Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Unhappy homeowner with no money or renter with less financial stress, which one would you choose?

Ok, we have a nice home but yet no money. I mean we have enough to pay the mortgage and utilities but no money left over for entertaiment, clothing, etc. Sometimes I have to figure out how to survie with $20 left for the week for food. And this is every single week, I am so tire of living like this. My DH is always at work, he works two jobs and we hardly see him. I work part time while my ds is in school. I am seriously considering telling my dh to walk away from our home and go rent somewhere more affordable. I am ashame for considering walking away from my home but I have lived like this for 20 years now and I'm so tire and ready to explode. Which would you choose?

Answer Question
 
Anonymous

Asked by Anonymous at 1:22 AM on Apr. 3, 2010 in Money & Work

Answers (17)
  • When you say "walk away" do you mean sell or forclose? If it's sell, then try it. No harm in trying. If you are just going to allow a forclosure I think that's very irresponbsible of you.

    Anonymous

    Answer by Anonymous at 1:24 AM on Apr. 3, 2010

  • I rent. I'd always choose rent! We can come and go as we please, we travel, we have no repairs, no financial burdens, no lawn care, no maintenance, no taxes. I once owned a home, but will never again. We have it too good right now!
    Anonymous

    Answer by Anonymous at 1:24 AM on Apr. 3, 2010

  • irresponsible***
    Anonymous

    Answer by Anonymous at 1:24 AM on Apr. 3, 2010

  • And who the heck cares if someone thinks you are irresponsible anyway. These people's opinions don't mean squat in the long run. Do what you must, what you feel comfortable with. It's your life... GO ENJOY IT!
    Anonymous

    Answer by Anonymous at 1:25 AM on Apr. 3, 2010

  • You need to do what is best for your family. What will make you guys happy? We currently rent a duplex that we absolutely love and can grow in if we aren't ready to buy soon. We don't have alot of money but I cook the foods I want to cook and generally when I need clothes we can do that too. We eat out and we enjoy entertainment. I would rather have all of these things than a bigger home. Sit down with your husband and see how he is feeling. I'm willing to bet he's just as tired as you are.
    MamaChamp

    Answer by MamaChamp at 1:33 AM on Apr. 3, 2010

  • I would try to sell it and see what happens??? I don't think your best option would be to walk away and let that follow you for a long time. You said you have been doing this for 20 years?WOW! I would have explode at maybe a year or two struggling with 20 bucks to feed three mouths with...that is really hard! Maybe try to talk to a realtor and see what house are going for in your area....Good Luck to you!!
    MayMommy07

    Answer by MayMommy07 at 1:43 AM on Apr. 3, 2010

  • A renter with less stress...

    Do what works best for the whole family, even if it isn't ideal.
    Skepticchick

    Answer by Skepticchick at 1:43 AM on Apr. 3, 2010

  • I'd rather be a renter with less stress.....so I am.
    ShaunnaMichelle

    Answer by ShaunnaMichelle at 2:00 AM on Apr. 3, 2010

  • Definatly rent, thats all my husband and I have ever done. We are currently renting a 3 bed 2 bath that we have been in for a yr and a half and we love it. Now its not in the best area but we dont plan on staying here forever either. Once my husband makes more money then we will rent in a nicer area but everyones right you dont have to pay taxes and if somthing breaks you call your landlord which by the way we have a wonderful landlord but some arent as great so watch out. My husband however does mow and take care of things outside like that but just because were renting doesnt mean we dont have those obligations, its almost like having our own home but with out the stress of somthing breaking and us not being able to afford it right away. So thats what we have chosen at least for now will see but its worked out so far.
    Anonymous

    Answer by Anonymous at 2:21 AM on Apr. 3, 2010

  • I prefer being a home owner to having to conform to the rules of others. Hang in there. After 20 years it's almost paid off so don't give up. I would have never bought a home that I couldn't afford the mortgage on. Your mortgage shouldn't be more than 1/3 of your gross monthly income @ the MAX. When we bought our home 10 years ago our mortgage was less than 1/4 of hubby's gross income (he brought home $4000/mo and we paid $850 for our mortgage/insurance/taxes). Then we refinanced to a shorter mortgage and at the time were paying just over 1/4 (almost $1100 a month for the mortgage/taxes/insurance) of his gross income but then his gross income changed by almost -$1000 so we recently refinanced (had 10 years left on a 15 year mortgage and switched to a 20 year) and are now paying $660 a month for our mortgage ($450 of that is the mortgage and the rest is for insurance and taxes) which is about 1/5 of his gross monthly income.
    Anonymous

    Answer by Anonymous at 2:44 AM on Apr. 3, 2010

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.
close Cafemom Join now to connect to other members! Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN