Jennifer O
New member
My mother in law is almost 60yrs old, no savings, recently widowed, no college degree, and making minimum wage in retail. She made a poor financial decision to buy a 2nd condo without selling the original place first. Now she is renting the first condo for slightly below the mortgage because she wasn't able to rent for higher. Now that condo association keeps asking for special assessments - thousands of dollars every few months. We already lent $4000 to her earlier this year. My husband doesn't have any siblings and mother in law doesn't have any other family except us. We have been trying to conceive for years & had been looking into IVF or adoption which is A LOT of money to save up. At the same time, we're expecting that we will be down to 1 income in a few months as my company is down-sizing. How can we keep lending to his mother in law and yet save for a baby? We're in our mid-thirties already. What else can his mom do? We really want to help her but been putting off family planning for too long now. We can't really expect her to get an 2nd job. She's not even allowed contractually to rent out her 2nd condo & live with us. I anticipated taking care of my mother in law when she got older - maybe in 20yrs but not now... We live about 2500 miles apart. Any advice?
2nd condo has been for sale on the market for nearly a year now. The 1st condo would end up being a short-sale situation.
2nd condo has been for sale on the market for nearly a year now. The 1st condo would end up being a short-sale situation.