My parents are behind on the mortgage, and they act like it’s my problem.
My parents and two brothers, who live together, keep asking me for help with expenses and the mortgage, which is now owned by a lender. They’re afraid of losing their house.
I don’t understand how they could remortgage their house to buy a condo, only to have to sell the condo to re-buy the house. I personally don’t care for the house. I’ve been helping with $500 to $900 a month, and I pay for one of my brother’s expenses once in a while because he’s a minor and I feel bad for him.This isn’t a financially feasible plan for you or your parents. Or, as I like to say, the math ain’t mathing. Back of the envelope calculation time!
Families often pass down bad money management practices. It’s important that you avoid whatever parts of this “inheritance” that you can. There’s a dizzying circular logic to their plan that’s also complicated by their refusal to take less than the asking price for their condo.
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