I'm behind on nearly all of my bills. At this point I'm seriously afraid I may end up homeless

 The Question:

Okay my friends, I need some help. I've had a pretty rough year employment wise. I am working now, but making a LOT less than I've made in about 10 years. My Wi-Fi is off, I didn't have cable, I don't have a car payment. I have 3 credit cards I owe on.

Here's the tricky part. Even though my income level qualifies me for assistance, I can't get approved because I have too many assets. I own my little mobile home outright, but I also own a house in another town that I rent out. However, I don't make any profit on it. 

The tenant is a dear friend, who pays just enough to cover the mortgage(which includes all the taxes and insurance). He does all the maintenance, and would like to buy it. My mortgage company screwed up on all the paperwork, and after getting everything back in order, insists that I wait 6 months before he can assume the loan, or finance a new loan to buy it.

I can't raise the rent, because honestly, he can't afford to pay more.

So, I'm stuck.

I'm behind on nearly all of my bills. At this point I'm seriously afraid I may end up homeless.

I need ideas, suggestions, links to helpful information. Anything you've got.

What did people say?

⇒ Dee: Can you and your tenant be roommates? Then you can rent one of the properties at market value. If not, raising his rent is your best option. If you think of that house as a business, it might be easier. Be brutally honest with him: one of you is losing their house. It shouldn't be you.

⇒ Jan: You need to get someone in that house that can pay more rent. It's a business.. You have to treat it as such. I'm sorry for your friend but..its business.

⇒ Sophie: If he can’t afford the house and it’s causing you to default on loans you need to tell him. Either he takes on another job or you have to find a new tenant or sell the house. I am all for helping friends but not at the detriment of your own finances.

⇒ Melissa: You are an extremely kind hearted person but people will take advantage of that. Becoming homeless while owning 2 properties sounds nuts to me. Ask yourself: would this friend keep the rent low for you if in the same situation? If your friend knows your situation and hasn’t offered to get another job to pay more, then maybe the friendship needs to be re-evaluated. If they don’t know, they need to. Any other landlord would raise the rent if they weren’t making a profit and them being a friend is making it very complicated because your emotions are involved. Perhaps moving in together and splitting the costs if the friend cannot afford to pay more. But you would be surprised at how little others will do for you when push comes to shove. Clearly I don’t know this person or the dynamic between you two but you cannot end up homeless for someone else and any true friend would never allow that.

⇒ Michol: Please don't let him assume your loan if that legally ties you in any way. Food banks, gardens, ask your utilities for discounts, debt consolidation may be an option

⇒ Liz: You Gotta stop putting other peoples needs in front of yours, you can’t go homeless, knowing that other people are living off of you.

⇒ Katrina: Honestly I would Really consider moving into the house and renting the mobile home. You will have equity in a house for the future. Sadly your mobile home only depreciates in value.

⇒ Manivone: If you own your home outright take a heloc from your home. Use that portion to help rid yourself of high interst rated credit cards and to pay your bills. Use that money to repay your mortgage. And other expenses.

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