House-A source of contention.?

Can someone please give me some advice.

3 yrs ago, my husband got it in his head he was sick of renting and we should own a home. We were wed one year and a baby already here and one on the way. We went into the cheapest thing we could afford, where it was in Hells Angels community and it was a nightmare. We sold 3 yrs later and lost money b/c I was desperate to get out.

Now, comes the second house, we are 10K our allowed amount, had to take out a third mortgage to pay for it. We can not afford to do the repairs required in this house. It's a year and a half we've been here. Part of the cost was, we got rid of our car and are now carless for the past year.

The problem is, we will never get a car, our credit is shabby and I think we should sell this house and rent and buy a cheap car. My husband will not budge and we're heading into winter with no repairs done and two kids that are as sick of walking everywhere as I am.

Who's right? I want out so we can rent, get better with our finances and once we are settled buy a house that we actually want not just to own a house for the sake of owning property and he thinks it's stupid and a mistake.

Owning is always better than renting. But you didn't purchased carefully, that is how you lost money on the first property. Right now, the housing market is going downward. Not sure if you should sell the current home. But I think you need to talk to someone who is a finacial advisor for your situation.
1. if you sell, how much can you get back?
2. if you sell, can you afford a smaller home or condo?
3. buying a car will help you to get better job?

good luck

I agree,you would be better to rent for a year or two, repair your credit, then consider buying a home again. Why don't you try this, call 888-995-HELP. It's a counseling service approved by HUD to help folks like you during this crisis in the mortgage market. Also wouldn't hurt to call your lender to see if consolidation of loans would be an option for you.

I understand how you feel about walking everywhere, but when you buy a cheap car, you get what you pay for. If you don't have money to put into repairs of the home, where is the money going to come from to repair that cheap *** car?

I might behoove both of you to take some money management courses. We're not all financial wizards, but do what you can to understand the processes.