Real Answers for Life’s Money Challenges
I own two homes.
I live in one.
My second home is rented to my nephew, his wife and two kids.
They are current on their rent.
They have no lease.
This home was meant to be my retirement money.
They spent the money and did not buy the house.
Long story short, their credit is 591 and they are now not capable of buying.
I am now considering selling this home.
I have $150,000 equity.
The eviction process may take months.
My credit is not good.
I cannot refinance.
I am on Social Security Disability and unable to work.
Can you yo advise?
You tried to help out, even though you couldnt afford to.
Now youve joined the club of people who have learned the hard way thathelping out familyoftengoes awry.
Your nephew didnt hold up his side of your agreement.
Without knowing the specifics of the situation, Ill avoid casting too much judgment.
Your first priority is to do whatever you’re free to tosecure your own retirement.
If selling your home would improve your financial picture, by all means, do it.
Regardless, youve got to squeeze as much cash as you could from this home.
But my non-lawyerly take is that everyone involved will probably benefit if you could avoid eviction proceedings.
Drowning in Expenses?
Maybe youre scrambling after your car broke down.
Or you got a medical bill you werent expecting.
Or inflation has finally pushed your budget over the edge.
You dont need to go it alone.
When money is tight,these resourcescan help you manage unexpected expenses without stress.
Your best approach depends on where you and your nephew stand at this point.
Are you still on decent terms, or is the relationship broken beyond repair?
Dont be surprised if you hear that you are about to make him homeless.
It sounds appealing right?
Check it out here!
Whatever you do, I hope youll put your own needs first here.
You had an idyllic vision of your nephew raising his family there.
Your nephew is the reason that wont be happening.
So move forward knowing that your No.
1 priority is a comfortable and secure retirement.
Robin Hartill is a senior editor at The Penny Hoarder and the voice behind Dear Penny.
Send your tricky money questions to[email protected].