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I could sell them both and would be underwater. How is that helpful?
You should file BK. Isn't that what it is for? Short sell is an option. My family has had to do this multiple times. Starting over isn't anything new for many of us.
OP, do you need assistance with fixing up your 2nd home in regards to renting it out?
What sort of specific assistance are you seeking?
For the other posters, the OP is correct in that in many areas assets such as homes and vehicles are not taken into consideration (except for public housing/section 8) in regards public assistance.
My aunt I mentioned above, owns her home and owns a car but only makes $1000 a month so is considered poverty stricken. She qualifies for and receives food stamps.
OP, if you have a mortgage on a property, you should attempt to sell it via short sale if you don't want the extra home anymore, especially if you cannot gain any significant income from that property due to a high mortgage.
If the home needs to be fixed up and is not rented, then the information I stated above may be of some assistance to you. In many areas local CDCs expend grants to property owners to fix up rental properties. Usually though, someone has to already be living there. In my area there is a program that offers up to $30K of improvements in a specific neighborhood. I have used this program, even though I am not poverty stricken, to fix up one of my properties to make it more safe. That particular neighborhood is seeing a lot of blight due to unkempt rental properties so this grant was established to alleviate that issue in the neighborhood and it would be stupid of me not to take advantage of the free money while also letting the tenants have a nicer place to live. The tenants are low income (but not on Section 8).
Also, if your house is already pretty decent, you may be able to get it on the Section 8 list and rented out. That way you will have guaranteed rent from HUD automatically deposited to you from the local housing authority. Your property would have to pass inspection though and be approved for Section 8.
The rental is in good shape and is rented. I am hoping to sell it to the tenant that is currently living in it, within the next 3-4 months.
The home I live in needs extensive repairs. (Roof, Asbestos siding removal, siding replacement,etc.)
Help for the poor is supposed be distrubuted by the state and local government, not the fed. Realistically, it is the role of churches and charities to take care of its flock.
Churches and Charities are also now looking for a profit. They are certainly not giving out the money they take in.
You should file BK. Isn't that what it is for? Short sell is an option. My family has had to do this multiple times. Starting over isn't anything new for many of us.
BK would only hurt my credit, it would do nothing to cover my living expenses. I do not have a debt problem, I have an income problem. And for the life of me, have never been able to fix that.
BK would only hurt my credit, it would do nothing to cover my living expenses. I do not have a debt problem, I have an income problem. And for the life of me, have never been able to fix that.
Churches and Charities are also now looking for a profit. They are certainly not giving out the money they take in.
Touche. I've worked for many so-called charities and all they cared about was raising money to support their own bureaucracy, most of the money going to the founder and President. All you have to do is dream up a really good cause, e.g. cure this or cure that or end this or end then and watch the money roll into the executives' bank accounts.
I do but I do not consider it welfare. My kids cost a heck of a lot more than the child tax credit.
What state do you live in again? City?
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Churches and Charities are also now looking for a profit. They are certainly not giving out the money they take in.
