We were doing fairly well until my wife had to quit her job to take care of her parents, both of us are only children so not much choice. Anyway, from an asset standpoint, we have 2 homes , both valued at about $115,000 ea. One we owe nothing on, the other we owe $106,000. All cars are paid for. On the liability side, we have about $30,000 in other debt besides the house. The problem is with one income we are barely making ends meet and starting to get behind.
Should we try to sell the house we owe nothing on and use the money to pay off the other debt? If so, how much could we expect to get in this market? We have also thought about selling the other house to get rid of that house payment and just deal with the credit card debt but again, not sure if we can get what we owe on it in the current market. Or do you have any suggestions?
What are you using each house for currently?
Is the 30K in credit card debt only?
If you didn’t have the credit card debt could you afford to keep both houses?
Is keeping both houses important to you?
You would have to ask a local realtor what you might expect to get from selling either of the houses or you could go to zillow.com and get a general idea.
Please answer the above questions for me by posting your responses in the comments below.
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