Should I sell my house now or wait?
I have 10 years equity in my home (in this market, not as much as you might think) and now I have medical bills from cancer treatments. I am thinking of taking out a HELOC and maybe in 3 years or so I can sell in a higher market. However, the adjustable rate on the HELOC scares me. I can barely afford all my payments now and am relunctant to sell my house in this market. What do you think? Should I bite the bullet and sell or try to hold on?
If you can wait it out, it would be better to sell in a couple years than now.
It would definitely be inadvisable to take out of 2nd mortgage or a HELOC if it’s already tough to make payments. You’ll cause even more stress for yourself and may end up losing your house if you do that.
It doesn’t usually cost anything to put your house on the market, so you could try getting what you want for it, and if it doesn’t sell it doesn’t sell. If you do that though, don’t count on having it sold anytime soon when you’re making financial decisions.
Have you talked to the hospitals you owe money to? Find out what the minimum payments you can make are. Tell them you’re experiencing financial hardship but that you want to work out payments that you can afford. They may have programs you can apply for that would allow you to pay less than they would otherwise expect you to pay. If you can get by with making the minimum payments and waiting to sell your house, this would be your best route.
There may be support in your area for people in your situation (individuals or families with financial problems because of cancer). You could look into it.
If you just simply can’t comfortably afford to live in the house you’re living in, you could put your house on the market or come up with some creative alternatives. Could you rent a room? Could you move somewhere else and rent out the whole house (only do this if the rent would cover all of the expenses of the property)? Could you sell it to someone and hold the financing yourself (make sure you get a decent down payment from them if you go this route)?
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