When you make a big decision, & new info changes everything!?! (LONG) [View All]

[Lisa0825]

I'd appreciate any input y'all have on this. I'll be talking to professionals soon, but I want to put a lot of thought into it beforehand, so I will have my questions ready.

Some background info... shortly after my divorce, my mom's health declined dramatically. I ended up moving in with her to take care of her. A year later, she passed away. Throughout all of this, I found it very difficult to take care of my responsibilities. I basically spent about 5 years screwing up my life and my credit. I've finally started putting my shit back together, and making plans for the future.

I am still living in the house my mom owned. The will states that the house would be split by my brother, sister, and I, but they do not care how long I live in it, or what I do to it. It's all up to me. In addition, the deed is in my name now. It only has about 2 years left to pay on it. I started the process to see if I can get a home equity loan (despite my bad credit, since it is almost paid off), which I will use to pay off old debts and do some badly needed renovations.

I'd gotten used to this idea. I think I still need some stability for a while, so staying at the house for the near future seems like a good idea. Starting to clean up my credit will relieve a lot of stress. Once the house is paid off, I figured I'd be in good shape to go to graduate school, if not sooner.

Well, my sister sprung something on my this weekend. She told me that she will not be claiming her share of the house and she wants me to have it, because I took care of mom when my sister couldn't (because she lived in another state). So, basically, my assets have just doubled! Instead of breaking even (debts to assets), I am in the black!

Now the temptation to go ahead and sell, pay off all the debts and get back to school is really strong. I'm really uncertain though, because like I said, I've been through a lot, and sometimes feel overwhelmed by attempting to handle too much at once.

I remembered that through my company's insurance, there is a service that gives free phone consultations with professionals in many areas, and I plan to speak to a financial adviser there today or tomorrow. But for now, I just need to get my thoughts and questions together, and any input y'all may have would be appreciated as well.

About the house... I think it's close to 40 years old, in a neighborhood that went downhill, but is currently on the upswing. Several nearby houses have recently been completely renovated. My house is probably one of the least desirable on the street. I'm in a working class area. This house was recently appraised for tax purposes. I'd hesitate to post dollar figures publicly, but if anyone wants specifics to consider and give me input on, PM me and I will send the info.

DISCLAIMER: I know I can't rely on an internet message board to make such important decisions, but like I said, I wanted to get all my thoughts and questions together as I prepare to talk to some professionals about my situation. Thanks for any input you can offer:-)