Desperately Need Help Finding A Creative Solution

[JM-AM]

Your missing the repairs that need to be made most likely.

From the numbers she posted it looks like she has just under 100K in equity, but if needs repairs, the cost of repairs would have to come off the value also.

The 12K in equity I took from her post from BK Lawyer.

[MovingForward_2012]

Okay. That makes sense. Thanks.

I would still look into it to see what they say. Try every possible avenue before bankruptcy.

[Anonymous]

Make a space in your home for a roommate, family member or otherwise, who can help with the bills. You'd be surprised, a lot of people don't want anything special. Just a safe place with a clean area they can make their own and a relaxed house-mate. Just a thought.

[Nettieinva]

Is it possible for your daughter to help you out with a $200 a month towards your bills so you aren't so tight? Can you watch her children if she has any in exchange? That might help with some extra money.

[Autumnslight]

I'm so sorry you're in that situation. My mother was in almost the same situation  couple of years ago, except she had almost no equity in her house. She was also disabled and on SSDI. I tried to help her out, but ultimately, we came to the conclusion that she had to give up the house. She wound up filing Chapter 7, and was relieved of every debt she had. I got her on waiting lists for every subsidized senior housing building in the areas she preferred to live in. Within a few months, she had a nice new apartment, that was subsidized, so that she only pays 30% of her income each month for rent and utilities. Honestly, it was such a blessing in disguise. No more worrying about sudden repairs, or property tax increases, or hiring someone to mow the lawn or shovel the snow. She's debt free now, and able to relax and not constantly worry about money now.

Now, I'm not saying you should just give up your home. Definitely look into the refinancing, reverse mortgage, and Chapter 7 with a professional and see if they might be good options for your situation. I definitely don't understand why you wouldn't be able to keep your house if you filed Chapter 7, so I'd say you should get a second opinion. But, if you can't come up with a solution, hope isn't all lost. Check into subsidized senior housing in your area. When I called around, I was told the waiting lists were two years long. I put my mom on them anyway, and she had two places with openings within a few months. She's been in her new place for about a year now, and the bank actually still hasn't foreclosed on her old  home yet either.

It looks like all you owe on your home is $58,000? Can your daughter go conventional to buy your home? That's only $2,900 down. Or can you and she refinance it together? Maybe her income would help offset your debt? Have your talked to a mortgage broker? They tend to be more creative than banks, so that might be a good idea.

Good luck, I hope you find a solution. Please keep us updated.