Official Upside Down on My Mortgage Thread

**pGekko** · 06-01-2010, 12:12 PM

Originally Posted by flemgoblue

just bought a new house. have no ideas how i'm going to dump my current one.. owe 149, its worth about 135. have it listed for sale and for rent. no bites so far.

There are really only two positives to my situation:

1) I like my place. Other than the mortgage situation, it's perfect for my needs right NOW.
2) Seems like my neighbors have had good luck renting their units out. Only drawback to this is that I have dealt with some butthole renters.

**SportsFromA2** · 06-01-2010, 12:12 PM

Originally Posted by gordongekko

There are really only two positives to my situation:

1) I like my place. Other than the mortgage situation, it's perfect for my needs right NOW.
2) Seems like my neighbors have had good luck renting their units out. Only drawback to this is that I have dealt with some butthole renters.

what happened with the annoying neighbors? did they move out?

**pGekko** · 06-01-2010, 12:14 PM

Originally Posted by SportsFromA2

what happened with the annoying neighbors? did they move out?

Yep. One year lease apparently. Some chicks moved in and are a non-issue.

**General283** · 06-01-2010, 12:16 PM

This thread makes me want to jump off a tall building. The only solace I get in my home situation is that is it right in downtown Royal Oak, so maybe due to the location I can get what I paid for it, after I complete the renovation of course. Also I like having a yard...I guess that's something.

**pGekko** · 06-01-2010, 12:17 PM

Originally Posted by General283

This thread makes me want to jump off a tall building. The only solace I get in my home situation is that is it right in downtown Royal Oak, so maybe due to the location I can get what I paid for it, after I complete the renovation of course. Also I like having a yard...I guess that's something.

Although I started this thread, I'm really over the whole situation. I'm just banking on being in the rental property business in a few years I guess.

**flemgoblue** · 06-01-2010, 12:18 PM

Originally Posted by Justin

I thought you lived in a sub? They have 4 acres?

What happened that you had to buy a house before you sold the old one?

nothing happened that i HAD to buy it..

but mortgage rates are low and the market is at rock bottom, so why not buy?

**mdh218** · 06-01-2010, 12:19 PM

Originally Posted by gordongekko

Although I started this thread, I'm really over the whole situation. I'm just banking on being in the rental property business in a few years I guess.

yup; we are looking at that as a 3 to 4 year business. long enough for step-son and his friends to graduate college...after they rented the house for those college years. hahaha.

**General283** · 06-01-2010, 12:20 PM

Originally Posted by gordongekko

Although I started this thread, I'm really over the whole situation. I'm just banking on being in the rental property business in a few years I guess.

For whatever reason I do NOT want to lease out my place. I dont trust other people in a home that belongs to me. The scariest part is if they trash the place and/or just leave on me without paying. Then you're really fcuked.

**flemgoblue** · 06-01-2010, 12:21 PM

Originally Posted by General283

For whatever reason I do NOT want to lease out my place. I dont trust other people in a home that belongs to me. The scariest part is if they trash the place and/or just leave on me without paying. Then you're really fcuked.

i guess, but what's the alternative? i can't sell it unless i want to take a 15k loss.

**pGekko** · 06-01-2010, 12:21 PM

Originally Posted by General283

For whatever reason I do NOT want to lease out my place. I dont trust other people in a home that belongs to me. The scariest part is if they trash the place and/or just leave on me without paying. Then you're really fcuked.

Well I don't want to either, but I'm not sitting on the sidelines much longer. I'm going to want a bigger place with a yard soon, and in order to afford that mortgage, I'm going to need to have my condo not counted as a debt.

**flemgoblue** · 06-01-2010, 12:23 PM

Originally Posted by gordongekko

Well I don't want to either, but I'm not sitting on the sidelines much longer. I'm going to want a bigger place with a yard soon, and in order to afford that mortgage, I'm going to need to have my condo not counted as a debt.

i qualified even though my house mortgage counted as debt.. i'm sure you'll be fine on that front