When does it make financial sense to just dump your house???

[zzz]

[quote=23109VC]
As to whether this house is really acceptable for our long term needs – yes and no.

but my wife is adamant that the house is too small. happy wife – happy life. 🙂

I agree, 1900 sq ft is not a small house, but when my wife sees/knows people who all have 3000+ sq ft homes, it makes this one seem small from a relative perspective.

I”ve gone round and round with her on the pros/cons. a bigger house is more to heat/cool/clean/etc… but she likes the idea of having m ore “rooms” so that each kid gets their own room, a dedicated playroom, etc etc. by all means, it’s not that we NEED a new house, it’s more that she wants a new house.

another factor I cite to not want to leave is that we scored a nice home and we did a handful of sweat equity and $$ upgrades to make this one nicer. I did the epoxy garage floor myself..painted my finished off garage, installed tons of garage storage – overhead shelving and wall shelving. expense wise it was only maybe $500 for the shelving, but it was a lot of effort to put in. we also put in a really nice $2000 closet system…the former owner who was a flipper and tried to sell, but couldn’t.. upgraded with shutters all the way around the ouse, nice flooring, and a totally done backyard…so overall, the house is very very nice. compared to the house I grew up in, it’s far nicer. compared to the rest of the mcmansions here in temecula, i’d say it’s slightly nicer than average…there are piles of homes here in Temecula / Murrieta with granite, nice cabinets, great flooring, bbq pits in the backyard, etc.

and my wife would NOT be happy in one ofhte “older” homes in Temecula..given that most of those are “old” in the sense that they lack a lot of the nicer upgrades and niceties.
it’s just not “perfect” from my wife’s perspective..but it sure as heck isn’t bad. 🙂
[/quote]

I’m kind of surprised no one commented on this, but as a woman, I have to say I feel a bit sorry for your situation with your wife because unless I am getting this wrong, you seem quite proud of your home and the sweat labor you have put into it, you are the breadwinner, you are the one negotiating with the banks and sorting through this, and your wife is UNHAPPY with HOW MUCH SHE HAS.

I’m sorry because I certainly don’t mean to offend you or her, but I think she needs to APPRECIATE all that she has instead of coveting more. Its not a god given right to have a 3000sq ft house and she needs to stop with the MORE IS MORE mentality that got us into this mess. She needs to stop envying other people with their 3000 sq ft houses because there will always be someone with a bigger house, better looking, blah blah blah. Life isn’t fair, someone is always going to end up paying more.

As for your predicament with whether to walk, I am not going to pass judgement…..everyone’s situation is different and there are many factors going into this decision and there is certainly a lot of blame to go around. I think you have to do what you can live with both from an ethical standpoint and how it impacts your life.

[Vishon]

[quote=sdcellar]
Over the course of a life, we do things that lose us money and things that make us money. You may be losing some money on this one (although time will soften the blow), but if you continue to conduct your life in such a responsible manner, you’ll likely come out ahead in the long run.
[/quote]

I agree with that.

However, this country is setup to encourage risk taking. Most of the time the upside is much higher than the downside. To come out ahead, one has to take risks.

On the other hand, being responsible is not rewarded. In the long run, the ones being responsible are usually left behind.

It is a giant racket, with everyone, the government, bankers, real estate industry, buyers, all being part of it. The ones play the system gains. The ones that refuse to play the game loses.

Of course this is all speaking from the material perspective.

I too believe in doing the right thing. What’s said above is just an observation.

V

[Vishon]

[quote=sdcellar]
Over the course of a life, we do things that lose us money and things that make us money. You may be losing some money on this one (although time will soften the blow), but if you continue to conduct your life in such a responsible manner, you’ll likely come out ahead in the long run.
[/quote]

I agree with that.

However, this country is setup to encourage risk taking. Most of the time the upside is much higher than the downside. To come out ahead, one has to take risks.

On the other hand, being responsible is not rewarded. In the long run, the ones being responsible are usually left behind.

It is a giant racket, with everyone, the government, bankers, real estate industry, buyers, all being part of it. The ones play the system gains. The ones that refuse to play the game loses.

Of course this is all speaking from the material perspective.

I too believe in doing the right thing. What’s said above is just an observation.

V

[Vishon]

[quote=sdcellar]
Over the course of a life, we do things that lose us money and things that make us money. You may be losing some money on this one (although time will soften the blow), but if you continue to conduct your life in such a responsible manner, you’ll likely come out ahead in the long run.
[/quote]

I agree with that.

However, this country is setup to encourage risk taking. Most of the time the upside is much higher than the downside. To come out ahead, one has to take risks.

On the other hand, being responsible is not rewarded. In the long run, the ones being responsible are usually left behind.

It is a giant racket, with everyone, the government, bankers, real estate industry, buyers, all being part of it. The ones play the system gains. The ones that refuse to play the game loses.

Of course this is all speaking from the material perspective.

I too believe in doing the right thing. What’s said above is just an observation.

V

[Vishon]

[quote=sdcellar]
Over the course of a life, we do things that lose us money and things that make us money. You may be losing some money on this one (although time will soften the blow), but if you continue to conduct your life in such a responsible manner, you’ll likely come out ahead in the long run.
[/quote]

I agree with that.

However, this country is setup to encourage risk taking. Most of the time the upside is much higher than the downside. To come out ahead, one has to take risks.

On the other hand, being responsible is not rewarded. In the long run, the ones being responsible are usually left behind.

It is a giant racket, with everyone, the government, bankers, real estate industry, buyers, all being part of it. The ones play the system gains. The ones that refuse to play the game loses.

Of course this is all speaking from the material perspective.

I too believe in doing the right thing. What’s said above is just an observation.

V

[Vishon]

[quote=sdcellar]
Over the course of a life, we do things that lose us money and things that make us money. You may be losing some money on this one (although time will soften the blow), but if you continue to conduct your life in such a responsible manner, you’ll likely come out ahead in the long run.
[/quote]

I agree with that.

However, this country is setup to encourage risk taking. Most of the time the upside is much higher than the downside. To come out ahead, one has to take risks.

On the other hand, being responsible is not rewarded. In the long run, the ones being responsible are usually left behind.

It is a giant racket, with everyone, the government, bankers, real estate industry, buyers, all being part of it. The ones play the system gains. The ones that refuse to play the game loses.

Of course this is all speaking from the material perspective.

I too believe in doing the right thing. What’s said above is just an observation.

V

[Rt.66]

[quote=urbanrealtor][quote=sdrealtor]I can confirm that sold out jr liens (i.e. completely underwater 2nds that have nothing to gain via foreclosure) are settling for 10 to 20 cents on the dollar and often less. They are de facto principal reductions. I’ve been blogging about it for a couple months but Rt 66 wanted to discount it. Its real.[/quote]

Do you really believe what rt 66 sez?

Dude.[/quote]

Nice, the realtors are banding together for attacks now. I argued that people are not receiving forgiveness on 2nds en masse and, AND, AND, this is important now……. keeping the house. Of course 2nds are taking it in the shorts thru short sales and foreclosures (duh!). B

Big difference there, keep house vs lose house, but I realize that details and facts are not part of the realtor way so I understand why you conveniently omit things to make the mudslinging seem funny or rational.

People who’ve been following the realtors post will remember that his so called “confirmation” is little more than hearsay. Heard it from a guy in bar or another agent did the deal but his office is locked, etc.

[Rt.66]

[quote=urbanrealtor][quote=sdrealtor]I can confirm that sold out jr liens (i.e. completely underwater 2nds that have nothing to gain via foreclosure) are settling for 10 to 20 cents on the dollar and often less. They are de facto principal reductions. I’ve been blogging about it for a couple months but Rt 66 wanted to discount it. Its real.[/quote]

Do you really believe what rt 66 sez?

Dude.[/quote]

Nice, the realtors are banding together for attacks now. I argued that people are not receiving forgiveness on 2nds en masse and, AND, AND, this is important now……. keeping the house. Of course 2nds are taking it in the shorts thru short sales and foreclosures (duh!). B

Big difference there, keep house vs lose house, but I realize that details and facts are not part of the realtor way so I understand why you conveniently omit things to make the mudslinging seem funny or rational.

People who’ve been following the realtors post will remember that his so called “confirmation” is little more than hearsay. Heard it from a guy in bar or another agent did the deal but his office is locked, etc.

[Rt.66]

[quote=urbanrealtor][quote=sdrealtor]I can confirm that sold out jr liens (i.e. completely underwater 2nds that have nothing to gain via foreclosure) are settling for 10 to 20 cents on the dollar and often less. They are de facto principal reductions. I’ve been blogging about it for a couple months but Rt 66 wanted to discount it. Its real.[/quote]

Do you really believe what rt 66 sez?

Dude.[/quote]

Nice, the realtors are banding together for attacks now. I argued that people are not receiving forgiveness on 2nds en masse and, AND, AND, this is important now……. keeping the house. Of course 2nds are taking it in the shorts thru short sales and foreclosures (duh!). B

Big difference there, keep house vs lose house, but I realize that details and facts are not part of the realtor way so I understand why you conveniently omit things to make the mudslinging seem funny or rational.

People who’ve been following the realtors post will remember that his so called “confirmation” is little more than hearsay. Heard it from a guy in bar or another agent did the deal but his office is locked, etc.

[Rt.66]

[quote=urbanrealtor][quote=sdrealtor]I can confirm that sold out jr liens (i.e. completely underwater 2nds that have nothing to gain via foreclosure) are settling for 10 to 20 cents on the dollar and often less. They are de facto principal reductions. I’ve been blogging about it for a couple months but Rt 66 wanted to discount it. Its real.[/quote]

Do you really believe what rt 66 sez?

Dude.[/quote]

Nice, the realtors are banding together for attacks now. I argued that people are not receiving forgiveness on 2nds en masse and, AND, AND, this is important now……. keeping the house. Of course 2nds are taking it in the shorts thru short sales and foreclosures (duh!). B

Big difference there, keep house vs lose house, but I realize that details and facts are not part of the realtor way so I understand why you conveniently omit things to make the mudslinging seem funny or rational.

People who’ve been following the realtors post will remember that his so called “confirmation” is little more than hearsay. Heard it from a guy in bar or another agent did the deal but his office is locked, etc.

[Rt.66]

[quote=urbanrealtor][quote=sdrealtor]I can confirm that sold out jr liens (i.e. completely underwater 2nds that have nothing to gain via foreclosure) are settling for 10 to 20 cents on the dollar and often less. They are de facto principal reductions. I’ve been blogging about it for a couple months but Rt 66 wanted to discount it. Its real.[/quote]

Do you really believe what rt 66 sez?

Dude.[/quote]

Nice, the realtors are banding together for attacks now. I argued that people are not receiving forgiveness on 2nds en masse and, AND, AND, this is important now……. keeping the house. Of course 2nds are taking it in the shorts thru short sales and foreclosures (duh!). B

Big difference there, keep house vs lose house, but I realize that details and facts are not part of the realtor way so I understand why you conveniently omit things to make the mudslinging seem funny or rational.

People who’ve been following the realtors post will remember that his so called “confirmation” is little more than hearsay. Heard it from a guy in bar or another agent did the deal but his office is locked, etc.

[Rt.66]

Urbanrealtore

Very little of what I write is opinion and near zero of what I write is based on “what I heard”. I simply opine on facts and figures and point to them. I usually include links to my sources.

So, your statement suggesting I am not to be believed is nonsensical.

Realtor attempting to discredit someone peeing in their fishing hole, who would have thought it?

[Rt.66]

Urbanrealtore

Very little of what I write is opinion and near zero of what I write is based on “what I heard”. I simply opine on facts and figures and point to them. I usually include links to my sources.

So, your statement suggesting I am not to be believed is nonsensical.

Realtor attempting to discredit someone peeing in their fishing hole, who would have thought it?

[Rt.66]

Urbanrealtore

Very little of what I write is opinion and near zero of what I write is based on “what I heard”. I simply opine on facts and figures and point to them. I usually include links to my sources.

So, your statement suggesting I am not to be believed is nonsensical.

Realtor attempting to discredit someone peeing in their fishing hole, who would have thought it?

[Rt.66]

Urbanrealtore

Very little of what I write is opinion and near zero of what I write is based on “what I heard”. I simply opine on facts and figures and point to them. I usually include links to my sources.

So, your statement suggesting I am not to be believed is nonsensical.

Realtor attempting to discredit someone peeing in their fishing hole, who would have thought it?

[Author]

Posts