Tuesday, June 30, 2009
Thursday, June 25, 2009
So, I finally decided to give in and sell my house for what I owe.
For those who have not been reading this blog since the start I purchased a 1 bed/ 1 bath 890 sqaure foot condo with a detached garage for $89,000 dollars in January of 2006.
I put 20% down on a 6.5% 30 year fixed mortgage.
After the down payment and 3.5 years of mortage payments I owe about $66,500 on my home.
I figure even though it would be devestating to lose $22,500 dollars in life savings basically giving the house away for what I owe on it, my credit would be intact, and I would be able to get a much larger house at a steal from someone who was taking a much bigger loss.
The problem is when I went to realtor.com I am seeing 1200 sqaure foot 2 bed/2 bath condos selling for $67,000.
Even after putting 20% down and living in the house for 3.5 years of solid payments I am underwater!!!
There is no way I can possibly sell this place without damaging my credit, and damaging my credit would defeat the whole purpose of selling it because we want a bigger house.
It is a really sad situation because while this is a fine condo for a single person, I am married now and my wife would like a real house. We are trapped here and can't move on with the next stage of our lives.
The house crash has claimed another victim.
Posted by Chris at 8:08 PM