I’m not sure this is much of a win – they aren’t getting thrown own, but that might be what’s best for them.
Now their payments are going up, they are locked right back into another IO loan they (already) can’t afford at a slightly higher rate. They have no savings, 2 kids, and are relying on a single job. And even if their condo does happen to be worth what they originally paid for it 5 years from now, they haven’t paid down the mortgage.
I’m not familiar with Poway rents, but presumably you could rent something that *would work* for $1,600/mo if not less. The monthly savings alone could pay off some debt. Swap out the car payment for a cheap car. Have the wife at least get a part time job. They could salvage their situation, and be alright if they had the discipline and were willing to sacrifice.
“Eventually, the Hornbeeks would like to focus on saving for their retirement; they’d like to be able to give an annual tithe of $5,000; Suzanne would like to get braces; and the couple would especially like to put some extra savings away for their children’s college and wedding funds.”
Especially the part about “their children’s college and wedding funds”…
They are in debt up to their eyeballs, and they are seriously concerned about college and wedding funds…
They are really out of touch. Amazing!
“Eventually, the Hornbeeks would like to focus on saving for their retirement; they’d like to be able to give an annual tithe of $5,000; Suzanne would like to get braces; and the couple would especially like to put some extra savings away for their children’s college and wedding funds.”
Especially the part about “their children’s college and wedding funds”…
They are in debt up to their eyeballs, and they are seriously concerned about college and wedding funds…
They are really out of touch. Amazing!
“Eventually, the Hornbeeks would like to focus on saving for their retirement; they’d like to be able to give an annual tithe of $5,000; Suzanne would like to get braces; and the couple would especially like to put some extra savings away for their children’s college and wedding funds.”
Especially the part about “their children’s college and wedding funds”…
They are in debt up to their eyeballs, and they are seriously concerned about college and wedding funds…
They are really out of touch. Amazing!
“Eventually, the Hornbeeks would like to focus on saving for their retirement; they’d like to be able to give an annual tithe of $5,000; Suzanne would like to get braces; and the couple would especially like to put some extra savings away for their children’s college and wedding funds.”
Especially the part about “their children’s college and wedding funds”…
They are in debt up to their eyeballs, and they are seriously concerned about college and wedding funds…
They are really out of touch. Amazing!
“Eventually, the Hornbeeks would like to focus on saving for their retirement; they’d like to be able to give an annual tithe of $5,000; Suzanne would like to get braces; and the couple would especially like to put some extra savings away for their children’s college and wedding funds.”
Especially the part about “their children’s college and wedding funds”…
They are in debt up to their eyeballs, and they are seriously concerned about college and wedding funds…
They are really out of touch. Amazing!
Combined monthly payment on their two loans is only around $2100. That leaves $800 month property tax and HOA fees. Half of what it costs to rent a 3br in the area before they even begin paying off mortgage. Ouch.
Combined monthly payment on their two loans is only around $2100. That leaves $800 month property tax and HOA fees. Half of what it costs to rent a 3br in the area before they even begin paying off mortgage. Ouch.
Combined monthly payment on their two loans is only around $2100. That leaves $800 month property tax and HOA fees. Half of what it costs to rent a 3br in the area before they even begin paying off mortgage. Ouch.
Combined monthly payment on their two loans is only around $2100. That leaves $800 month property tax and HOA fees. Half of what it costs to rent a 3br in the area before they even begin paying off mortgage. Ouch.
