Downgrade to a 2 room flat

Hi Mr Tan
Due to taking care of one of my family member ( stroke ), I am unable to work as full time employee. My current job is commission based. As can't afford to engage a maid to take care of my family member, I am shoulder the full responsibility.

Regard of how hard I work, I still face financial cash flow problems. The killing part now is I need to service my HDB loan , as all my CPF already dried up , every month I need to pay $1000 CASH to HDB. Now still left $110 000 plus of loan to service.

I bought this 4 rm flat at the price of around $135K in the year 1996. Now able to sell around $400 000. My next owner is my dad but not working due to very old. The other person stay with me is my mom but also not working due to old age. I am single.

Every month is a big headache to me as I need to find $1000 to pay my housing loan. Due to taking care of my family member I know that I sure can!t service my loan with my part time pay. As my saving is going to dry up in 3 months time.

My parents don't like me to rent out my flat as they don't like to stay with strangers. I am thinking of selling off my flat. I am able to profit around $150K but if I want to buy another flat, after calculation, if I am not going to take loan from HDB again, I can ONLY afford to buy a 2 room resale and it will be in places like Jurong area which is far away.

I know it is very silly to downgrade from a 4rm to 2 room flat and further away from town. But the problem is with my part time pay , I totally can't afford to service my loan. If you were in my position, would ou be making such decision like mine? Please post my views in your blog as I like to hear the views of other people as well.

Anthony