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Should We Sell Our House and Rent Instead? – Kathy

“Dear Steve,

Should we sell our house and rent until we find a house for less.

We bought our house at the height of the market in 2003 (North of Boston).

We also sold a house at the same time so it all is a wash I guess.

We are having trouble making ends meet although our salaries have increased, they have not kept up with the cost of living. I have been laid off a couple of times during the years since buying the house so that has set us back, plus the cost of living has just gone up and up.

We have had other financial setbacks over the years, like car dying and having to get a new one, fridge broke down, had to get new one. We are just waiting for another shoe to drop and we are screwed. I work a 2nd part time job just for extra $$ but it is not enough. I’m thinking we need to sell our house. We have two children 13 & 18 (18 year old with special needs and will likely be with us long term)

Credit card debt total $14,551, mortgage payment including taxes and insurance $1877.00, Monthly car payment $340.00. Take home pay for my husband and myself monthly: $6182.00

Should we sell our house and buy a cheaper house? Or, should we sell our house and rent?

Kathy”

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The Answer

Dear Kathy,

Well let’s look at the situation from a different point of view. Can you rent a suitable house for less in the area you want to live in?

Bottom line is we need to get you away from the bloody financial edge and looking at your biggest obligations is a place to start. Post an update in the comments about your rental opportunities and let’s take it from there.

Big Hug!

Should We Sell Our House and Rent Instead?   Kathy
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • andy bichel

    it is not good to sell our house because of financial problem but you can sell it and buy small which comfort to you and your family as living and as facilities.

  • Kathy

    Looks like trying to rent anything would cost just as much as our mortgage.

    • http://GetOutOfDebt.org Steve Rhode

      So if that’s the case then we have to look at other ways to alter your obligations. The quickest way is through a bankruptcy. Find a local bankruptcy attorney who is licensed in your state and talk to them about what bankruptcy would mean for you.

      • Jl39775

        Bad advice. You’re not bankrupt. With a little hard work you can get out of this mess in a few years. 

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