Comments on: I'm "UPSIDE-DOWN," What Should I Do? Lose $25k? http://blog.franklyrealty.com/2007/01/im-upside-down-what-should-i-do-lose.html Fri, 27 Jan 2012 18:42:01 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Tess http://blog.franklyrealty.com/2007/01/im-upside-down-what-should-i-do-lose.html/comment-page-1#comment-4739 Tess Thu, 04 Aug 2011 14:32:43 +0000 http://franktempblog.wordpress.com/2007/01/16/im-upside-down-what-should-i-do-lose-25k/#comment-4739 My condo is 80,000 upside down. We have a 14,000 line of credit. The condo is now too small, we are having a baby. I cannot rent as the association rules prohibit it. I am thinking of short sale, but I don't know how to start this process. I have been paying my bills, so I don't know if this works against us. My condo is 80,000 upside down. We have a 14,000 line of credit. The condo is now too small, we are having a baby. I cannot rent as the association rules prohibit it. I am thinking of short sale, but I don’t know how to start this process. I have been paying my bills, so I don’t know if this works against us.

]]> By: liz http://blog.franklyrealty.com/2007/01/im-upside-down-what-should-i-do-lose.html/comment-page-1#comment-4736 liz Sun, 31 Jul 2011 17:45:55 +0000 http://franktempblog.wordpress.com/2007/01/16/im-upside-down-what-should-i-do-lose-25k/#comment-4736 Well, you'd have to agree that no matter how YOU cut it, the normal Joe sees it as an offset for their taxes. When that goes away (as well as with all the other stuff that's gone on for the last few years), I think the obsession with owning (at all costs) will too. Well, you’d have to agree that no matter how YOU cut it, the normal Joe sees it as an offset for their taxes. When that goes away (as well as with all the other stuff that’s gone on for the last few years), I think the obsession with owning (at all costs) will too.

]]> By: FranklyRealty.com http://blog.franklyrealty.com/2007/01/im-upside-down-what-should-i-do-lose.html/comment-page-1#comment-4735 FranklyRealty.com Sun, 31 Jul 2011 17:14:25 +0000 http://franktempblog.wordpress.com/2007/01/16/im-upside-down-what-should-i-do-lose-25k/#comment-4735 I agree, buying is overrated and too expensive, and not for everyone. The tax break just ended up making the homes more expensive to offset the savings. The only winners are the ones that were IN when the tax announcement was made. Now that everything adjusted to make up for the tax breaks, the incentive is not real anymore. I agree, buying is overrated and too expensive, and not for everyone.
The tax break just ended up making the homes more expensive to offset the savings. The only winners are the ones that were IN when the tax announcement was made. Now that everything adjusted to make up for the tax breaks, the incentive is not real anymore.

]]> By: liz http://blog.franklyrealty.com/2007/01/im-upside-down-what-should-i-do-lose.html/comment-page-1#comment-4733 liz Sun, 31 Jul 2011 17:10:24 +0000 http://franktempblog.wordpress.com/2007/01/16/im-upside-down-what-should-i-do-lose-25k/#comment-4733 Frank, Though I am not in this exact position, I will be lucky to walk away with 15k in my pocket after (normal) realtor fees (on my town home that backs to the 17th T-and that I put 35k worth of upgrades into), if I choose to go that way. I don't need to sell, just ready for a change, and actually don't have a contingency plan. Although I am prequaled for 300k (VA), I don't have a problem with renting. Interesting that owning a home 20 years ago was the "American Dream" and now it's the "American Nightmare". I think what's made owning a natural inclination is the long standing tax incentives that will probably go away in the next Congress- when they vote the Bush tax cuts out. Maybe that will be a good thing for us. Sorry about that, but not all of us are meant to own. Frank,
Though I am not in this exact position, I will be lucky to walk away with 15k in my pocket after (normal) realtor fees (on my town home that backs to the 17th T-and that I put 35k worth of upgrades into), if I choose to go that way. I don’t need to sell, just ready for a change, and actually don’t have a contingency plan. Although I am prequaled for 300k (VA), I don’t have a problem with renting. Interesting that owning a home 20 years ago was the “American Dream” and now it’s the “American Nightmare”. I think what’s made owning a natural inclination is the long standing tax incentives that will probably go away in the next Congress- when they vote the Bush tax cuts out. Maybe that will be a good thing for us. Sorry about that, but not all of us are meant to own.

]]> By: Jess http://blog.franklyrealty.com/2007/01/im-upside-down-what-should-i-do-lose.html/comment-page-1#comment-4701 Jess Fri, 24 Jun 2011 21:00:18 +0000 http://franktempblog.wordpress.com/2007/01/16/im-upside-down-what-should-i-do-lose-25k/#comment-4701 My husband bought a condo before we married. It is in his name only. We have since had children and moved to a bigger rental closer to work. We have been trying to sell our condo for 4 years. In those 4 years, only 4 units have sold. There are currently 3 units for sale for much less than our mortgage payoff. We haven't been able to find a renter either, but we have been making the payments. Problem is: the owners of the rental have fallen on hard times and need to sell. We would like to buy and I can qualify for the home on my own, but I can't carry two mortgages. Since the house is in his name only and since the market is only getting worse and our condo is only depreciating more and since I don't need his credit to qualify for the home we are currently renting, should we just walk away? Will that ruin my credit too? My husband bought a condo before we married. It is in his name only. We have since had children and moved to a bigger rental closer to work. We have been trying to sell our condo for 4 years. In those 4 years, only 4 units have sold. There are currently 3 units for sale for much less than our mortgage payoff. We haven’t been able to find a renter either, but we have been making the payments. Problem is: the owners of the rental have fallen on hard times and need to sell. We would like to buy and I can qualify for the home on my own, but I can’t carry two mortgages. Since the house is in his name only and since the market is only getting worse and our condo is only depreciating more and since I don’t need his credit to qualify for the home we are currently renting, should we just walk away? Will that ruin my credit too?

]]> By: FranklyRealty.com http://blog.franklyrealty.com/2007/01/im-upside-down-what-should-i-do-lose.html/comment-page-1#comment-4699 FranklyRealty.com Thu, 23 Jun 2011 00:01:34 +0000 http://franktempblog.wordpress.com/2007/01/16/im-upside-down-what-should-i-do-lose-25k/#comment-4699 Suffering, Buying is overrated. Rent out your place (even at a loss) and live in a bigger rental. Suffering,
Buying is overrated. Rent out your place (even at a loss) and live in a bigger rental.

]]> By: Suffering http://blog.franklyrealty.com/2007/01/im-upside-down-what-should-i-do-lose.html/comment-page-1#comment-4698 Suffering Wed, 22 Jun 2011 23:28:15 +0000 http://franktempblog.wordpress.com/2007/01/16/im-upside-down-what-should-i-do-lose-25k/#comment-4698 I went to college, got out of college with a job and bought a house. My first real bachelor pad. I met a girl living at home, and she has moved in with me. Next step should be Marriage and Family, but I cannot raise a family in my post college bachelor pad of a house. I own 120,000 on a property that is valued at 70,000. I can't sell it for 70,000 because I can't pay the difference. I can't sell it at 120,000 because the person buying can't get a loan for anything near that amount. I can't see anyone with cash overpaying that much anyway. I make really good money for my age, and work really hard at my job. My life is on hold until I can have a place to move on with it. This makes me depressed. I went to college, got out of college with a job and bought a house. My first real bachelor pad. I met a girl living at home, and she has moved in with me. Next step should be Marriage and Family, but I cannot raise a family in my post college bachelor pad of a house. I own 120,000 on a property that is valued at 70,000. I can’t sell it for 70,000 because I can’t pay the difference. I can’t sell it at 120,000 because the person buying can’t get a loan for anything near that amount. I can’t see anyone with cash overpaying that much anyway. I make really good money for my age, and work really hard at my job. My life is on hold until I can have a place to move on with it. This makes me depressed.

]]> By: Upsidedown http://blog.franklyrealty.com/2007/01/im-upside-down-what-should-i-do-lose.html/comment-page-1#comment-4624 Upsidedown Sat, 11 Dec 2010 05:48:14 +0000 http://franktempblog.wordpress.com/2007/01/16/im-upside-down-what-should-i-do-lose-25k/#comment-4624 I read these posts and feel comforted that I'm not alone, but also sad that there is no way out. I bought a condo in Chicago for 265,000 in 2007 as an "investment". My husband and I thought that we would live in this up and coming neighborhood, start our family and move out in five years with about a 10,000 gain to put a downpayment on our next home. now we are stuck in the city, with street parking 2 kids in a two bedroom condo and the places in our building are worth 100k less than what we paid...I just don't see an end and I can't imagine my family continuing our lives here. We are making our payments and actually applied for a home loan modification so our payments are much more affordable now, but we feel so stuck in our place! Any advice would be helpful! I read these posts and feel comforted that I’m not alone, but also sad that there is no way out. I bought a condo in Chicago for 265,000 in 2007 as an “investment”. My husband and I thought that we would live in this up and coming neighborhood, start our family and move out in five years with about a 10,000 gain to put a downpayment on our next home. now we are stuck in the city, with street parking 2 kids in a two bedroom condo and the places in our building are worth 100k less than what we paid…I just don’t see an end and I can’t imagine my family continuing our lives here. We are making our payments and actually applied for a home loan modification so our payments are much more affordable now, but we feel so stuck in our place! Any advice would be helpful!

]]> By: ANGRY http://blog.franklyrealty.com/2007/01/im-upside-down-what-should-i-do-lose.html/comment-page-1#comment-4610 ANGRY Sun, 07 Nov 2010 18:13:28 +0000 http://franktempblog.wordpress.com/2007/01/16/im-upside-down-what-should-i-do-lose-25k/#comment-4610 This may sound harsh... but damn it's nice to see I'm not the only one in this boat. Misery loves company I guess. I'm a 29 year old military officer and thought I was ahead of the game buying before 30. Used my VA loan and got myself into a condo for 350k at 5% last year. Only days after I signed, units in the same complex were on sale for 220k and 280k. WTF? I'm in Afghanistan right now. I have a lot of money saved up. I rented it out for super cheap since I'm gone. The place needs some work, but it has a pool, hot tub, and un-matchable view. Yea, not the best reasons but I allowed myself to be suckered in. My biggest complaint about the place is that I share a public parking garage with the other tenants. I. HATE. THIS. I recently bought a motorcycle as well and they don't like when I use my spot for the bike and a visitor spot for the truck. HOA fees... what am I paying for? Paying to be fined and harrassed. I want out! But I'm upside down probably 50k last I checked. I have about 45k saved up from being deployed. Paid the truck off already. Is there any way I can put the saved up $$ to use? What do you recommend? Thanks! This may sound harsh… but damn it’s nice to see I’m not the only one in this boat. Misery loves company I guess.

I’m a 29 year old military officer and thought I was ahead of the game buying before 30. Used my VA loan and got myself into a condo for 350k at 5% last year. Only days after I signed, units in the same complex were on sale for 220k and 280k. WTF?

I’m in Afghanistan right now. I have a lot of money saved up. I rented it out for super cheap since I’m gone.

The place needs some work, but it has a pool, hot tub, and un-matchable view. Yea, not the best reasons but I allowed myself to be suckered in. My biggest complaint about the place is that I share a public parking garage with the other tenants. I. HATE. THIS. I recently bought a motorcycle as well and they don’t like when I use my spot for the bike and a visitor spot for the truck. HOA fees… what am I paying for? Paying to be fined and harrassed.

I want out! But I’m upside down probably 50k last I checked. I have about 45k saved up from being deployed. Paid the truck off already. Is there any way I can put the saved up $$ to use? What do you recommend?

Thanks!

]]> By: alone http://blog.franklyrealty.com/2007/01/im-upside-down-what-should-i-do-lose.html/comment-page-1#comment-4591 alone Fri, 03 Sep 2010 04:55:26 +0000 http://franktempblog.wordpress.com/2007/01/16/im-upside-down-what-should-i-do-lose-25k/#comment-4591 I bought a condo for 200K, a year later, I lost tax abatement, my association went up and I lost 40% of my income. I had to switch jobs, but was not able to recover. The cond is now worth about $119,000. I cashed in my retirement to keep up with the bills, I maxed out my cards, gave up the car and my husband keeps wanting to borrow from family to stay afloat. I dont know what to do. He just doesnt understand that borrowing more is not the way out of this. He thinks Im being irresponsible and giving up to easily, but I just have nothing left to give. Im tired. All my income is scheduled out to make minimum payments and I dont see an end to this. How do I get him to see whats happening? if I let him keep going, we're going to end up homeless. I dont want to lose the condo, I dont want be be foreclosed on, I dont want to file bankruptcy, but I also just cant keep going. I pay all the bills in the house adn he just doesnt get it. I worry all the time, every minute of the day, I only think of how Im going to pay the next bill. I bought a condo for 200K, a year later, I lost tax abatement, my association went up and I lost 40% of my income. I had to switch jobs, but was not able to recover. The cond is now worth about $119,000. I cashed in my retirement to keep up with the bills, I maxed out my cards, gave up the car and my husband keeps wanting to borrow from family to stay afloat. I dont know what to do. He just doesnt understand that borrowing more is not the way out of this. He thinks Im being irresponsible and giving up to easily, but I just have nothing left to give. Im tired. All my income is scheduled out to make minimum payments and I dont see an end to this. How do I get him to see whats happening? if I let him keep going, we’re going to end up homeless. I dont want to lose the condo, I dont want be be foreclosed on, I dont want to file bankruptcy, but I also just cant keep going. I pay all the bills in the house adn he just doesnt get it. I worry all the time, every minute of the day, I only think of how Im going to pay the next bill.

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