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My Wife Had to Quit Her Job to Take Care of Her Parents. – Charles

“Dear Damon,

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?

Charles”

The Answer

Hello Charles,

What are you using each house for currently?

Is the 30K in credit card debt only?

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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.

Damon is a talented independent debt coach that provides in-depth assistance and consultations for people struggling with debt. If you want a personal debt coach to help you through a difficult situation or want assistance to find secret discounts offered by debt settlement companies I think Damon Day is an excellent person to contact for advice and assistance. He can be reached directly at DamonDay.com

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Damon Day is a talented Debt Coach who offers fee based consultations to consumers as an alternative to the typical free debt relief consultations which are nothing more than thinly veiled sales pitches lacking any real information to help a consumer make a good decision. You can learn more about how he can protect you from getting ripped off at DamonDay.com
  • chuck6579

    We are living in one house and currently renovating the other with the intent to rent or sell (would also appreciate your comments on which you fell is better). The $30K is only credit card debt. Without the credit card debt, we could keep both houses, but we are not attached the one we are renovating. I felt selling would be better because we live in a small town and rental income would be very low, $500-$600/mn. Also worry about property being destroyed by renters. Thanks for your help

  • chuck6579

    We are living in one house and currently renovating the other with the intent to rent or sell (would also appreciate your comments on which you fell is better). The $30K is only credit card debt. Without the credit card debt, we could keep both houses, but we are not attached the one we are renovating. I felt selling would be better because we live in a small town and rental income would be very low, $500-$600/mn. Also worry about property being destroyed by renters. Thanks for your help

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