What can I do? Living in 2 states (FL and IL)

[Bill Drutz]

Current Situation

Own home for 5 years now in suburbs of IL. Owe $390k on mortgage. Can sell for $520k

Wife and I credit scores both in low 600’s due to cc consolidation a few years ago, still being resolved.

$50k in debt

Daughter is going to college in fall of 2023 in FL.

Not in a situation to leave IL at this time (work and family)

What do I do?

1. Keep living in existing home, pay out of state FL college fees.
2. Downsize in IL and purchase something very small in FL to take advantage of in state tuition.
3. Keep current home, see if I can get some type of loan and still purchase small property in FL to take advantage of in state tuition.

My other daughter has 2 years of high school left and will start college in fall of 2025 (pending FL). Would most likely move to FL then.