Hi Bob,
Maybe you can sublease the home again?..The wife is
going to have to give in at this point. Not much choice. Check out the option contract you have with the seller. Does it give you the right to sublease? Or can you also sell the option to another party. Reality is what it is…REALITY. Talk to the wife…fill her in on the facts and options. Then go from there. Looks like you may have to move but you may not have to get rid of the house. I would sublease it myself. Best of luck and God Bless!
Matt
on april 29, 2002 I lease optioned a property in southern indiana. the home is a 4 bedr 2 bath with 2 car attached garage, c/a heat pump. 3/4 acr lot fenced . taxes are around 1250 yearly. the property has an existing , 65,000k unnasummable mortgage, and owner equity of 45k-/+. lease option was 1000k dn, with 771.00 payments. plus 100.00 option consideration.(871.00) lease terms 1 year. wife is 6 months preg, diabetic, and says she is not moving again, i repeat not… make 14.38 hr 40 + hrs wk, and she is getting ready to go on maternity leave. do not feel can make option stick with one income. have bad credit due to losing job, 7 years ago, with one repo- (veh) , and a write off. (house) took loss. and major medical debt. I am new at investing, and feel it is going sour , any suggestions …
thanks bob