Renting and BK!!

[killinstinct]

Ugh.

We're done with BK, but I can't help but feel sometimes like a complete loser for giving up the house (was about $2300K/month payment, renting now for about $1100/month for similar place).

My neighbor just told me they jacked up his lease for next year for $100 more a month. Still a bargain I guess, but I'm struggling with feeling stupid, like I should have tried to save the house still, which has yet to have even a hint of action toward foreclosure (we moved out almost a year ago!!!).

You can't win this game, I guess. F' the banks. I'm so sick of it. I'm an honest, hardworking person like most everyone else here I imagine that can't seem to get ahead. I'm just trying to raise my family best I can.

Happy Holidays everyone! We're doing well overall, these are just some nagging thoughts. Thank god for this forum.

[JRScott]

Well for your situation it was probably the best thing to give up the home. Keep in mind you could if you can find financing bid on the home at auction.

[frogger]

Ugh.

We're done with BK, but I can't help but feel sometimes like a complete loser for giving up the house (was about $2300K/month payment, renting now for about $1100/month for similar place).

Looks pretty smart to me. Saving $1200 a month on living arrangements + not having to pay property taxes, insurance, maintenance. You're easily saving 20 grand a year by renting and not owning.

Renting can be a bargain.

[killinstinct]

Thanks. Probably being premature, but if they keep jacking up rent $100 a year, you start to feel like you're getting hosed and should have stayed in your house.

[frogger]

Thanks. Probably being premature, but if they keep jacking up rent $100 a year, you start to feel like you're getting hosed and should have stayed in your house.

Perhaps you should try for a lease agreement with options to renew. Have the option renewal rate based upon the official government rate of inflation.

But make sure that it's an option, not mandatory. We could see Jimmy Carter style inflation again if money keeps being printed.

[nc73]

Ugh.

We're done with BK, but I can't help but feel sometimes like a complete loser for giving up the house (was about $2300K/month payment, renting now for about $1100/month for similar place).

My neighbor just told me they jacked up his lease for next year for $100 more a month. Still a bargain I guess, but I'm struggling with feeling stupid, like I should have tried to save the house still, which has yet to have even a hint of action toward foreclosure (we moved out almost a year ago!!!).

You can't win this game, I guess. F' the banks. I'm so sick of it. I'm an honest, hardworking person like most everyone else here I imagine that can't seem to get ahead. I'm just trying to raise my family best I can.

Happy Holidays everyone! We're doing well overall, these are just some nagging thoughts. Thank god for this forum.

wait you moved out a year ago and the place hasn't foreclosed? why didn't you stay rent free? in any case it's still cheap rent compared to what your mortgage was, even if you have to move to find a similar deal.

[Bell30656]

I bought a mobile home after I had to move out of my house with the big payment that I wasn't paying. I thought I'd just live in it a little while but I've grown very accustomed to not having to write a mortgage or rent payment each month. My lot rent is $215 and I own the trailer outright and it is just me and my daughter.

Does that make me a loser because I gave up the house with the $1480 a month payment and now live in a mobile home community (pronounced: trailer park)? Maybe, but I'll tell you what this loser now has the extra funds each year to take his kid to Disney World. We went twice last year.

I can spoil my child and not think twice about it. (I only have one and she'll only be 7 once.) I was afraid of what the year after the bankruptcy would bring. In truth it has been the best year of my life.

Is owning your own home all that it is hyped up to be? Your payment was double what you are paying now. Look at how much more you can do with that extra money! There is no shame in renting.

[killinstinct]

wait you moved out a year ago and the place hasn't foreclosed? why didn't you stay rent free? in any case it's still cheap rent compared to what your mortgage was, even if you have to move to find a similar deal.

When we moved out, we were concerned about finding a decent place to live before our credit got trashed. Plus the house belonged to my ex-wife and I and had a lot of bad memories, my current wife was not a big fan. It was a bit of an emotional/psychological decision as well.

Could have saved a lot of $$ I guess, but was a lot less stressful to just get out, and again, we wanted to find a decent place to live in the same area. Our credit was first-rate at the time.

Thanks again everybody!!

...and you're right, we may be losers, but we've given our kids the best Christmas and birthdays EVER in the last year. And there's a trip to Disneyworld coming up.

[frogger]

I bought a mobile home

Does that make me a loser because I gave up the house with the $1480 a month payment and now live in a mobile home community (pronounced: trailer park)?

Dang it man. Learn the correct terminology for those things.

They are called "wobbly boxes"

Makes you want to find a woman with big hair too doesn't it?

[Bell30656]

I've heard that every time there is a divorce or a tornado in Georgia someone loses a trailer. This one has been sitting here since 1987 so I guess it's safe to say the wind hasn't been strong enough to carry it away yet.

I bought a really, really good insurance policy on the place so if a big wind does come... maybe it will come when we are not home.