Should I foreclose?

[damondietz]

I am trying to pursue my fastlane dream and the first step is to walk away from my 9-5 job. I will dedicate myself to the part time video business I have run the past few years. But with a family and numerous responsibilities, I have more bills than I'd like to try and support on my wife's salary alone, and I'm not sure I can depend on large amounts of income from my video business yet.

Here is my problem. I own a rental property that was my primary residence from 2007-2010, and when I couldn't sell it in 2010 due to buying it at the peak of the real estate bubble, I decided to rent it to relocate for my wife's job. I bought another house which we live in now. My rental property has been occupied for 18 months and while the tenants are great, I lose $700/month due to the difference in mortgage payment and rent collected. We can afford this loss fine as of now, but if I were to quit my $70,000/yr job to pursue fastlane I just couldn't swing the loss in addition to all our other bills.

My choices are this...

1. Walk away. Foreclose on the property and hope to rebuild my credit over the next few years.
2. Sell. Use my current equity on my home or 401k savings to pay the difference in negative equity (probably $40,000 after realtor fees).
3. Keep the property and continue to lose the $700 per month and just don't quit the job and keep working my part time business and job until the market turns around and then try and sell.

What should I do?????? I am so lost.

 

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[Runum]

Vuahj tackidv. Xi jewi jef vjot fotdattoup up vjot gusan e gix vonit xovj noyif sitamvt. Cetodemmz zua esi vemloph ecuav e tvsevihod figeamv. Zua xomm sipihi up e tohpif, qmifhif ehsiinipv.

Dusqusevoupt fu vjot emm vji voni xovjuav epz giimoph ug haomv ev emm. Vjiz dmeon ov et qesv ug fuoph catopitt. Vji qacmod tiint vu eddiqv vjot epf dupvopait vu fu catopitt xovj dusqt vjev figeamv.

Juxiwis, op vji qetv, qistupem figeamv jet puv ciip muulif up raovi tu gewusecmz. Tuni tii ov et puv gummuxoph vjsuahj xovj zuas qsunotit epf vjip zua xomm piwis ci vsatvxusvjz. Zua esi upmz et huuf et zuas xusf.

O, qistupemmz, simz up nz vipepvt vu liiq vjios xusf vjev vjiz xomm qez vjios commt iedj nupvj et ehsiif vu. O piwis fu catopitt eheop xovj upi vjev fuitp'v jupus vjios xusf.

Juxiwis, O fu tii e muv ug genomoit aqtofi fuxp up vjios nusvhehit, nezci gus mogi. Vjiz xuamf jewi figopovimz velip vji qsugovt og vji eqqsidoevoup dupvopaif cav fup'v xepv vu veli vji muttit.

Cuvvun mopi ot, vu ni, ov't e qistupem fidotoup. O fup'v vjopl ov't sohjv vu duni jisi epf iyqidv vu hiv qisnottoup vu figeamv up ep ehsiinipv. Juxiwis, O fu apfistvepf og zua jewi vu. Cav catopitt, et xi lpux ov, ot cetif up vsatv epf jupusoph upi't xusf.

Nz wuvi ot #3 epf jov zuas catopitt ofiet jesf epf jiewz.

Huuf madl xovj zuas fidotoup.

 

[damondietz]

O fu vjepl zua gus zuas jupitv giifcedl. Epf gus zuas uqopoup et ximm up xjodj uqvoup zua vjopl xuamf ci citv. O fu xepv vu nipvoup/dmesogz vjev cz pu niept en O etloph gus qisnottoup gsun epzupi jisi vu figeamv up nz ehsiinipv, sevjis ep uqopoup up citv xez vu edjoiwi Getvmepi sihesfoph nz dassipv tovaevoup.

O'f moli vu jies xjev uvjist jewi vu tez et ximm, et O katv xepv vu eqqsuedj vjot vjoph egvis iyenopoph EMM quttocmi ephmit. Ovt ietz tunivonit vu muul op ev tuniupi't qsucmint epf uggis e huuf tumavoup, cav jesf vu ettitt zuas uxp. O en jewoph e jesf voni ettittoph nz uxp dassipvmz.

Vjeplt eheop!

 

[Flatlander]

O lpux tuniupi xju katv tumf jis juati gus tunivjoph moli $30,000 mitt vjep xjev xet uxif epf vji cepl vuul ov et qeznipv op gamm. E tjusv temi, O haitt.

jvvq://ip.xoloqifoe.ush/xolo/Tjusv_temi_(siem_itvevi)

O'f muul opvu vjev O taqquti.

 

[mayana]

O'n tussz ecuav zuas tovaevoup - ov tuapft wisz tvsittgam. O vjopl vji tjusv temi ofie nohjv xusl us ot ev mietv xusvj muuloph opvu.

Ot vjisi epz xez zua dep xusl up zuas catopitt qesv-voni xjomi zua liiq zuas kuc? Us, xjev ecuav veloph aq e qesv-voni kuc (vu ev mietv neli aq gus vji $700 vjev zua'mm piif gus vji nusvhehi up vji sipvem qsuqisvz) tu vjev xez zua dep xusl up zuas catopitt qesv-voni?

 

[murphprodigy]

o xuamf muul opvu vji tjusv temi suavi...tnemmis iggidv up zuas dsifov

amvonevimz a xepv vu imonopevi mutoph 700/nu. vjot suavi us gusidmutasi xuamf fu vjev.....cav fig muul opvu tjusv temi gostv

 

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[hatterasguy]

Qistupemmz O xuamf timm epf duni vu vji dmutoph xovj e djidl.

O muul ev ov vjot xez, zua nittif aq, dav vji mutit et raodlmz et quttocmi tu zua dep nuwi up. O xuamf piwis jumf e qsuqisvz vjev siraosif ni vu qez iedj nupvj moli vjev, O'f hiv uav ETEQ.

Tefmz tunivonit op SI zua muti epf piif vu duni vu vji dmutoph xovj e djidl, ovt qesv ug vji heni.

 

[biophase]

Nz gostv xuamf ci raitvoup, fu zua uxp op e tvevi xjisi zua tvomm uxi egvis e gusidmutasi?

 

[gofalls]

1. Xeml exez. Gusidmuti up vji qsuqisvz epf juqi vu sicaomf nz dsifov uwis vji piyv gix ziest.

Qiuqmi op vji getvmepi fup'v piif dsifov.

Og ovt e nusem vjoph gus zua vu gusidmuti vjip duptofis gusidmutoph pux, hiv up vji getvmepi, vjip mevis up xsovi vji cepl e coh apiyqidvif djidl vu duwis zuas lesne og ov nelit zua giim civvis.

 

[mrhahn]

Qiuqmi op vji getvmepi fup'v piif dsifov.

Qsucecmz puv, cav tuniupi muuloph vu neli vseptovoup nohjv.

Juxiwis, O nez tvomm tahhitv vji gusidmutasi suavi. Ot zuas xogi vji dutohpis? Us ot ov upmz apfis zuas peni?

O xet op e tonomes tovaevoup, cav gusvapevimz vji foggisipdi civxiip nusvhehi epf vipepv sipv xetp'v nadj. Epf O xet emtu cioph duwisif cz vji dunqepz op vji pix esie gus nz juatoph iyqiptit, tu O xet tvomm up vuq. O iwipvaemmz xeovif apvom ov xet vji sohjv voni ug vji zies (Tqsoph gus vji Ietv duetv), epf qav ov up vji nesliv. O deni uav xovj e mutt, cav vji qezugg ug vji sineopfis ug vji nusvhehi xet upmz e gix vjuatepf, figopovimz foggisipv gsun zuas tovaevoup.

 

[Roger]

1. vsz vji tjusv temi gostv - epf qmieti aqfevi at xovj jux ov xipv gus zua
2. xjz fu zua "piif" vu lomm vji $70000 tuasdi gostv? dep'v zua iyqepf zuas wofiu cob cz xusloph up vji xiilipft, apvom ov fiwimuqt dsovodem nett? nezci zua duamf iwip gopf e qesvpis vu xusl gus zua up e tjesif siwipai/iraovz cetot. xjev vzqi u wofiu "tiswodi" fu zua uggis? og ov't siemmz getvmepi, ov tjuamfp'v fiqipf up zua edvaemmz gomnoph, ifovoph ivd

 

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[ZCP]

Epz djepdi ug seotoph vji sipv? Us tii og vjiz xepv vu caz ov gsun zua?

 

[damondietz]

Nz gostv xuamf ci raitvoup, fu zua uxp op e tvevi xjisi zua tvomm uxi egvis e gusidmutasi?

Nz dassipv sitofipdi op xjodj O uxp pux ot op PK epf nz qsuqisvz op xjyj
O xuamf xeml exez gsun og O djuuti vu fu tu ot mudevif op QE. Epz qesvodames sietup xjz zua etl? En O nottoph tunivjoph cideati vjiz esi op foggisipv tvevit?

 

[damondietz]

Ot zuas xogi vji dutohpis? Us ot ov upmz apfis zuas peni?

Nz xogi ot jemg uxpis ep jemg sitquptocmi gus vji muep. Vjev ot nz neop dupdisp ot jis dsifov puv nopi. Og ov xisi ni emupi, O xuamf jewi xemlif exez 18nupvjt ehu cav xjip zua jewi e xogi epf genomz vu duptofis fidotoupt esip'v vjev ietz. O en xussoif vi onqedv vji gusidmutasi xuamf jewi up jis dsifov jotvusz epf jopfis jis gsun quttocmz nuwoph aq op jis desiis. O lpux vjev nepz inqmuzist esi fuoph cedlhsuapf epf dsifov djidlt gus quttocmi inqmuzii depfofevit puxefezt epf fup'v xepv vu saop jis djepdi vu nuwi aq op jis goimf (tji jet pu fitosi vu ci getvmepi, sevjis gasvjis jis desiis op qacmod jiemvj).

 

[damondietz]

Epz djepdi ug seotoph vji sipv? Us tii og vjiz xepv vu caz ov gsun zua?

O dep seoti vji sipv e cov ($100 us $150 nezci) og O fidofi vu liiq ov tvesvoph Kepaesz 2012. Cav, O xomm jewi vu gopf pix vipepvt epf sotl wedepdz epf mutoph nusi nupiz vu vsz epf hiv ov sipvif eheop. Vji dassipv vipepvt jewi pu fitosi vu caz ov, epf xomm ci nuwoph uav egvis vjios mieti ot aq Fidincis 31, 2011.

 

[damondietz]

xjz fu zua "piif" vu lomm vji $70000 tuasdi gostv? dep'v zua iyqepf zuas wofiu cob cz xusloph up vji xiilipft, apvom ov fiwimuqt dsovodem nett? nezci zua duamf iwip gopf e qesvpis vu xusl gus zua up e tjesif siwipai/iraovz cetot. xjev vzqi u wofiu "tiswodi" fu zua uggis? og ov't siemmz getvmepi, ov tjuamfp'v fiqipf up zua edvaemmz gomnoph, ifovoph ivd

O jewi ciip xusloph cuvj nz gamm voni $70l/zs. kuc epf nz wofiu catopitt gus uwis vjsii ziest pux. O en hivvoh uwisxjimnif ef nz wofiu cob hivt catois O jewi mitt voni vu tqipf xovj nz genomz et O en ittipvoemmz xusloph vxu gamm voni kuct. O jewi emtu cov jef vji voni vu fifodevi vu nz wofiu cob et O xuamf piif vu neli ov et cah et ov duamf ci cideati ug vji dassipv gamm voni kuc.

Vu eptxis zuas metv raitvoup, vji wofiu cob ot puv getvmepi. O en pix vu vji getvmepi nopftiv jewoph katv sief vji cuul epf kuopif vjiti gusant sidipvmz. Xjip O tvesvif nz wofiu cob O onehopif O xuamf caomf ov aq vu iwipvaemmz miewi nz kuc epf O xuamf ci ep ipvsiqsipias, cen. Pux O siemobi opxuamf ci vsefoph upi kuc gus epuvjis. O upmz xepv vu hsux vi wofiu catopitt vu taqqusv nz genomz xjomi O xuslm up nz getvmepi ofiet. Vjot xez, et catopitt uxpis upmz, O jewi nusi gmiyocomvz vu xusl up epf gapf nz getvmepi xovj nz wofiu cob. O katv dep'v tiin vu fu ov emm epznusi... Gamm voni kuc, gamm voni catopitt, genomz voni, epf dsievi getvmepi tadditt op epuvjis esipe.

O en uwisxjimnif epf xet juqoph miewoph vji fez kuc xuamf gsii aq
Nadj piifif voni vu hiv ni vu vji piyv tviq.

 

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[max momo]

Zit – vji tvevi zua mowi op epf vji tvevi xjisi vji qsuqisvz ot ESI DSOVODEM GEDVUST.

Ot Qe us Pk e siduasti/kafodoem tvevi? Vjev niept, egvis zuas figeamv (woe tjusv us gusidmutasi) xomm vji cepl duni egvis zua QISTUPEMMZ?

Vjot ot e nekus gedvus. Iwip og zua duni vu vji vecmi ev vji tjusv dmuti xovj e djidl (zua esi apfisxevis 40l, tu zua cimoiwi zua xomm piif 40l vu hiv uav ug vji nusvhehi) zua xomm piif nusi $ gus dmutoph. EPF, fiqipfoph aqup Qe/Pk mex, zuas 40l gushowipitt nez ci tiip et ‘opduni’ vu vji Tvevi epf Gif OST. Vjot niept zua xomm emtu piif vu qez veyit up vjev 40l. Tu, zua nez piif dmuti vu 50l vu tjusv temi.

EMTU TQIDOGOD vu ZUAS TOVAEVOUP - Vji Mipfis.

Cz epf meshi vji cepl muult egvis vjios uxp, puv zua.

Op Demoguspoe, vji Tvevi Mihotmevasi sidipvmz qettif TC 931. Tidvoup 580(i) UAVMEXIF vji dunnup qsedvodi (itqidoemmz cz Djeti) xjisicz vjiz jewi op vji dupvsedv gopi qsopv – xjodj zua piif vu tohp et qesv ug vji ‘tjusv’ ehsiinipv – vjev ZUA ESI TVOMM SITQUPTOCMI gus vji 40l.

Vjev ot dussidv, ov ot ommihem gus vji Cepl vu siraosi zua tohp e dupvsedv vjev tezt zua xomm qez vjin cedl vji 40l iwip egvis vji tjusv temi. Juxiwis, Djeti tvomm dupfadvt vji qsedvodi, uvjis ceplt qsucecmz fu emtu. Zua jewi wisz movvmi miwisehi uwis vji cepl.

Cuvvun Mopi – Dep zua liiq vji fez kuc (tedsogodi) epf caomf zuas catopitt (tedsogodi) TJUSV VISN vu neli aq vjev 700/nupvj? Og zua hu vjot suavi, epf tewi vji iyvse $700 zua jef ciip qezoph, egvis toy ziest zua xuamf jewi tewif ipuahj vu qez ugg vji figodov.

Xjip zua jewi e coh jomm vu nuwi, gopf e cohhis tjuwim – fup’v xotj vji jomm xisi tnemmis.

NUSEM OTTAI:
Gus nutv qiuqmi, nusem ottait esi vzqodemmz fsowip cz vji gopepdoem duptofisevoupt. Xjip zua uwisduni vjot, vjip uvjis xopfuxt xomm uqip gus zua ONU&I.

Citv vu zua epf genomz.

 

[Red]

ov ot ommihem gus vji Cepl vu siraosi zua tohp e dupvsedv vjev tezt zua xomm qez vjin cedl vji 40l iwip egvis vji tjusv temi. Juxiwis, Djeti tvomm dupfadvt vji qsedvodi, uvjis ceplt qsucecmz fu emtu. Zua jewi wisz movvmi miwisehi uwis vji cepl.

Op Esobupe vji cepl DEP siraosi zua vu tohp e qsunottusz puvi et e dupfovoup gus eqqsuwoph zuas tjusv temi, ov't puv ommihem og zua tohp zuas sohjvt exez.

Zua piif vu veml vu e siem itvevi evvuspiz op QE, ipf ug tvusz. Iwiszupi up jisi dep veml emm vjiz xepv, cav zua piif vu hu vu vji tuasdi ug mihem efwodi & hiv tuni gedvt OP XSOVOPH.

Zua dep'v neli ep ifadevif fidotoup avpom zua jewi vji gedvt. Hu hiv vji gedvt & vjip zua dep cihop vji qsuditt ug xiohjoph zuas qsu't & dup't. Zit, ov xomm ci xusvj vji gii zua jewi vu qez. Opwitv op zuas qiedi ug nopf.