So we know we screwed up…

[Anonymous]

When considering “walk-away” option, please check the link below:
http://marcmccain.com/current-events/arizonas-anti-deficiency-laws-are-changing/81/

[trying2balance]

Well as part of the royal screw up that was this condo, it turns out we have never been able to claim a tax benefit bc we make too much money (two accountants have explained this to us — we can claim the tax benefit loss/depreciation if we sell it…)

My husband says we may owe income tax if we sell the condo, even at a $40k loss – true?

As for your bet on my personality type, you are spot on, scary almost. I have knack for closing million $ sales for my company, MAJOR Type A but also recognize that not focusing on rasinig the kids / keeping a home does affect the family and that is why I keep pulling back more and more from work, cutting my hours, turning down promotions, stock, comissions. In this case a VERY much care more about have a tranquil, simple lifestyle for kids vs more money.

But yes, you’re right I probably would still do some consulting, “special projects” or something. And someone said we’re just lazy to deal with the rental. Honestly, you’re right too, there is a $ value we put to not going to bed every night stressed about something that is draining our time and savings accts.

I already only sleep about 5 hrs nite which is only way to keep up with work/client demands and still be hands on raising the little ones w/out daycare. My husband also works really hard — we’re not lazy in careers, kids, household, family, community but we are SO DONE with all of the real estate drama. Just want to pay our monthly rent or mortgage, settle down, raise the brood and then jump back into it all maybe in the next decade. I’m sure we’ll time that completely wrong too…

Our philosophy when buying the first house and then this condo was that we would never sell either and pay off properties to build an income stream. Then we actually had the kids and realized that being a good parent is a full-time job plus more and we changed course and decided to work towards just being able to survive / enjoy life on the one income.

[trying2balance]

Well as part of the royal screw up that was this condo, it turns out we have never been able to claim a tax benefit bc we make too much money (two accountants have explained this to us — we can claim the tax benefit loss/depreciation if we sell it…)

My husband says we may owe income tax if we sell the condo, even at a $40k loss – true?

As for your bet on my personality type, you are spot on, scary almost. I have knack for closing million $ sales for my company, MAJOR Type A but also recognize that not focusing on rasinig the kids / keeping a home does affect the family and that is why I keep pulling back more and more from work, cutting my hours, turning down promotions, stock, comissions. In this case a VERY much care more about have a tranquil, simple lifestyle for kids vs more money.

But yes, you’re right I probably would still do some consulting, “special projects” or something. And someone said we’re just lazy to deal with the rental. Honestly, you’re right too, there is a $ value we put to not going to bed every night stressed about something that is draining our time and savings accts.

I already only sleep about 5 hrs nite which is only way to keep up with work/client demands and still be hands on raising the little ones w/out daycare. My husband also works really hard — we’re not lazy in careers, kids, household, family, community but we are SO DONE with all of the real estate drama. Just want to pay our monthly rent or mortgage, settle down, raise the brood and then jump back into it all maybe in the next decade. I’m sure we’ll time that completely wrong too…

Our philosophy when buying the first house and then this condo was that we would never sell either and pay off properties to build an income stream. Then we actually had the kids and realized that being a good parent is a full-time job plus more and we changed course and decided to work towards just being able to survive / enjoy life on the one income.

[trying2balance]

Well as part of the royal screw up that was this condo, it turns out we have never been able to claim a tax benefit bc we make too much money (two accountants have explained this to us — we can claim the tax benefit loss/depreciation if we sell it…)

My husband says we may owe income tax if we sell the condo, even at a $40k loss – true?

As for your bet on my personality type, you are spot on, scary almost. I have knack for closing million $ sales for my company, MAJOR Type A but also recognize that not focusing on rasinig the kids / keeping a home does affect the family and that is why I keep pulling back more and more from work, cutting my hours, turning down promotions, stock, comissions. In this case a VERY much care more about have a tranquil, simple lifestyle for kids vs more money.

But yes, you’re right I probably would still do some consulting, “special projects” or something. And someone said we’re just lazy to deal with the rental. Honestly, you’re right too, there is a $ value we put to not going to bed every night stressed about something that is draining our time and savings accts.

I already only sleep about 5 hrs nite which is only way to keep up with work/client demands and still be hands on raising the little ones w/out daycare. My husband also works really hard — we’re not lazy in careers, kids, household, family, community but we are SO DONE with all of the real estate drama. Just want to pay our monthly rent or mortgage, settle down, raise the brood and then jump back into it all maybe in the next decade. I’m sure we’ll time that completely wrong too…

Our philosophy when buying the first house and then this condo was that we would never sell either and pay off properties to build an income stream. Then we actually had the kids and realized that being a good parent is a full-time job plus more and we changed course and decided to work towards just being able to survive / enjoy life on the one income.

[trying2balance]

Well as part of the royal screw up that was this condo, it turns out we have never been able to claim a tax benefit bc we make too much money (two accountants have explained this to us — we can claim the tax benefit loss/depreciation if we sell it…)

My husband says we may owe income tax if we sell the condo, even at a $40k loss – true?

As for your bet on my personality type, you are spot on, scary almost. I have knack for closing million $ sales for my company, MAJOR Type A but also recognize that not focusing on rasinig the kids / keeping a home does affect the family and that is why I keep pulling back more and more from work, cutting my hours, turning down promotions, stock, comissions. In this case a VERY much care more about have a tranquil, simple lifestyle for kids vs more money.

But yes, you’re right I probably would still do some consulting, “special projects” or something. And someone said we’re just lazy to deal with the rental. Honestly, you’re right too, there is a $ value we put to not going to bed every night stressed about something that is draining our time and savings accts.

I already only sleep about 5 hrs nite which is only way to keep up with work/client demands and still be hands on raising the little ones w/out daycare. My husband also works really hard — we’re not lazy in careers, kids, household, family, community but we are SO DONE with all of the real estate drama. Just want to pay our monthly rent or mortgage, settle down, raise the brood and then jump back into it all maybe in the next decade. I’m sure we’ll time that completely wrong too…

Our philosophy when buying the first house and then this condo was that we would never sell either and pay off properties to build an income stream. Then we actually had the kids and realized that being a good parent is a full-time job plus more and we changed course and decided to work towards just being able to survive / enjoy life on the one income.

[trying2balance]

Well as part of the royal screw up that was this condo, it turns out we have never been able to claim a tax benefit bc we make too much money (two accountants have explained this to us — we can claim the tax benefit loss/depreciation if we sell it…)

My husband says we may owe income tax if we sell the condo, even at a $40k loss – true?

As for your bet on my personality type, you are spot on, scary almost. I have knack for closing million $ sales for my company, MAJOR Type A but also recognize that not focusing on rasinig the kids / keeping a home does affect the family and that is why I keep pulling back more and more from work, cutting my hours, turning down promotions, stock, comissions. In this case a VERY much care more about have a tranquil, simple lifestyle for kids vs more money.

But yes, you’re right I probably would still do some consulting, “special projects” or something. And someone said we’re just lazy to deal with the rental. Honestly, you’re right too, there is a $ value we put to not going to bed every night stressed about something that is draining our time and savings accts.

I already only sleep about 5 hrs nite which is only way to keep up with work/client demands and still be hands on raising the little ones w/out daycare. My husband also works really hard — we’re not lazy in careers, kids, household, family, community but we are SO DONE with all of the real estate drama. Just want to pay our monthly rent or mortgage, settle down, raise the brood and then jump back into it all maybe in the next decade. I’m sure we’ll time that completely wrong too…

Our philosophy when buying the first house and then this condo was that we would never sell either and pay off properties to build an income stream. Then we actually had the kids and realized that being a good parent is a full-time job plus more and we changed course and decided to work towards just being able to survive / enjoy life on the one income.

[cabal]

The first course of action is to sit down with your husband and agree to always stay calm, conduct further discussions in a civil manner, do not argue, do not raise your voice, do not become animated, and above all do not place blame. No doubt you’ve already engaged in heated discussions and ended feeling frustrated, scared, perhaps angry. Your family unit is the most important thing and issues like this are how cracks in the foundation of marriage start. The second order of business is to set a time limit (1 week at the most) and to select the decision maker. If you can’t agree on the decision maker, flip a coin. Once the decision is made, both must support it 100% and move forward aggressively. To help with the decision, you might consider reconstructing your post in the form of a Pugh Matrix. If you’re not familiar, you can google around and find out – fairly useful decision making tool based on a scoring system that takes out emotions, personal preferences while folding in your unique family priorities.

I wouldn’t waste time with a loan mod. You obviously will not qualify given your income level and lack of debt. The Phoenix/Tempe area has little intrinsic appeal and essentially tagged along for the bubble ride meaning no recovery and continued negative cash flow for the forseeable future (5+yrs) if you keep it. It won’t take long to catch up to the 40K potential loss. The short sale option is worth exploring if you can tolerate the bank dragging it out, but it sounds like you’re tired of the game and want to move on. If you pursue the short, don’t worry about the morality aspect of it (ie stiffing taxpayers). It’s perfectly legal and the topic of “Morality and the Law” has been debated every which way since the time of Plato with really no right or wrong answers.

My instinct is to sell the condo, take the loss, and move on. This will immediately reestablish and stabilize your financial baseline and allow you to decisively plan for the future, whether it’s having another child or buy another house. Lastly, try to shed any feelings of entitlement to the 80K you made or the 40K you might lose. No doubt you work hard for your money, but the bitterness will eat you alive and your family will notice it. You folks have a decent income and will survive this regardless of which course you take.

[cabal]

The first course of action is to sit down with your husband and agree to always stay calm, conduct further discussions in a civil manner, do not argue, do not raise your voice, do not become animated, and above all do not place blame. No doubt you’ve already engaged in heated discussions and ended feeling frustrated, scared, perhaps angry. Your family unit is the most important thing and issues like this are how cracks in the foundation of marriage start. The second order of business is to set a time limit (1 week at the most) and to select the decision maker. If you can’t agree on the decision maker, flip a coin. Once the decision is made, both must support it 100% and move forward aggressively. To help with the decision, you might consider reconstructing your post in the form of a Pugh Matrix. If you’re not familiar, you can google around and find out – fairly useful decision making tool based on a scoring system that takes out emotions, personal preferences while folding in your unique family priorities.

I wouldn’t waste time with a loan mod. You obviously will not qualify given your income level and lack of debt. The Phoenix/Tempe area has little intrinsic appeal and essentially tagged along for the bubble ride meaning no recovery and continued negative cash flow for the forseeable future (5+yrs) if you keep it. It won’t take long to catch up to the 40K potential loss. The short sale option is worth exploring if you can tolerate the bank dragging it out, but it sounds like you’re tired of the game and want to move on. If you pursue the short, don’t worry about the morality aspect of it (ie stiffing taxpayers). It’s perfectly legal and the topic of “Morality and the Law” has been debated every which way since the time of Plato with really no right or wrong answers.

My instinct is to sell the condo, take the loss, and move on. This will immediately reestablish and stabilize your financial baseline and allow you to decisively plan for the future, whether it’s having another child or buy another house. Lastly, try to shed any feelings of entitlement to the 80K you made or the 40K you might lose. No doubt you work hard for your money, but the bitterness will eat you alive and your family will notice it. You folks have a decent income and will survive this regardless of which course you take.

[cabal]

The first course of action is to sit down with your husband and agree to always stay calm, conduct further discussions in a civil manner, do not argue, do not raise your voice, do not become animated, and above all do not place blame. No doubt you’ve already engaged in heated discussions and ended feeling frustrated, scared, perhaps angry. Your family unit is the most important thing and issues like this are how cracks in the foundation of marriage start. The second order of business is to set a time limit (1 week at the most) and to select the decision maker. If you can’t agree on the decision maker, flip a coin. Once the decision is made, both must support it 100% and move forward aggressively. To help with the decision, you might consider reconstructing your post in the form of a Pugh Matrix. If you’re not familiar, you can google around and find out – fairly useful decision making tool based on a scoring system that takes out emotions, personal preferences while folding in your unique family priorities.

I wouldn’t waste time with a loan mod. You obviously will not qualify given your income level and lack of debt. The Phoenix/Tempe area has little intrinsic appeal and essentially tagged along for the bubble ride meaning no recovery and continued negative cash flow for the forseeable future (5+yrs) if you keep it. It won’t take long to catch up to the 40K potential loss. The short sale option is worth exploring if you can tolerate the bank dragging it out, but it sounds like you’re tired of the game and want to move on. If you pursue the short, don’t worry about the morality aspect of it (ie stiffing taxpayers). It’s perfectly legal and the topic of “Morality and the Law” has been debated every which way since the time of Plato with really no right or wrong answers.

My instinct is to sell the condo, take the loss, and move on. This will immediately reestablish and stabilize your financial baseline and allow you to decisively plan for the future, whether it’s having another child or buy another house. Lastly, try to shed any feelings of entitlement to the 80K you made or the 40K you might lose. No doubt you work hard for your money, but the bitterness will eat you alive and your family will notice it. You folks have a decent income and will survive this regardless of which course you take.

[cabal]

The first course of action is to sit down with your husband and agree to always stay calm, conduct further discussions in a civil manner, do not argue, do not raise your voice, do not become animated, and above all do not place blame. No doubt you’ve already engaged in heated discussions and ended feeling frustrated, scared, perhaps angry. Your family unit is the most important thing and issues like this are how cracks in the foundation of marriage start. The second order of business is to set a time limit (1 week at the most) and to select the decision maker. If you can’t agree on the decision maker, flip a coin. Once the decision is made, both must support it 100% and move forward aggressively. To help with the decision, you might consider reconstructing your post in the form of a Pugh Matrix. If you’re not familiar, you can google around and find out – fairly useful decision making tool based on a scoring system that takes out emotions, personal preferences while folding in your unique family priorities.

I wouldn’t waste time with a loan mod. You obviously will not qualify given your income level and lack of debt. The Phoenix/Tempe area has little intrinsic appeal and essentially tagged along for the bubble ride meaning no recovery and continued negative cash flow for the forseeable future (5+yrs) if you keep it. It won’t take long to catch up to the 40K potential loss. The short sale option is worth exploring if you can tolerate the bank dragging it out, but it sounds like you’re tired of the game and want to move on. If you pursue the short, don’t worry about the morality aspect of it (ie stiffing taxpayers). It’s perfectly legal and the topic of “Morality and the Law” has been debated every which way since the time of Plato with really no right or wrong answers.

My instinct is to sell the condo, take the loss, and move on. This will immediately reestablish and stabilize your financial baseline and allow you to decisively plan for the future, whether it’s having another child or buy another house. Lastly, try to shed any feelings of entitlement to the 80K you made or the 40K you might lose. No doubt you work hard for your money, but the bitterness will eat you alive and your family will notice it. You folks have a decent income and will survive this regardless of which course you take.

[cabal]

The first course of action is to sit down with your husband and agree to always stay calm, conduct further discussions in a civil manner, do not argue, do not raise your voice, do not become animated, and above all do not place blame. No doubt you’ve already engaged in heated discussions and ended feeling frustrated, scared, perhaps angry. Your family unit is the most important thing and issues like this are how cracks in the foundation of marriage start. The second order of business is to set a time limit (1 week at the most) and to select the decision maker. If you can’t agree on the decision maker, flip a coin. Once the decision is made, both must support it 100% and move forward aggressively. To help with the decision, you might consider reconstructing your post in the form of a Pugh Matrix. If you’re not familiar, you can google around and find out – fairly useful decision making tool based on a scoring system that takes out emotions, personal preferences while folding in your unique family priorities.

I wouldn’t waste time with a loan mod. You obviously will not qualify given your income level and lack of debt. The Phoenix/Tempe area has little intrinsic appeal and essentially tagged along for the bubble ride meaning no recovery and continued negative cash flow for the forseeable future (5+yrs) if you keep it. It won’t take long to catch up to the 40K potential loss. The short sale option is worth exploring if you can tolerate the bank dragging it out, but it sounds like you’re tired of the game and want to move on. If you pursue the short, don’t worry about the morality aspect of it (ie stiffing taxpayers). It’s perfectly legal and the topic of “Morality and the Law” has been debated every which way since the time of Plato with really no right or wrong answers.

My instinct is to sell the condo, take the loss, and move on. This will immediately reestablish and stabilize your financial baseline and allow you to decisively plan for the future, whether it’s having another child or buy another house. Lastly, try to shed any feelings of entitlement to the 80K you made or the 40K you might lose. No doubt you work hard for your money, but the bitterness will eat you alive and your family will notice it. You folks have a decent income and will survive this regardless of which course you take.

[trying2balance]

I read the link JustReader1 posted (below) and it looks like effective Sept 30 Arizona has changed its law to not allow walk-aways. So no matter what the money that we worked hard to save for our future ins going to end up in the hands of the banks. Who already have our tax money to help them weather their mistakes and keep home prices from correcting. I don’t know if I’m more depressed or angry…

http://marcmccain.com/current-events/arizonas-anti-deficiency-laws-are-changing/81/

[trying2balance]

I read the link JustReader1 posted (below) and it looks like effective Sept 30 Arizona has changed its law to not allow walk-aways. So no matter what the money that we worked hard to save for our future ins going to end up in the hands of the banks. Who already have our tax money to help them weather their mistakes and keep home prices from correcting. I don’t know if I’m more depressed or angry…

http://marcmccain.com/current-events/arizonas-anti-deficiency-laws-are-changing/81/

[trying2balance]

I read the link JustReader1 posted (below) and it looks like effective Sept 30 Arizona has changed its law to not allow walk-aways. So no matter what the money that we worked hard to save for our future ins going to end up in the hands of the banks. Who already have our tax money to help them weather their mistakes and keep home prices from correcting. I don’t know if I’m more depressed or angry…

http://marcmccain.com/current-events/arizonas-anti-deficiency-laws-are-changing/81/

[trying2balance]

I read the link JustReader1 posted (below) and it looks like effective Sept 30 Arizona has changed its law to not allow walk-aways. So no matter what the money that we worked hard to save for our future ins going to end up in the hands of the banks. Who already have our tax money to help them weather their mistakes and keep home prices from correcting. I don’t know if I’m more depressed or angry…

http://marcmccain.com/current-events/arizonas-anti-deficiency-laws-are-changing/81/

[Author]

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