Profile picture for enjoy09

My sister lives in a home I own w/her family. They've paid $0 rent for 1-1/2 yrs. I need out!

I've owned the home since 1998. I haven't had it appraised, and I only know of 1 comp. That's because I live in an area hit very hard by the current housing market--0 homes are selling. I don't want to ruin my credit by doing a short sale. Refinancing won't help. I'm making 2 mortgage payments on one income. I'm drowning-and am so fearful, I can't seem to even get to step 1.
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January 13 2009 - Lafayette
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Profile picture for SoCal_Engr
It may be harsh, but it sounds like you need people who can/will take up their share of the burden. Does your sister understand your situation? If not, you should have a heart-to-heart. It may sound cold to tell her that she needs to pay rent or move, but it won't be any different if you lose the house (i.e., she'll still end up paying rent and/or moving...and likely to a much less forebearing landlord).

If the two of you cannot work out a solution where she can help pay at least enough to make the situation liveable, then you need to consider getting new tenants. If that's not an option (i.e., "hit very hard" also means that rentals are tanking), then you're looking at some type of sale, but do what you can to make sure your primary residence is protected.
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January 13 2009
Profile picture for wetdawgs
You have been very generous for 18 months to give your sister and her family a free ride with no rent.  

There are several options that come to mind:

1.  Sister and family start paying rent.   Figure out what market value rent is, and hopefully that will help with paying the mortgage.

2.  Boot sister and family out and get a renter who will pay rent.

3.  Put it on the market at a price that will sell. Have you spoken to any good agents?
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January 14 2009

Step #1 is contacting a Realtor in your area.  They have access to comps around your home and they can help you determine what the value of your home.  You need a professional to give you some advice.  A short sale would be better for you than foreclosure if you have no equity in your home.  Consider contacting a Reatlor.

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January 13 2009
 
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My sister lives in a home I own w/her family. They've paid $0 rent for 1-1/2 yrs. I need out!
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