Talkintoy
Contributor
Well...Here i go again planning on moving.:nonod: I just moved to this current home last year. Sad to say i cant afford it any longer and i've exhausted my equity line. I should've seen this coming. I kept getting money out to support and pay my mortgage to keep up with this home and my family. Finally decided to let go and move and just rent??? You guys tell me if this makes sense. My payment on my mortgage is $2900 first and second combined P&I 30 year loan on first and 25yr i think on second. Cannot refi since i just bought it last year and it cost less than what i owe on it now. Finally found our home that's perfect for us with great location, nice neighborhood area, good school, close to family and not too big of a home for us 2200sq ft home. I love this home!:smxD: Only thing thats wrong is the financial part.:nonod: Does it make sense to rent like around $1500 to $1700 and and save the rest of money for other things? At least this way i wont have to pay property insurances, taxes etc... I figure rent in 3 yrs for $2900 = $104400! If i rented $1500 for 3 yrs = $54000! If i did this i would save $50400! Thats money i can use for other venture such as business, investment etc... Maybe then i can live below our means and hoping i can come up with something that will give me all the money to even possibly purchase my home in cash! Does this make sense you guys and gals? What are your opinions?
My plan is try to put in market to sell it while we're moving this month probably? I wouldn't make payments anymore... So i guess no payment for october, november, december while its on market trying to sell. If it doesn't sell then bank will do foreclosure for non payment january time since i'm not in the house anymore. I never thought i would do this but i have no choice. I have great credit and now it'll take a huge blow suddenly! I'm thinking i wont be able to buy a home again for investment the proper way in 5 or so yrs! arghhhhhhh.......... There goes my part of leverage down the drain!
My plan is try to put in market to sell it while we're moving this month probably? I wouldn't make payments anymore... So i guess no payment for october, november, december while its on market trying to sell. If it doesn't sell then bank will do foreclosure for non payment january time since i'm not in the house anymore. I never thought i would do this but i have no choice. I have great credit and now it'll take a huge blow suddenly! I'm thinking i wont be able to buy a home again for investment the proper way in 5 or so yrs! arghhhhhhh.......... There goes my part of leverage down the drain!
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