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  • January 20, 2008 at 11:29 AM #11567
    djrobsd
    Participant

    Ok, well folks, I know some of you saw me posting back in October about asking my bank for help with my adjustable rate mortgage and many of you slammed me for it, which is completely understandable. Many of you told me to just admit my mistake and walk away from the house.

    But, there was a little birdie inside my head that told me to just keep waiting patiently and that offer on my house would finally come. And, in the spirit of Christmas, it did! Unfortunately, it wasn’t a great offer, but I knew that it would be the best offer I would get, and the house had already been on the market for almost 6 months. So, we went back and forth a couple of times, and I got them to buy my house for $345k which is exactly what I paid for it in August, 2004. Of course, I did have to give him the plasma TV on the wall, and he got $30,000 worth of upgrades, repairs, and improvements to the house. Add in the $20,000 in seller side costs, and the $6000 I paid in closing costs when I bought the home, and it definitely didn’t work out too good for me, loosing $56,000 in 3 years, not including the difference of rent vs buy (I would have paid $1600 to rent that place versus $2600 before the reset, and $3200 after).

    So, I lost bigtime… But hey, at least I got out while I still could, and I can shake off the dust and start over. I learned a lot of big lessons here, and of course I also became quite the avid handy man with a collection of tools that would make any guy drool, so it wasn’t all a total loss. 😉

    If there are any accountants on this board, perhaps you could give me a primer in how my losses can be used as a tax deduction, and what they can be used for, and how long I can use it?

    Now I just need to figure out how I can make up the tax deduction…. Perhaps maxing out the 401k at work would be a good start!

    Oh, and last but not least, I want to thank Adam for taking care of the sale and saving me a bundle on commission. 😉

    January 20, 2008 at 12:00 PM #139205
    NotCranky
    Participant

    Thanks for sharing your situation all along. I really admire what you have managed to accomplish and how you handled your situation. I bet the next time you buy a house you will be enjoying that move for a long time.

    Good job djrobsd and Adam.

    January 20, 2008 at 12:00 PM #139511
    NotCranky
    Participant

    Thanks for sharing your situation all along. I really admire what you have managed to accomplish and how you handled your situation. I bet the next time you buy a house you will be enjoying that move for a long time.

    Good job djrobsd and Adam.

    January 20, 2008 at 12:00 PM #139467
    NotCranky
    Participant

    Thanks for sharing your situation all along. I really admire what you have managed to accomplish and how you handled your situation. I bet the next time you buy a house you will be enjoying that move for a long time.

    Good job djrobsd and Adam.

    January 20, 2008 at 12:00 PM #139441
    NotCranky
    Participant

    Thanks for sharing your situation all along. I really admire what you have managed to accomplish and how you handled your situation. I bet the next time you buy a house you will be enjoying that move for a long time.

    Good job djrobsd and Adam.

    January 20, 2008 at 12:00 PM #139418
    NotCranky
    Participant

    Thanks for sharing your situation all along. I really admire what you have managed to accomplish and how you handled your situation. I bet the next time you buy a house you will be enjoying that move for a long time.

    Good job djrobsd and Adam.

    January 20, 2008 at 12:11 PM #139516
    svelte
    Participant

    Very admirable the way you handled all this.

    Look at it this way, you could have lost about the same amount of $$ if you had bought a Jag back then. From this week’s paper:

    2002 Jaguar XKR convertible, Supercharged, orig owner, top of the line, showroom condition, 11K miles, Cost over $90K new. $34,900

    That’s got me licking my lips…

    January 20, 2008 at 12:11 PM #139423
    svelte
    Participant

    Very admirable the way you handled all this.

    Look at it this way, you could have lost about the same amount of $$ if you had bought a Jag back then. From this week’s paper:

    2002 Jaguar XKR convertible, Supercharged, orig owner, top of the line, showroom condition, 11K miles, Cost over $90K new. $34,900

    That’s got me licking my lips…

    January 20, 2008 at 12:11 PM #139209
    svelte
    Participant

    Very admirable the way you handled all this.

    Look at it this way, you could have lost about the same amount of $$ if you had bought a Jag back then. From this week’s paper:

    2002 Jaguar XKR convertible, Supercharged, orig owner, top of the line, showroom condition, 11K miles, Cost over $90K new. $34,900

    That’s got me licking my lips…

    January 20, 2008 at 12:11 PM #139472
    svelte
    Participant

    Very admirable the way you handled all this.

    Look at it this way, you could have lost about the same amount of $$ if you had bought a Jag back then. From this week’s paper:

    2002 Jaguar XKR convertible, Supercharged, orig owner, top of the line, showroom condition, 11K miles, Cost over $90K new. $34,900

    That’s got me licking my lips…

    January 20, 2008 at 12:11 PM #139446
    svelte
    Participant

    Very admirable the way you handled all this.

    Look at it this way, you could have lost about the same amount of $$ if you had bought a Jag back then. From this week’s paper:

    2002 Jaguar XKR convertible, Supercharged, orig owner, top of the line, showroom condition, 11K miles, Cost over $90K new. $34,900

    That’s got me licking my lips…

    January 20, 2008 at 12:37 PM #139526
    Navydoc
    Participant

    Congratulations! What an incredible relief you must be feeling, and it looks like your credit is unscathed, or at least less so. And the way it worked out you’ll be able to start rebuilding much sooner. Trust me, I know what it’s like to walk away, and you really feel bad about it, and you hate when anyone asks what happened o your house.

    January 20, 2008 at 12:37 PM #139482
    Navydoc
    Participant

    Congratulations! What an incredible relief you must be feeling, and it looks like your credit is unscathed, or at least less so. And the way it worked out you’ll be able to start rebuilding much sooner. Trust me, I know what it’s like to walk away, and you really feel bad about it, and you hate when anyone asks what happened o your house.

    January 20, 2008 at 12:37 PM #139219
    Navydoc
    Participant

    Congratulations! What an incredible relief you must be feeling, and it looks like your credit is unscathed, or at least less so. And the way it worked out you’ll be able to start rebuilding much sooner. Trust me, I know what it’s like to walk away, and you really feel bad about it, and you hate when anyone asks what happened o your house.

    January 20, 2008 at 12:37 PM #139456
    Navydoc
    Participant

    Congratulations! What an incredible relief you must be feeling, and it looks like your credit is unscathed, or at least less so. And the way it worked out you’ll be able to start rebuilding much sooner. Trust me, I know what it’s like to walk away, and you really feel bad about it, and you hate when anyone asks what happened o your house.

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