Does anyone besides me NOT ever want to own a home again?

[username1223]

Going through the bankruptcy and surrendering the home was just too much. Was discharged in March 2009. Now we are renting and have no debt. Our vehicles are paid for (nothing fancy) and our landlord is like family. Our income is 100,000 per year (mine) and our rent is 850.00 month. Gonna save a lot after the next few months after getting husbands business started again( using the extra cash now for that) and he already has bookings so our income will increase. The house we surrendered had depreciated so much because of the market. I really do not think I ever want to own a home again and have the obligation of a mortgage. I have one credit card with a 750.00 limit and that is all I ever want ( in case I need to rent a car). I'm just too scared to ever owe anyone anything that some unforseen thing will happen- I just never want to owe anybody anything again. A new car and nice house is just not worth any of the debt obligation IMO. I did not want to go bankrupt but terrible circumstances happened that I could not avoid and I figure it can never happen again if I never owe anybody anything. Does anyone else feel this way. I'm having a hard time understanding why anyone would ever want a mortgage again after going through this??? My husband almost convinced my to put a used vehicle on payments and I freaked out because we'd have a bill, I just cannot handle it. We ended up not doing it and finding a much cheaper vehicle, not nearly as good but paid cash. I get sweaty, and panicky if I think of having a bill or spending money I don't HAVE to spend.

[Surviver]

You know what? I agree 100%. Since we've been going through this BK CH 13, I have really come to the conclusion that the "owning a home" thing is over rated.

I think the media and the so-called finance professionals encourged everyone to buy a home to own a piece of the american dream. It's not a dream, it's a pile of debt & who wants that??? It's only a dream if you can pay cash for your home.

I appreciate your comments, they are true!!!

[Mi Bankruptcy]

It sounds like your more concerned about the debt of a home than actually owning a home. Maybe you can save for awhile and pay cash for a home. My thought on this is. When I am 70+ years old I don't want someone jacking up rent when I am living on a fixed income. Yes, you will still have maintain the home & taxes. However, worse comes to worse you don't have to fix them right away. My goal is not to be a greeter at
Wal-Mart or mopping up at McDonalds when I am supposed to be retired. I am not being a snob.. those are honest jobs. I just want to enjoy life and retirement. I am in my mid 30's. Doing BK now was a part of my retirement plan.

[Surviver]

Thats the whole point. Having money to save!

You cannot do that giving it to the mortgage company for an investment that is not appreciating. From the looks of things, home values won't be going up anytime soon.

[Horse of Course]

Not having a mortgage is great, but having to deal with a Landlord is a pain in the rear. Some Landlords are very stingy and will do the least possible in the upkeep of a home. I want to settle down and not think about moving again until my 5th grader has completed high school and possibly college. Thankfully we have a 3 year lease and that takes us to the middle of 8th grade. I think there are pros and cons of not owning your own home and the pros and cons are different for everyone.

[Mi Bankruptcy]

Thats the whole point. Having money to save!

You cannot do that giving it to mortgage company for an investment that is not appreciating. From the looks of things, home values won't be going up anytime soon.

Dealing with a Landlord can be a pain. You are also subject to their timeline. It is also difficult to save for a home when you are throwing away your money in rent. Even if your house isn't appreciating significantly when you are done paying the mortgage in full you will still have a substantial asset. Unfortunately, it's just an asset you can't take advantage of without threating your home.

I guess it really boils down to your experience with housing. I bought my house in a competitive market that was appreciating. I also bought a home with in my means telling my broker I preferred the higher fixed rate rather than a ARM or ADJ rate with everything in escrow. I also had our house payment auto deducted on the 15th of each month; the day before it was considered late. Luckily we had overdraft protection at our bank when things got tuff and we did not have the full amount available. We would periodically get nailed with $30.00 overdraft fees. $30.00 was well worth the peace of mind.

I only put 1K down on my mortgage. This was my first home. If I went to rent right now it would be more expensive than my mortgage payment, taxes & insurance.

I told my wife everything else is negotiable about paying. Having a place to live was not. My attorney looked at my housing costs and said " wow, you did really well with your housing situation." However, being in FL or CA and having the bottom drop I may have a different view. This is my take on things, I am not saying anyone is wrong for not wanting to own a home. I would say I am biased because buying my home and doing my financing was one of my successful financial achievements.

[jb300]

Even though I am in BK, I still want to own a house. I bought a very old house that needs work. We will do the work ourselves over time. We have no kids at home and I can tolerate a lot to have a house.

I bought it on a 3 year contract with 20% down that I took out of life insurance loan value to buy. I am one year into the contract and in 2 years or less this house will be paid for.

I am 51 and don't want to worry about rent forever. My property taxes are dirt cheap.

Right now holding on to my house is my biggest concern with the BK. I think I will be ok but will not rest easy until I get through this.

[Surviver]

It depends on each person's situation. For me and my family, I stand by my comments.
I refuse to pay into something that is not a good investment. We are in uncharted territory regarding the housing market, so you make the decision that is best for you and I'll do the same for me. After I'm done with the BK, I can save and purchase a home at that time. I want to enjoy life and not be saddled down with debt.

[Stilltheone]

Sorry, I have to disagree with you. For me, owning a home means my children have a dependable roof over their heads. They have their OWN yard, their OWN bedroom. It makes me proud to OWN my home, even though technically the bank lets me live here.

We have the same mortgage that we had when we filed...interest only, owe more than what it's worth...and ya know what? It doesn't bother me. I have a brand spanking new (almost) house and I love it.

I would NEVER EVER want to rent. At least every month when I'm pissing my money away on interest, I at least get to live in a house and not some tiny apartment!

[relief13035]

I WAS a landlord and I WAS a pain in the butt!!!

I pray that I will never have to rent.

[eddiep]

I enjoy being a homeowner, we have a big piece of land, plenty of privacy. When we first got the house everybody that came to visit would make the comment that we could run around naked and none of our neighbors would be able to see us. Well we have been here for 12 years and I have never run around naked in my yard but it is nice to know I could if I wanted to.

[imoverit]

I hate renting I like doing little things to my house. Painting, planting, changing things or whatever it may be. We surrendered our house and as far as I am concerned I can not buy a house soon enough! Our landlord is nice...we never hear from her. Just pay the rent every month. I am constantly looking for ways to get a mortgage. Fingers crossed they let some of us with the BK buy again. We have a steady income, we just needed to move and the house was so upside down there was nothing we could do but let it go... *sigh*

[DebtEnder]

For me I can rent a house for WAY less then I pay in mortgage now. To boot it can be in a neighborhood with a great play area , tennis, pool the whole nine yards and the hoa fees are part of the rent. Unlike where I live now that is supposed to have all that but they had to close it all off due to excessive vandalism. Broken glass in the play area along with used condoms and a green pool not a good thing.

Of course the HOA is still suing people for past due fee's but we can do nothing to the hoa who refuses to spend the money on anything besides their own "professional" fees.

In the end right now about $250 goes to the principal on the house. Of course I have no value in the house as the HOA is killing anyone's desire to move in. I can take the over 400 I save renting and then have true value, cash in the bank

Of course my situation is my own, if it was not for the HOA/Other properties in the area issue I would work for a loan mod. However I have no desire to live here any longer, unless rent free

[Surviver]

Well, my point exactly...YOU are in a BRAND NEW home, I am not, My home was built in 1940 with TONS of work that needs to be done. SO......again, IN MY CASE, it is NOT worth puting more money into this house, when I can rent another home (NEW) and get my financial house in order. Again, as I said before, it really depends on an individual's situation. Your situation is obviously different from mine, so that does not make my decision wrong. I guess I wouldn't be so eager to leave my home if it were NEW either.

[spidge]

Well, my point exactly...YOU are in a BRAND NEW home, I am not, My home was built in 1940 with TONS of work that needs to be done. SO......again, IN MY CASE, it is NOT worth puting more money into this house, when I can rent another home (NEW) and get my financial house in order. Again, as I said before, it really depends on an individual's situation. Your situation is obviously different from mine, so that does not make my decision wrong. I guess I wouldn't be so eager to leave my home if it were NEW either.

I'm with you on that one. My upside down house needs work and I feel that I could file BK, give up the house, and in 2 years I could have 20%-30% down on what the prices are now. Even if they start to go back up it will only be a few % points per year.
I do agree with the original poster in that it feels good to not pay those bills. It will feel even better after the BK is final. I look forward to planning out my future and spending (cash) on me and my family rather than someone having lavish parties on money I have yet to earn.