- Nov 2, 2001
- 5,272
- 19
- 81
On Tuesday the 18th I will finally be selling my condo and be debt free from the lenders.
Going to rent for a year or two and start to pay down the small amount of debt that the wife and I have (credit card totals of ~$6,000 and car loans of $16,000). Daughter is going into preschool next week so that alone saves me about $800 cash that I paid every month for daycare.
No more mortgage, no more association fees, no more home equity line of credit bill, no more daycare costs and to top it all off one of our cars has the last payment this month.
The place we are going to rent is about 4 miles from work instead of the 35 we currently have so less wear and tear on the cars. No toll roads to go on either. Right now its $3 a day in tolls.
We are getting about an additional 400 sq.ft. of living space and a 2 car garage (currently park both cars outside) for $150 more than the mortgage/association/heloc interest.
Starting next week we will save about $100 a month in gas, $50 in tolls, $800 in daycare. Thats $800 CASH that we are now saving a month by moving!
And yes, we did a short sale. Long process. Have had the condo for 10 years. Made every single payment on time except the last 2 months when our attorney told us to stop.
Both banks have given us written release of the loans so they cant come after us at a future date. Sure we get 1099s for the earned income but the mortgage forgiveness act will take care of that according to our accountant.
Really didnt want to do the short sale but we outgrew our condo and this was the only way to get out. Sort of feel bad about getting out of the debt we agreed to, but have to do what is best for our family.
Oh and the condo was/is in my wife's name so she is the only one that took the credit hit (~70 points). Mine is still near 800 and when we go to buy well do it under my name and Ill qualify as a first time home buyer. Win win. Time to chill the bottle of Dom I received as a wedding gift and pop it open once the closing paperwork is done.
TLDR - babbling about how happy I am that short sale of condo is complete and how I will now save money.
Going to rent for a year or two and start to pay down the small amount of debt that the wife and I have (credit card totals of ~$6,000 and car loans of $16,000). Daughter is going into preschool next week so that alone saves me about $800 cash that I paid every month for daycare.
No more mortgage, no more association fees, no more home equity line of credit bill, no more daycare costs and to top it all off one of our cars has the last payment this month.
The place we are going to rent is about 4 miles from work instead of the 35 we currently have so less wear and tear on the cars. No toll roads to go on either. Right now its $3 a day in tolls.
We are getting about an additional 400 sq.ft. of living space and a 2 car garage (currently park both cars outside) for $150 more than the mortgage/association/heloc interest.
Starting next week we will save about $100 a month in gas, $50 in tolls, $800 in daycare. Thats $800 CASH that we are now saving a month by moving!
And yes, we did a short sale. Long process. Have had the condo for 10 years. Made every single payment on time except the last 2 months when our attorney told us to stop.
Both banks have given us written release of the loans so they cant come after us at a future date. Sure we get 1099s for the earned income but the mortgage forgiveness act will take care of that according to our accountant.
Really didnt want to do the short sale but we outgrew our condo and this was the only way to get out. Sort of feel bad about getting out of the debt we agreed to, but have to do what is best for our family.
Oh and the condo was/is in my wife's name so she is the only one that took the credit hit (~70 points). Mine is still near 800 and when we go to buy well do it under my name and Ill qualify as a first time home buyer. Win win. Time to chill the bottle of Dom I received as a wedding gift and pop it open once the closing paperwork is done.
TLDR - babbling about how happy I am that short sale of condo is complete and how I will now save money.
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