Two mortgages...need help w/ decisions....
My husband and I are so close emotionally to all these facts, we've decided we need a more objective opinion. We're a one-income family (not a great income either!) of four with two mortgages right now. We originally lived in a small house with a small mortgage (75,000) then decided to build to be closer to my mom in her eighties. New construction went over budget and current home mortgage is 179,000.
When we realized the new house was going over budget, we decided to keep the older home and rent it. An okay decision for a year, but even renting the home for $200 more than the payment and both husband and I working part-time in addition to his full-time, we were barely making it.
In the meantime, our renters moved out in February, we had a traumatic death in family in March, another death in June, and we're exhausted both physically and emotionally. Finally, I had to stop working since my children needed me due to all the ongoing stresses in our lives.
Being objective and only thinking of the money, it seems wise to sell the more expensive house and move back to less expensive...if we can even sell in this market. But new construction is on family land near my mom, etc...a lot of emotion there.
We did meet with a realtor at the older home and she felt like the home would not sell for much more than our current mortgage so it's not like we could make a lot of money to help pay for the newer home. We had a couple of interested people for a lease/purchase, but they basically wanted to move in with no down payment, etc. Again, not very helpful for our situation.
We are paralyzed in this situation but need to help ourselves soon before it gets worse. I would welcome any advice on how to think through this decision. ~ b