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Your Questions About Apartments For Low Income Single Mothers

May 12, 2012

Linda asks…

Chapter 7 Bankruptcy or just Foreclosure?

My mother-in-law’s situation:

1) 72 years old. Single. 40 year old deadbeat son living in her spare bedroom.
2) Owns home with $120K loan balance on a realistic value of $85K. No other debt.
3) Her total income(social security + small pension) is about equal to her fixed costs (mortgage, tax, insurance, utilities)
4) She has been draining her small savings to pay for food, emergency repairs, uncovered medical expenses. That balance is approaching zero.
5) No assets other than household goods and an old car.

Desired outcome:
1) Get out of house and rent small apt with no room for son, lower rent, vs mortgage payment, close to daughter.
2) Get rid of car.
3) No need for decent credit other than to get apartment lease started. She’s never going to buy anything that would require credit.

Bottom line is she needs to lower her monthly fixed costs, get rid of parasitic son and move closer to my wife and I for logistical and financial help.

So my question is does she really need to declare Chapter 7 or can she just do a foreclosure and walk away? I believe a simple foreclosure is the best thing for her; simpler and less stress. Any other thoughts and things she needs to consider?

I’m looking at this as a simple process: 1) Rent apartment and start utilities. 2) Move. 3) Stop paying mortgage. 4) Deal with bank on foreclosure but I don’t really know what she has to lose by just ignoring them.

Thanks.

Administrator answers:

Bankruptcy really would accomplish anything in this case. She would more than likely wind up losing her home anyway. If you had to choose between the two evils here, foreclosure is the better option. But I wouldn’t be so quick to move. You have at least two or three months before the bank begins the foreclosure process. You have a couple of more months before anything actually happens. Don’t move out and start paying rent immediately. Stay in the house and live rent free for as long as you can.

Just for the record, I’m not a fan of either option. What I would really do is stop paying the mortgage and put the house on the market for what it is worth. Find a buyer and approach the bank with a short sale without recourse. Give the bank the option of taking the deal or foreclosing. I’d want to do everything in my power to not default.

Daniel asks…

My family is having lots of problems…what should I do?

This might be kind of long, but please stick with me.

A lot has been happening the past year. I was forced to move in with my father, and my mother has been going on an on/off relationship for the past year. Well my father has a lot of money issues. He is 73 (I’m 18, lucky me) retired, and doesn’t have a stable source of income. He relies on whatever he gets from the government and periodical music jobs that range from 5 a month, to none. Meaning, he isn’t getting much. He has remortgaged his house multiple times and since he’s old, he has a lot of health problems. Safe to say, money problems are an every day occurrence.

Now this is all falling on my shoulders ever since moving here and I feel like crap every single day. Aside from my own stress, getting his is not really desired. I want to go to college, but that seems like it won’t happen. My parents don’t want to talk about it. They won’t even teach me how to drive. Meaning I got to depend on them to go everywhere, which isn’t always possible. So I know what’s going to be suggested as you read on, get a job. I myself am not to stable right now, I don’t have many friends, and I feel like my parents are pulling me down with them. I don’t think getting the added on stress of finding a job, making sure I have a ride everyday, and the actual stress of being there is going to help me that much in my mind. It’s a dangerous cycle, but I am completely at a loss.

Anyway so he is retired, and is depending on sources I mentioned above. It’s a regular occurrence for collectors to call multiple times a day asking to speak with him and such. My father has a very bad temper as well. So a lot of times he comes to me, ranting about all his problems, making me sink lower in my chair. I have no idea what he wants me to say. I try to make an answer, but he basically says: your 18, what the hell do you know. I usually tell him to do a couple things like get a part time job, his excuse: I’m too old. My sister and her boyfriend live in on the 2nd floor (as an apartment, and has everything) and they only pay $500 rent for the past 5 years. I tell him to increase the rent and he doesn’t really say anything back. Usually it ends there. In fact he talks to his friends all the time and they reply with the same things. Everyone is telling him to do this yet he won’t listen to anyone! Even my uncle gave him $5000 to support himself, and he’s already spent it all within 3 months.

The guy is in such a rut right now, and I just got out of High school myself. I can’t help him. Even if I do get a job, I need to build up savings for my future (I am NOT ending up like him), the best I could do is give him $100 every paycheck. But even then that is shit money. So I guess my point is that every option feels like a dead end, and I have absolutely no idea what to say or do. Is there something he could do to get financial aid somehow that won’t give him more problems? I feel like I’m going insane, and I feel so sad, lousy, and angry that I can’t do anything.

Administrator answers:

I feel for you, dang. That’s alot of stress put on your back. I think the only thing you can do is to try to get a job. I know you will have to make sure you have a ride everyday but you can work something out. Your mom dad sister and maybe even her hubby could try to take you to work. You can’t keep waiting around or nothing gets done, I think it’s better to try. So don’t give up. Good luck.!

Ken asks…

Will the rental people for low income housing find out im receiving court ordered child support? ? ? ?

-I am looking to move into a new apartment. I’m a single mother with a 4 year old boy. . All of the decent apartments are income restricted. When they include the child support it makes me over by literally $200.00…and they won’t budge on the decision…they always tell me I make too much money. I think the whole thing is ridiculous. There are only a few places that do not have income restrictions…however, they are way out of my price range. I would not be able to afford them each month.

I recently found a very nice complex with nice townhomes. I filled out the application but indicated that I DID NOT receive child support. My work income, rental information, etc. is correct. I am waiting on their decision now as they have sent my information out

Administrator answers:

Yes, they do check to verify your income. Somewhere on the application forms that you fill out there is a place where you sign stating that all the information is correct, and if not, that you are aware that it is a prosecutable offense. It usually states what the penalty is too, like number of years in jail, dollar amount of fines, etc.

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