[simonbart]

I’m not really pushing him for what direction he is going to take….just acting more like a sounding board.

To walk away from his home would be emotionally crushing. He spent a few yrs renovating it, then HELOC’ed the crap out of it and invested in all kinds of get rich annuities and real estate. Very foolish thing to do. I advised against it at the time…but no one listened to conservitive advise back in 2005.

People might never be able to financially recover from bad decisions. Life is too short.

[simonbart]

[quote=HLS]
From a business standpoint:
a) How much did you originally pay
b) How much do you currently owe
c) What is the rate on your current loan and is it fixed
d) How much income can you get from the guest unit
e) Do you know your credit score or what you qualify for
[/quote]

a) Paid 307K in 2000
b) Currently owe 200K
c) 15yr fixed at 4.85% (about 9yrs remaining)
d) Guesthouse gets $650 month. I have no children so can rent out one of the bedrooms to a room-mate for $650 month also.
e) I have no idea of my creditscore or qualification amount.

I can’t afford to continue with the current 15yr mortgage and also buy her out of her portion….which will be about an additional 100K. I will probably need to refinance to a 30yr fixed for 300K if I want to keep the house.

My thinking is that later on when I get a second income again (I just turned 40)…..it will be easy.

[simonbart]

[quote=HLS]
From a business standpoint:
a) How much did you originally pay
b) How much do you currently owe
c) What is the rate on your current loan and is it fixed
d) How much income can you get from the guest unit
e) Do you know your credit score or what you qualify for
[/quote]

a) Paid 307K in 2000
b) Currently owe 200K
c) 15yr fixed at 4.85% (about 9yrs remaining)
d) Guesthouse gets $650 month. I have no children so can rent out one of the bedrooms to a room-mate for $650 month also.
e) I have no idea of my creditscore or qualification amount.

I can’t afford to continue with the current 15yr mortgage and also buy her out of her portion….which will be about an additional 100K. I will probably need to refinance to a 30yr fixed for 300K if I want to keep the house.

My thinking is that later on when I get a second income again (I just turned 40)…..it will be easy.

[simonbart]

[quote=HLS]
From a business standpoint:
a) How much did you originally pay
b) How much do you currently owe
c) What is the rate on your current loan and is it fixed
d) How much income can you get from the guest unit
e) Do you know your credit score or what you qualify for
[/quote]

a) Paid 307K in 2000
b) Currently owe 200K
c) 15yr fixed at 4.85% (about 9yrs remaining)
d) Guesthouse gets $650 month. I have no children so can rent out one of the bedrooms to a room-mate for $650 month also.
e) I have no idea of my creditscore or qualification amount.

I can’t afford to continue with the current 15yr mortgage and also buy her out of her portion….which will be about an additional 100K. I will probably need to refinance to a 30yr fixed for 300K if I want to keep the house.

My thinking is that later on when I get a second income again (I just turned 40)…..it will be easy.

[simonbart]

[quote=HLS]
From a business standpoint:
a) How much did you originally pay
b) How much do you currently owe
c) What is the rate on your current loan and is it fixed
d) How much income can you get from the guest unit
e) Do you know your credit score or what you qualify for
[/quote]

a) Paid 307K in 2000
b) Currently owe 200K
c) 15yr fixed at 4.85% (about 9yrs remaining)
d) Guesthouse gets $650 month. I have no children so can rent out one of the bedrooms to a room-mate for $650 month also.
e) I have no idea of my creditscore or qualification amount.

I can’t afford to continue with the current 15yr mortgage and also buy her out of her portion….which will be about an additional 100K. I will probably need to refinance to a 30yr fixed for 300K if I want to keep the house.

My thinking is that later on when I get a second income again (I just turned 40)…..it will be easy.

[simonbart]

[quote=HLS]
From a business standpoint:
a) How much did you originally pay
b) How much do you currently owe
c) What is the rate on your current loan and is it fixed
d) How much income can you get from the guest unit
e) Do you know your credit score or what you qualify for
[/quote]

a) Paid 307K in 2000
b) Currently owe 200K
c) 15yr fixed at 4.85% (about 9yrs remaining)
d) Guesthouse gets $650 month. I have no children so can rent out one of the bedrooms to a room-mate for $650 month also.
e) I have no idea of my creditscore or qualification amount.

I can’t afford to continue with the current 15yr mortgage and also buy her out of her portion….which will be about an additional 100K. I will probably need to refinance to a 30yr fixed for 300K if I want to keep the house.

My thinking is that later on when I get a second income again (I just turned 40)…..it will be easy.

[simonbart]

I have no intention of buying her out. I don’t want to live in a house with her ghost either.

Our current mortgage is 15yr fixed 4.85%. I don’t think I’ll ever get the chance to score one like that again.

I’m going to get an apprasial in the next week or two and start running the numbers.

We have a great fully contained guesthouse that is perfect for either renting out, elderly parents or guests. That should add a bit of bonus for any potential buyers.

[simonbart]

I have no intention of buying her out. I don’t want to live in a house with her ghost either.

Our current mortgage is 15yr fixed 4.85%. I don’t think I’ll ever get the chance to score one like that again.

I’m going to get an apprasial in the next week or two and start running the numbers.

We have a great fully contained guesthouse that is perfect for either renting out, elderly parents or guests. That should add a bit of bonus for any potential buyers.

[simonbart]

I have no intention of buying her out. I don’t want to live in a house with her ghost either.

Our current mortgage is 15yr fixed 4.85%. I don’t think I’ll ever get the chance to score one like that again.

I’m going to get an apprasial in the next week or two and start running the numbers.

We have a great fully contained guesthouse that is perfect for either renting out, elderly parents or guests. That should add a bit of bonus for any potential buyers.

[simonbart]

I have no intention of buying her out. I don’t want to live in a house with her ghost either.

Our current mortgage is 15yr fixed 4.85%. I don’t think I’ll ever get the chance to score one like that again.

I’m going to get an apprasial in the next week or two and start running the numbers.

We have a great fully contained guesthouse that is perfect for either renting out, elderly parents or guests. That should add a bit of bonus for any potential buyers.

[simonbart]

I have no intention of buying her out. I don’t want to live in a house with her ghost either.

Our current mortgage is 15yr fixed 4.85%. I don’t think I’ll ever get the chance to score one like that again.

I’m going to get an apprasial in the next week or two and start running the numbers.

We have a great fully contained guesthouse that is perfect for either renting out, elderly parents or guests. That should add a bit of bonus for any potential buyers.

[simonbart]

We purchase in 2000 with a 15yr fixed.
I’m kinda pissed since we would have been mortgage free in 7 more yrs.
Oh well….back to the drawing board…..back to the start of a lot of things actually.

[simonbart]

We purchase in 2000 with a 15yr fixed.
I’m kinda pissed since we would have been mortgage free in 7 more yrs.
Oh well….back to the drawing board…..back to the start of a lot of things actually.

[simonbart]

We purchase in 2000 with a 15yr fixed.
I’m kinda pissed since we would have been mortgage free in 7 more yrs.
Oh well….back to the drawing board…..back to the start of a lot of things actually.

[simonbart]

We purchase in 2000 with a 15yr fixed.
I’m kinda pissed since we would have been mortgage free in 7 more yrs.
Oh well….back to the drawing board…..back to the start of a lot of things actually.

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