We have a second mortgage on our home. At this time the monthly payment is not allowing us to make payments on other bills. I have done my best to make payments on time but I don't think I will be able to at this point. My question is we own two homes one has been a rental unit for over 15 years although it would be heartbreaking to move out of the home we owe the mortgage on I know that is a big probability. Do we sell the home we live in and move into the house in town. I am starting to sink and need a life jacket. We have 9 acres of land and could sell off property but in the long run would that do anything but buy a little more time

If you have other assets then you should talk to the mortgage holder and work out a plan to reduce your mortgage payments to catch up. They normally don't want forclosures because of debt accumulation and are really very helpful if it works in their favour. They would rather you keep paying and not losing, then they lose.

How did you acquire your homes in the first place? Seems like you are house poor. You've got a great place that you can't afford to live life because of...

You need to figure out if selling the property will allow you to pay off part of your long term debt. If you need to sell the rental property to pay down on the house, or if you are counting on the rental income to make ends meet...

I understand wanting to keep the new place, but take a good look at if you bit off more than you can handle.

I hope you are able to resolve the problem and come out well. It is a matter of how much you could get from the property and rental home, and how much you owe on the new place... If the sales of those extras can offset the new home mortgage substantially, it might be feasible.

How much is the land worth and how much do you owe. If the land is zoned for small lots, you may very well be able to sell off several acres, then refinance the mortgage for a lower monthly payment. Does the rental home at least break even?