Need help with major financial decision (Full Version)

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blessed38 -> Need help with major financial decision (4/30/2008 1:36:26 PM)

First, sorry for the lengthiness but here goes. My husband and I recently moved to a lease to own property, our dream home actually. We foreclosed in the beginning of the year on our prevoius house due to a failed business. When we moved, things didn't go as planned financially and we were unable to pay our new rent. The owners of the home have allowed us to stay while paying a reduced amount until we can either pay the full amount again or until they find new tenants or buyers. This means we have to allow strangers to entire our home as potential buyers/ tenants. This has not been easy. Meanwhile, there are some new townhomes we've been loking at for the last few years that were for sale. Due to the economy, the agent called us and stated that they are willing to lease to own, giving time to rebuild credit. The townhome is a little less than what we pay now, alot less than what we're supposed to be paying. Our dilema is this: do we stay where we are and stand on our faith by believing this is our home regardless of who's looking at it or do we move and reduce our expenses knowing we are stable. We've been in prayer and it just seems that both sides make sense. Does anyone have any suggestions for us that can be backed with God's Word?



GroupW -> RE: Need help with major financial decision (4/30/2008 1:43:09 PM)

Scripture aside, what do you think your responsibilities are to your current landlord given that you are currently paying a reduced level of rent versus what you had originally agreed to pay? What's your outlook on actually being able to own that property in the future if it doesn't sell to a third party? It would appear the landlord is planning to move you out of the home when he finds tenants to pay a market rent. Sooner rather than later, you're going to need to find something else that is within the budget or bring your incomes up/debts down to make the room to afford this home.

There are some practical issues at stake to consider before we start looking at scripture, I think.



blessed38 -> RE: Need help with major financial decision (4/30/2008 1:45:27 PM)

I believe you are correct, it's just been hard for me to figure out what the real issues are here.



GroupW -> RE: Need help with major financial decision (4/30/2008 1:47:01 PM)

No worries. What would have to happen for you to be able to swing it & afford the current home?



blessed38 -> RE: Need help with major financial decision (4/30/2008 1:57:22 PM)

Well the truth of the matter is this. I currently have agreat career bt my hubby has changed careers and is trying something new. We are praying and believing that he will be able to make enough to afford our home. But it's going to take time to build up to that. We just don't know how much longer we will be able to stay here under the current arrangement. Everytime a potential buyer walks through, our nerves go on edge.



GroupW -> RE: Need help with major financial decision (4/30/2008 1:58:19 PM)

Your landlord is ok with the reduced rent until he finds another tenant then?



blessed38 -> RE: Need help with major financial decision (4/30/2008 1:59:29 PM)

yes, he's ok.



GroupW -> RE: Need help with major financial decision (4/30/2008 5:48:15 PM)

So you're in kind of a race against time - how fast does your husband's income come in versus when a buyer might materialize. If your landlord is really ok with you staying there until the place gets sold or until your incomes rise, then I don't see it as any kind of moral issue.

Am I getting that much straight?

Once we get past issues of morals & ethics, you're just down to some practical considerations. What's your best guess on what will happen with the house & husbands income?



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