What improvements does your house need? Think everything from heating and insulation to manufacturing please?

Should we allow foreclosure?

• my husband and i have owned our house for about 5 years, while we have no problem paying the mortgage, its everything else. During that five years, it has become somewhat of a money pit. after having it FHA inspected at the time of purchase, since then we have had to replace pipes, electrical panels, and now the septic has failed (because of local laws, we have to install a new system, not repair the old)...along with needing new floors (not flooring, floors) insulation, and slat and plaster walls updated to drywall. we do not have the knowledge, money or time to do all of this, we've asked the mortgage co for help...and we can't get a loan...all this work is just overwhelming. we have an opportunity to rent a nice little house that is completely updated, from some friends of ours. while the location & size of the house isn't exactly what we want. i think its a great place to start over. we have the option to buy in the future if we want. i'm not sure what to do at this point. i hate to let the house go, it was our first house, but it seems like its falling apart and i don't know what to do. my husband and i both have full time jobs and go to school part time, plus 2 kids in the mix. we need to have a nice happy little home, not this stressfull mess. any help would be appreciated. please don't be rude, i'm at the end of my rope, just looking for advice...

• Answer:

  Don't let it go to foreclosure or else when you do find the perfect house, in 5 years, you will not be able to get a loan from anyone. Have a handyman, come in and fix what is necessary to sell it. Then put a fresh coat of paint around the house (you would be surprised how much buyers are willing to overlook if the house looks clean and fresh). Then move into the rental. This way you get into the rental and still have your credit intact for the next home purchase in a few years.