u/SengaSengana

I was worried to the point of considering just not going after everything I read about yesterday’s park & ride issues. With two small kids and a busy day today I didn’t know if it’d be worth it. But we went for it! Got to Coronado at 5:00, on the bus at 5:10/15, at the park at 5:35. Y’all, there was basically never a line. Now back on the bus headed to Coronado. Very quick moving line to get back on the bus. I guess they worked out the kinks after the first day.

My mom lives in a very old home that should be a historic site (but we haven’t gone through that process yet). She is not able to keep up with taking care of it and hasn’t been in some time. My parents divorced in 1993, my mom got the house and raised my brother and I in it and has struggled to maintain it since. It’s on a pretty big and high value piece of land and the cost to restore the house would likely be several hundred thousand dollars, which we do not have. Worst of all my mom was unable to keep up with her bills and went bankrupt in the 90s, the mortgage was passed around blah blah blah and now she still owes 94k on a home she bought with my dad in the early eighties.

My brother’s wife’s family is loaded. They have offered to pay off the mortgage as a loan to the 4 of us with 3% interest. Initially the plan was for my brother and SIL to pay $500/mo and myself and my husband to pay $500/mo to SIL parents. Then my SIL just emailed and said her parents are gifting them the full amount and can we now pay them with 3% interest.

My brother and SIL plan to build a casita on their property for my mom to live in and age in place. This is significantly more hopeful and less stressful than the conversations we’ve been avoiding for decades around what the future will hold for her. We’re really relieved and grateful for this arrangement.

Complicating factors:
My brother and SIL own a general contracting company and my brother wants to ‘save the house’ and has mentioned renovating/remodeling extensively further down the road. My husband and I would lean toward selling because we are not loaded and have two small children. We’d be open to that idea but don’t understand how that would work in term of the home being split between both parties. We live in a really small house, below our means, and it gives us confidence to be able to pay the $500, but it definitely limits us to have to pay this for 9 years. The alternative, however, is worse as my mom has zero retirement and is living off her measly social security payment which goes almost entirely to her (2!) mortgages.

My husband and I feel lots of mixed feelings and think it might be wise to get some legal advice. Curious to know what other factors people might consider in a situation like this? Advice needed!

ETA: It’s been made very clear that my mom’s name will remain on the house.

Location: New Mexico

I drove by the location on central and girard last night and saw a sign saying “coming soon!” With a logo on it but the logo was itty bitty. Anyone have the scoop?

Also I still just can’t believe how hard bosque failed and am still sad about it. Why did they expand so fast. Sigh.