sufficent to pay my bills and the mortgage.

I ran a successful business for a little over two years until 4 months ago when things went downhill. My mortgage payment is more than most people make in my area in 2-3 paychecks and now im unemployed with a SMALL list of other monthly bills besides the mortgage. I do have about k in other unsecured debt from the business and other unsecured creditors from when i was young that i never took care of.

I have thought about bankruptcy, chapter 13 is a no-go mostly because i cant afford the mortgage payments now so why would i waste my time with a 13?Otherwise it could work,but otherwise i dont really need a bankruptcy if were not including the house mortgage because i could just set up monthly payments with my creditors at a small payment.
7 minutes ago – 3 days left to answer.
my monthly expenses are slim so im not worried about that.

My problem seems to stem from my home, i have about 40k worth of equity in a 117k home.

With that kind of equity, it really does not make sense to file a chapter 7 because in my state you lose all equity besides 5k no matter what.

It really doesnt make sense to do a 13 because as already stated i cant afford the payments now,much less the payments to all my creditors plus the mortgage.

And the only other options are selling, of which is not really an option because foreclosure has already been initiated.

Or a deed in lieu of foreclosure, but then im giving them all of my equity for "free" although the foreclosure would likely not show up on my credit report and i could begin to repair the other damage.It would be faster to do this than to wait 10 years for a BK to come off the credit or 7 years for a foreclosure to come off.

OR just let it be foreclosed on……thats not appealing at all ofcourse.
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