Real Answers for Life’s Money Challenges
Im not married but have been with my boyfriend for 16 years.
We have two children and a home that was purchased seven years ago in his name.
He is very irresponsible with his credit and spending.
A year and a half ago, he purchased a food truck, which he hasnt operated.
Hes been paying storage fees to park the truck for a year.
He later decided to open a food truck restaurant and lounge about six months ago.
With that decision made, he quit his full-time job to pursue his dream of being his own boss.
He has been fixing and renovating the building, which still does not have a kitchen.
He has not received approval from the city to start operating the restaurant.
I dont think I want to remain in the relationship.
Is there any way that I can take over the mortgage on our home since its in his name?
-T.
Dear T.,
It sounds like you have three children: two kids plus a manchild.
Not being in this relationship anymore sounds like a very good goal.
You dont say whether you have any savings.
To free up cash, tell your boyfriend youre no longer making that mortgage payment.
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What he can do is drop a line to the lender about his options.
The deadline to apply if he has an FHA, VA or USDA loan is June 30.
If his mortgage is backed by Fannie Mae or Freddie Mac, there is no deadline for requesting forbearance.
Even if his loan isnt backed by the government, he can still ask his lender about his options.
But hes going to need to be the one to sort this out, not you.
The situation youre in sounds enormously stressful.
Ill be honest: Navigating this breakup will probably only add to the short-term pressure.
But focus on what you want your life to look like in a year or two.
How much less stressful do you think life will be once youve closed this chapter?
But that money is gone, so dont let it cloud your judgment going forward.
Its clear that you want out of this relationship.
Consider the money youve spent a sacrifice youre making in exchange for a fresh start.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
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