Finally selling condo

[Uppsala9496]

What is this magic you speak of?

http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation-

 

[Corporate Thug]

Over 1/10 states, you mean?

Wikipedia to the rescue.

Also, bank approved short sale =/= exhausting all methods of collecting debt...

 

[RossMAN]

It's in the NW burbs of Chicago.
Bought it 10 years ago. Only paid about $135K for it. Fair market value of $58,000 right now.

Now I'm curious what $58k can get you in your neck of the woods. I know it's already sold. Can you post some pictures (without revealing the address or any other personal info) of the place?

 

[andylawcc]

whao. I am glad you are being optimistic.

 

[Svnla]

Reading threads like this make me feel better as a renter.

 

[kaerflog]

Don't listen to these jokers.
You did what was best.
Would you mind telling us how are you saving $800 in baby sitting ??
Is it because you are living close to the parents now ??

 

[jagec]

Because business loans have different terms that take into account the much likelier possibility of default.

You're right, private mortgages are always issued under the assumption that 0% of people will ever miss a payment or default.

 

[Uppsala9496]

Saving $800 a month because preschool is just over $300 a month versus the $300 a week in daycare costs. Parents will pick up and drop off. Of course to throw a wrench in things my mom had a heart attack last night. Flatlined too. She's doing okay right now.

I'll post some pics of the place when I get a chance. In a hotel for a week right now waiting to move into our new place. All those years of traveling for work are getting put to use. 8 free nights and points to spare.

 

[bbhaag]

Saving $800 a month because preschool is just over $300 a month versus the $300 a week in daycare costs. Parents will pick up and drop off.

I hated paying daycare costs. My youngest just started Kindergarten and we are now saving about $660/month because of it.
$300/week for daycare seems on the high side though. Why was it so much?

 

[Uppsala9496]

Going rate for the area is $270 plus. Biggest scam there is.

 

[bbhaag]

Wow... that's incredible. Glad it isn't that bad down here in Peoria.
Congrats on the financial move and best of luck to you and your family in the future.

 

[kaerflog]

Thats why you need parents around if you decide to have kids.

 

[unokitty]

TLDR - babbling about how happy I am that short sale of condo is complete and how I will now save money.

Congratulations!

Be sure to enjoy some quality time with your family now.

Uno

 

[HardcoreRobot]

sounds like your living and commuting expenses are going to be a wash, without the benefit of building equity or ever being able to stop paying.

the daycare cost savings is great, but seems unrelated?

 

[Uppsala9496]

And the closing has been completed.
Bank waived obtaining a settlement from us for some unknown reason. Our attorney had a $2,500 cashiers check in hand for the settlement and the bank said no thanks.

The primary lender and the home equity lender have both agreed to payment in full without pursuit of any deficiency judgement.

So 2 1099's will be forthcoming, but the mortgage debt relief act takes care of that concern.

Feels really good to no longer have the upside down mortgage monkey on our backs.
About $75,000 worth of debt wiped out without any long term repercussions. A mere 3 month credit hit for my wife. Some lenders won't let her apply for a new mortgage for 3 years. Others don't care since it shows as debt paid (or settled).

Now to get a good bottle of wine tonight to celebrate.

 

[Uppsala9496]

Now I'm curious what $58k can get you in your neck of the woods. I know it's already sold. Can you post some pictures (without revealing the address or any other personal info) of the place?

http://www.realtor.com/realestatean...-Apt-2a_Rolling-Meadows_IL_60008_M79177-28134

Since I sold it, not too worried about people knowing where I lived.
Not the best pictures in the world.

 

[JTsyo]

Wow that sucks to be paying for 10 years and still be upside down on the place. I wouldn't worry about the bank, short sale is way better than a foreclosure. Good luck with the rest.

 

[RossMAN]

http://www.realtor.com/realestatean...-Apt-2a_Rolling-Meadows_IL_60008_M79177-28134

Since I sold it, not too worried about people knowing where I lived.
Not the best pictures in the world.

Looks nice and congrats again!!!