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  1. #1
    Join Date
    May 2013
    Posts
    1

    Default Mom's House and My Bankrupt Sister

    Long time Orlando Florida resident here. I love my Mom and have a great relationship with her. I want the best for her. She is s 82 and her health is starting to go bad. She's very independent and stubborn. She does not drive, but has her sister (70) living with her who has cancer and drives her around. They also have a brother who stays there.. it's like an old folks home run by my mom.

    Not to sound mean or stupid, but for some time now my sister law has been trying to move into my mom's already overcrouded house. Recently she and her unemployed husband moved in with her for a month but had to leave after repeated arguments over silly things like furniture arrangement.

    Anyways, I love my sister too, but she has filed for banruptcy twice, has been arrested for shoplifting and her husband have never made more than $40k combined. they have a debt ratio that qualifies them for nothing. All that said, as of late, they both have very good intentions, have been very good with my kids and seem to be on a good path.

    Last week my sister asked me if she could have mom's house when and if it became available. It was very awkward and I did not know what to say.

    My sister currently owns a house valued at $50k with a mortage of $130k. They can barely make payments on it and have had to get the mortage adjusted. the house is also 20 miles out of town and killing them on auto fuel costs. She has considered just giving it back to the bank. She has over $30k in student loans and her credit cards are maxed out again. I respect and love my sister, but she is a financial mess.

    Life has been good to my husband and I, We were able to get our degrees and find professional work from the start. We've been able to build up savings and invest.... but we see giant expenses coming with our daughters colleges, weddings and hopes of retiring at a reasonable age. Whatever we have saved will never be enough I'm sure.

    I figure my mom's house has a market value of $250k. If my sister can't qualify for a loan to cover half of that, what's the best way to get my half and leave her with the house without exposing my credit to them and turning into bank and potential charity case for them? I would like her to have the house and would like her close to us.. but don't want to just give up what could be mine.

    Is it evil to think about what is not mine? Am I being unreasonable and heartless? My mom has always told us everything she has would be split down the middle.


    Tammy in Orlando.

  2. #2
    Join Date
    Oct 2006
    Posts
    16,474

    Default Re: Mom's House and My Bankrupt Sister

    Quote Quoting NoSunBeach
    View Post
    Long time Orlando Florida resident here. I love my Mom and have a great relationship with her. I want the best for her. She is s 82 and her health is starting to go bad. She's very independent and stubborn. She does not drive, but has her sister (70) living with her who has cancer and drives her around. They also have a brother who stays there.. it's like an old folks home run by my mom.

    Not to sound mean or stupid, but for some time now my sister law has been trying to move into my mom's already overcrouded house. Recently she and her unemployed husband moved in with her for a month but had to leave after repeated arguments over silly things like furniture arrangement.

    Anyways, I love my sister too, but she has filed for banruptcy twice, has been arrested for shoplifting and her husband have never made more than $40k combined. they have a debt ratio that qualifies them for nothing. All that said, as of late, they both have very good intentions, have been very good with my kids and seem to be on a good path.

    Last week my sister asked me if she could have mom's house when and if it became available. It was very awkward and I did not know what to say.

    My sister currently owns a house valued at $50k with a mortage of $130k. They can barely make payments on it and have had to get the mortage adjusted. the house is also 20 miles out of town and killing them on auto fuel costs. She has considered just giving it back to the bank. She has over $30k in student loans and her credit cards are maxed out again. I respect and love my sister, but she is a financial mess.

    Life has been good to my husband and I, We were able to get our degrees and find professional work from the start. We've been able to build up savings and invest.... but we see giant expenses coming with our daughters colleges, weddings and hopes of retiring at a reasonable age. Whatever we have saved will never be enough I'm sure.

    I figure my mom's house has a market value of $250k. If my sister can't qualify for a loan to cover half of that, what's the best way to get my half and leave her with the house without exposing my credit to them and turning into bank and potential charity case for them? I would like her to have the house and would like her close to us.. but don't want to just give up what could be mine.

    Is it evil to think about what is not mine? Am I being unreasonable and heartless? My mom has always told us everything she has would be split down the middle.


    Tammy in Orlando.
    Your sister could take her half of the money and purchase a home that would be more in keeping with her ability to support the home. That is the recommendation that I would be making to my sister if I were in your shoes.

  3. #3
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: Mom's House and My Bankrupt Sister

    Agree here. She cannot afford that house. She also needs the cash to pay off her student loans.

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