Home crisis! Can we own or are we supposed to rent? We HAVE to move!?

Question

Sorry this is long, but it needs to be told in its entirety---(thanks in in advance for reading):

My husband went through hell with his ex wife and a lawsuit she got herself involved in, so my hubby put the deed if his house in his Mother's name to prevent lawyers from wiping him out. His mother then had the house refinanced (with only $20K left, she now owes $120+). So, she's an elderly woman who is a control freak. The ex wife left and my husband and I have lived in this same house together for 2 years (he's been here 8 years, his mother has her own apartment within the home).
She hates me (or anyone who is to be with her beloved son) and has now evicted us, we have court on August 20th for it. He's tired of battling her and we're tired of the drama here, so I told him I will take the kids and leave and I hope he joins me. The stress has been unbearable.

He says he wants to move, too. Initially, I said, "let's fight her", but there have been SO many other difficult circumstances we've faced and we really don't have the energy to deal with this...not to mention our 4 year old daughter and 7 month old son suffer from our stress. My hubby also has a 16 year old daughter who has been unbelievably evil....she punched me in the stomach while pregnant, has been in and out of Juvie, called and told CPS lies about us and COERCED my hubby's mother to evict us. We have that on video and we have a good case, but our marriage is suffering due to all this stress. It's easier for us to bail and forget about this place and GO. He has custody of his daughter because the mother is a lowlife, not an opinion, a FACT...but that's another story. His son is here, too, but just turned 18 and could care less about working and gets in trouble, too...so he's all on his own when we leave....he's an adult, now! My hubby is fed-up with them walking all over us and abusing us.

ANYWAY...so here's the financials. My hubby has $340K in a retirement fund that he cannot touch. It's a Money Market and he will lose $200K if he uses it, so that's out of the question....he can take it out in 5 years, and we're not dealing with this hell...5 years is an eternity in this household, plus my babies will have been permanently damaged mentally by then...we need to move NOW.
My hubby was working and made about $92K a year as a Certified Master Tech, he is well-known around here and he basically quit his job/laid-off because his boss failed to tell him his contract ended with the gas station and during the 4 week+ repairs of the shop, business flopped. LUCKILY my hubby is SO well-known and literally one of THE best mechanics, his customers have found him and we made him business cards and he's been getting plenty of side work secretly at home. One car at a time so the HOA is clueless...though someone must have reported him, the word just got out he's been running an auto business from home.

I have been a homemaker for 4 years, 7 months (I don't include a part-time waitress job I had in 2010). My only source of income is child support I receive for my 4 year old at $400/mo. I have also started an ebay store that has picked-up quite a bit, but is not quite lucrative enough.
I DO have an asset, though. I co-own a home with my sister 8 hours away in NY state that's sale closing date is approximately August 27th (been a wait with out buyers' loan). It isn't worth much, but I expect after all fees to receive somewhere around $45K when all is done (that's my half, my sister gets the other, obviously).

Our credit: My hubby had filed for bankruptcy 8 or 10 years ago, so I had started building his credit on a clean slate. I opened up some credit cards for him and had improved his score greatly from 400 to 720. It was a start, but now there's a problem....with his getting less work, his score is low again (somewhere around 500) due to high balances. I was paying them off every month and paying over the minimums twice per month which improved his score, but under the circumstances, it has plummeted, again.
As for my credit....it's f****d!! I screwed-up in my younger years and just let it all go. I SO regret it, now being 32 and a mother. I planned on filing bankruptcy myself once my house closes, since a lawyer would be $1,000 or more (I met with the same one my hubby used).

So, after house closes, I file bankruptcy, I need to buy a vehicle...thinking no more than $10K or so...anything used, my hubby can fix. I will have NO credit, and I need to "up" my hubby's score again.
I looked into FHA loans, and you have to have 2 years of steady employment to qualify. That's no longer possible. Our credit is screwed right now, but I hate to rent....that's what I did for my daughter and myself before I met my hubby, and it's just money down the drain towards something I've never own

Answer 1

How do you file bankruptcy with 45k in cash and your husband making 90k? Don't you need to payoff your debts?



Owning is out of the question. You two are risky. Your real problem is a calm living situation. Not owning an asset. So yes you have to rent.

Answer 2

2

Answer 3

The complexity of your life is stunning, and above my pay grade but with all the foreclosures etc., have you considered a Rent-to-Own? There's so many people wanting to be creative, if you find a place where your hubby can get a solid mechanics job, it might be the foundation for a distressed homeowner wanting to work w/you. Also since building up equity is your goal, how about starting where you are financially and saving up for downpayment on a nice mobile home or trailer thats not on wheels. One of the prudent things about buying one of those smaller homes on wheels is, No Taxes. Maybe this will help jog some creative thinking on your part, but you do have too much stress (also for the kids) and learning how to meditate as well as basic, good habits will help you keep your feet on the ground. Finally, check out the library for grants that help people for virtually everything, from tuition to downpayment to paying off debts. Good luck & dont forget a sense of humor; it truly helps w/everything.

Answer 4

At this site you can solve your problem really fast: RATESCOMPARE.INFO-



RE Home crisis! Can we own or are we supposed to rent? We HAVE to move!?



Sorry this is long, but it needs to be told in its entirety---(thanks in in advance for reading):



My husband went through hell with his ex wife and a lawsuit she got herself involved in, so my hubby put the deed if his house in his Mother's name to prevent lawyers from wiping him out. His mother then had the house refinanced (with only $20K left, she now owes $120+). So, she's an elderly woman who is a control freak. The ex wife left and my husband and I have lived in this same house together for 2 years (he's been here 8 years, his mother has her own apartment within the home).

She hates me (or anyone who is to be with her beloved son) and has now evicted us, we have court on August 20th for it. He's tired of battling her and we're tired of the drama here, so I told him I will take the kids and leave and I hope he joins me. The stress has been unbearable.



He says he wants to move, too. Initially, I said, "let's fight her", but there have been SO many other difficult circumstances we've faced and we really don't have the energy to deal with this...not to mention our 4 year old daughter and 7 month old son suffer from our stress. My hubby also has a 16 year old daughter who has been unbelievably evil....she punched me in the stomach while pregnant, has been in and out of Juvie, called and told CPS lies about us and COERCED my hubby's mother to evict us. We have that on video and we have a good case, but our marriage is suffering due to all this stress. It's easier for us to bail and forget about this place and GO. He has custody of his daughter because the mother is a lowlife, not an opinion, a FACT...but that's another story. His son is here, too, but just turned 18 and could care less about working and gets in trouble, too...so he's all on his own when we leave....he's an adult, now! My hubby is fed-up with them walking all over us and abusing us.



ANYWAY...so here's the financials. My hubby has $340K in a retirement fund that he cannot touch. It's a Money Market and he will lose $200K if he uses it, so that's out of the question....he can take it out in 5 years, and we're not dealing with this hell...5 years is an eternity in this household, plus my babies will have been permanently damaged mentally by then...we need to move NOW.

My hubby was working and made about $92K a year as a Certified Master Tech, he is well-known around here and he basically quit his job/laid-off because his boss failed to tell him his contract ended with the gas station and during the 4 week+ repairs of the shop, business flopped. LUCKILY my hubby is SO well-known and literally one of THE best mechanics, his customers have found him and we made him business cards and he's been getting plenty of side work secretly at home. One car at a time so the HOA is clueless...though someone must have reported him, the word just got out he's been running an auto business from home.



I have been a homemaker for 4 years, 7 months (I don't include a part-time waitress job I had in 2010). My only source of income is child support I receive for my 4 year old at $400/mo. I have also started an ebay store that has picked-up quite a bit, but is not quite lucrative enough.

I DO have an asset, though. I co-own a home with my sister 8 hours away in NY state that's sale closing date is approximately August 27th (been a wait with out buyers' loan). It isn't worth much, but I expect after all fees to receive somewhere around $45K when all is done (that's my half, my sister gets the other, obviously).



Our credit: My hubby had filed for bankruptcy 8 or 10 years ago, so I had started building his credit on a clean slate. I opened up some credit cards for him and had improved his score greatly from 400 to 720. It was a start, but now there's a problem....with his getting less work, his score is low again (somewhere around 500) due to high balances. I was paying them off every month and paying over the minimums twice per month which improved his score, but under the circumstances, it has plummeted, again.

As for my credit....it's f****d!! I screwed-up in my younger years and just let it all go. I SO regret it, now being 32 and a mother. I planned on filing bankruptcy myself once my house closes, since a lawyer would be $1,000 or more (I met with the same one my hubby used).



So, after house closes, I file bankruptcy, I need to buy a vehicle...thinking no more than $10K or so...anything used, my hubby can fix. I will have NO credit, and I need to "up" my hubby's score again.

I looked into FHA loans, and you have to have 2 years of steady employment to qualify. That's no longer possible. Our credit is screwed right now, but I hate to rent....that's what I did for my daughter and myself before I met my hubby, and it's just money down the drain towards something I've never own

Answer 5

i think you husband and you should move out of state and start fresh...he needs to get a job for now you rent as soon as he has a stabel job put the money you get from the house onto a new house and buy...dont fight the mother in law she will drain you financially and physically..you have made a lot of mistakes but nothing that cannot be fixed...may be it would even be better to move to a smaller town and start your own mechanical bussines for your hubby...or register the bussiness he has now and stay in that town but move out..ps..dont declare everything he makes...and he should put you as a worker on the bussiness that way theoretically he has to pay you ..thus he pays less to irs at the end of the year

Answer 6

Rent To Own Home - http://RentToOwnHome.uzaev.com/?ZFAm

Answer 7

No. If it used to be bizarre, your mothers and fathers would not desire any side of it. Don't "child" your self, loving mothers and fathers do not desire their kids showing bizarre anymore you then might desire to seem bizarre.