Quote:
Originally Posted by TruckWife518
Wow, I'm sorry you went through that and lost so much! I'm concerned my husband and I will have the same or close to the same experience. We were not quite financially ready for ANY house and this house he bought is more than a fixer-upper; most of it needs to be gutted and we just can't afford that.
We're only married a little over a year and we were just re-building up our savings after moving from Florida. Also, I'm still diligently seeking employment. I begged him to hold off on house-buying at least for another year or even for several more months. But he insisted on biting off more than he can chew and getting this house.
He keeps saying that we'll make our money back in a few years but I can only think about the fact that this house is eating up almost all our money and on top of that, he had to get 3 loans (that I know of) from little finance companies to help him with this new debt. You know those shady finance companies that charge you extreme, excessive interest. So yep, we're up a creek.
I'm not against home-buying nor am I against fixing up houses and making them better. However, we just can't afford this at this time and I'm very worried. And are you ready for this? He bought another fixer-upper in even worse shape than this house a few months ago that he intends to eventually rent out. But as with the house we're in right now, he can't afford to do all the work that needs to be done so it'll be a long time before that house becomes anything but a huge burden.
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You might be able to have him Quitclaim deed both houses over to himself only or put them in a corporation .... then you could be off the hook. Consult with a real estate attorney, privately.
I would not go down with that ship.
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