So we know we screwed up…

[trying2balance]

You know, the part that made me cry (only once, I promise – now it’s just time to suck it up and deal with this) is that I really love the rental home we are in and would have been happy staying put, keep saving and wait for the right time to buy and just slowly bleed a few hundred dollars with this “investment” but with the option I am leaning towards and the popular one here (OPTION #4) I feel like we would be forced to buy now even if it is not the “right” long-term family home and I hate feeling like we’re being pushed into another bad decision.

You guys really do give great advice. Effective Demand – I think we could take a 50 pt hit on the FICO and still be OK, do you what we need to look for in the mortgage contract to determine if it is recourse or non?

TemeculaGuy – you have to understand, I’m one of 4 my hubbt one of 5 and it is just so clear in my heart that when I am an 80 yr old granny holding his hand in our rockers I just know I will be happy we decided to go for the brothers and sisters we give our children istead of the bigger house and toys… we’ll have to make do with the current van – both cars are paid off so we’re stuck with them anyway 😉

Svelte, bubble_contagion, deriving drunk and waterboy — you guys spelled out exactly what I think we should do, as uncomfortable as it is to not know if it will be the right thing… and golfproz, my husband smiled the most at your advice. we’re pretty sure we will have 3 girls too and hope that we are just blessed with healthy ones

And then there is bob2007… you echo exactly what my husband is saying. Exactly what he learned from his father who is the most conservative, hard-working, giving man that raised the man now taking care of me and my girls with more integrity than anyone else I know – definitely myself included. And his dad’s name is Bob too…. sigh, now what??

[Effective Demand]

trying2balance,

I would search the note for the term recourse. But even if it indicates it is recourse.. state law will supercede it if the state law says purchase money is non-recourse. The note saying it is non-recourse though would hold up just fine. I’d do some google searching on Arizona foreclosure recourse laws and ask in some of the forums you come across (look for specific statues, opinions don’t count for much).

Best of luck

[Effective Demand]

trying2balance,

I would search the note for the term recourse. But even if it indicates it is recourse.. state law will supercede it if the state law says purchase money is non-recourse. The note saying it is non-recourse though would hold up just fine. I’d do some google searching on Arizona foreclosure recourse laws and ask in some of the forums you come across (look for specific statues, opinions don’t count for much).

Best of luck

[Effective Demand]

trying2balance,

I would search the note for the term recourse. But even if it indicates it is recourse.. state law will supercede it if the state law says purchase money is non-recourse. The note saying it is non-recourse though would hold up just fine. I’d do some google searching on Arizona foreclosure recourse laws and ask in some of the forums you come across (look for specific statues, opinions don’t count for much).

Best of luck

[Effective Demand]

trying2balance,

I would search the note for the term recourse. But even if it indicates it is recourse.. state law will supercede it if the state law says purchase money is non-recourse. The note saying it is non-recourse though would hold up just fine. I’d do some google searching on Arizona foreclosure recourse laws and ask in some of the forums you come across (look for specific statues, opinions don’t count for much).

Best of luck

[Effective Demand]

trying2balance,

I would search the note for the term recourse. But even if it indicates it is recourse.. state law will supercede it if the state law says purchase money is non-recourse. The note saying it is non-recourse though would hold up just fine. I’d do some google searching on Arizona foreclosure recourse laws and ask in some of the forums you come across (look for specific statues, opinions don’t count for much).

Best of luck

[trying2balance]

one question I forgot to answer – we have the tempe condo managed by a prop mgmt firm that has done a good job for us over the past 3 yrs (the first firm was a nightmare we survived, had to do an eviction, legal fees, headache after headache…) This new firm has the place advertised everywhere and said they have never seen this – started the school year with 20+ of the properties getting absolutely no traction. He said the ones that did rent had lowered their rates from as much as $1500 to $700 right away.

Also, maybe its fate but our rental lease is actually up in September, maybe they’ll raise the rent on us who knows but it does seem like the right time to just buy and settle down somewhere. Or maybe we just take the $40,000 hit and not tie that decision into the purchase of our next home… but that makes me fee like the idiot “responsible taxpayer” that never comes out ahead.

[trying2balance]

one question I forgot to answer – we have the tempe condo managed by a prop mgmt firm that has done a good job for us over the past 3 yrs (the first firm was a nightmare we survived, had to do an eviction, legal fees, headache after headache…) This new firm has the place advertised everywhere and said they have never seen this – started the school year with 20+ of the properties getting absolutely no traction. He said the ones that did rent had lowered their rates from as much as $1500 to $700 right away.

Also, maybe its fate but our rental lease is actually up in September, maybe they’ll raise the rent on us who knows but it does seem like the right time to just buy and settle down somewhere. Or maybe we just take the $40,000 hit and not tie that decision into the purchase of our next home… but that makes me fee like the idiot “responsible taxpayer” that never comes out ahead.

[trying2balance]

one question I forgot to answer – we have the tempe condo managed by a prop mgmt firm that has done a good job for us over the past 3 yrs (the first firm was a nightmare we survived, had to do an eviction, legal fees, headache after headache…) This new firm has the place advertised everywhere and said they have never seen this – started the school year with 20+ of the properties getting absolutely no traction. He said the ones that did rent had lowered their rates from as much as $1500 to $700 right away.

Also, maybe its fate but our rental lease is actually up in September, maybe they’ll raise the rent on us who knows but it does seem like the right time to just buy and settle down somewhere. Or maybe we just take the $40,000 hit and not tie that decision into the purchase of our next home… but that makes me fee like the idiot “responsible taxpayer” that never comes out ahead.

[trying2balance]

one question I forgot to answer – we have the tempe condo managed by a prop mgmt firm that has done a good job for us over the past 3 yrs (the first firm was a nightmare we survived, had to do an eviction, legal fees, headache after headache…) This new firm has the place advertised everywhere and said they have never seen this – started the school year with 20+ of the properties getting absolutely no traction. He said the ones that did rent had lowered their rates from as much as $1500 to $700 right away.

Also, maybe its fate but our rental lease is actually up in September, maybe they’ll raise the rent on us who knows but it does seem like the right time to just buy and settle down somewhere. Or maybe we just take the $40,000 hit and not tie that decision into the purchase of our next home… but that makes me fee like the idiot “responsible taxpayer” that never comes out ahead.

[trying2balance]

one question I forgot to answer – we have the tempe condo managed by a prop mgmt firm that has done a good job for us over the past 3 yrs (the first firm was a nightmare we survived, had to do an eviction, legal fees, headache after headache…) This new firm has the place advertised everywhere and said they have never seen this – started the school year with 20+ of the properties getting absolutely no traction. He said the ones that did rent had lowered their rates from as much as $1500 to $700 right away.

Also, maybe its fate but our rental lease is actually up in September, maybe they’ll raise the rent on us who knows but it does seem like the right time to just buy and settle down somewhere. Or maybe we just take the $40,000 hit and not tie that decision into the purchase of our next home… but that makes me fee like the idiot “responsible taxpayer” that never comes out ahead.

[paramount]

I always find it interesting how so many people – particularly in So Cal I suppose – connect or equate living or doing things ‘right’ with money.

Maybe you need to try harder in marketing your rental unit? Did the rental market actually crash or is that your opinion?

Also, does the $1000 carrying cost include condo/HOA fees?

You sold your previous house based on reading a web site? Wow. Were shrewd and motivated enough to make 80k even though I’m sure it was disruptive to your family? I think it’s safe to assume you are primarily motivated by money/$$, but the conundrum is your also a slave to the credit reporting system and you probably judge others on that basis as well.

Will all of that being said, I would still consider trying harder marketing the condo or even offer incentives with short term leases.

I’m sure the rental market – assuming it has crashed – will come back at some point.

Also, you might want to factor in that the MonaVie market may dry up at some point.

[paramount]

I always find it interesting how so many people – particularly in So Cal I suppose – connect or equate living or doing things ‘right’ with money.

Maybe you need to try harder in marketing your rental unit? Did the rental market actually crash or is that your opinion?

Also, does the $1000 carrying cost include condo/HOA fees?

You sold your previous house based on reading a web site? Wow. Were shrewd and motivated enough to make 80k even though I’m sure it was disruptive to your family? I think it’s safe to assume you are primarily motivated by money/$$, but the conundrum is your also a slave to the credit reporting system and you probably judge others on that basis as well.

Will all of that being said, I would still consider trying harder marketing the condo or even offer incentives with short term leases.

I’m sure the rental market – assuming it has crashed – will come back at some point.

Also, you might want to factor in that the MonaVie market may dry up at some point.

[paramount]

I always find it interesting how so many people – particularly in So Cal I suppose – connect or equate living or doing things ‘right’ with money.

Maybe you need to try harder in marketing your rental unit? Did the rental market actually crash or is that your opinion?

Also, does the $1000 carrying cost include condo/HOA fees?

You sold your previous house based on reading a web site? Wow. Were shrewd and motivated enough to make 80k even though I’m sure it was disruptive to your family? I think it’s safe to assume you are primarily motivated by money/$$, but the conundrum is your also a slave to the credit reporting system and you probably judge others on that basis as well.

Will all of that being said, I would still consider trying harder marketing the condo or even offer incentives with short term leases.

I’m sure the rental market – assuming it has crashed – will come back at some point.

Also, you might want to factor in that the MonaVie market may dry up at some point.

[paramount]

I always find it interesting how so many people – particularly in So Cal I suppose – connect or equate living or doing things ‘right’ with money.

Maybe you need to try harder in marketing your rental unit? Did the rental market actually crash or is that your opinion?

Also, does the $1000 carrying cost include condo/HOA fees?

You sold your previous house based on reading a web site? Wow. Were shrewd and motivated enough to make 80k even though I’m sure it was disruptive to your family? I think it’s safe to assume you are primarily motivated by money/$$, but the conundrum is your also a slave to the credit reporting system and you probably judge others on that basis as well.

Will all of that being said, I would still consider trying harder marketing the condo or even offer incentives with short term leases.

I’m sure the rental market – assuming it has crashed – will come back at some point.

Also, you might want to factor in that the MonaVie market may dry up at some point.

[Author]

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