We own our house. Our interest rate is very, very high. We are in the process of getting a loan remodification done with a lawyer. So worse case scenerio, our mortgage is $1600/mo. Good possibility it will go down to $1000.
My husband lost his job last year, the day he went back to work after being off for the birth of my daughter. He's a mechanic, so it's been a rocky road of employment since then - no one has money to fix their cars it seems. We make it, don't know how. Bills aren't paid on time but they do eventually get paid.
We are in an area where we could still sell our house. And walk away with tens of thousands of dollars. I would like to do this while we still can. There are other reasons I would like to move, but they aren't really relevant. Just saying that this isn't the only reason I'm considering a move. Oh, plus we have oil heat and that will be at least $3000 to heat with this year.
I fee like if we were renting, we would have that security blanket of money from the house. (If we stay here, it would be very difficult to come up with an emergency fund that would actually be helpful in a real emergency, such as job loss.) I'd also like to use a $1000 - $2000 to have a nice stock up of staple foods (pasta, canned goods, etc.) before we get to the 50% food increase.
:
I do realize we are at the hands of a landlord, if we rent. Rent might be a little higher than our best case scenerio of mortgage, but the oil cost and other things, factored in and things will be less expensive renting.
Would you do it? Or stay put? Am I being paranoid, or prepared? What am I not considering?
My husband lost his job last year, the day he went back to work after being off for the birth of my daughter. He's a mechanic, so it's been a rocky road of employment since then - no one has money to fix their cars it seems. We make it, don't know how. Bills aren't paid on time but they do eventually get paid.
We are in an area where we could still sell our house. And walk away with tens of thousands of dollars. I would like to do this while we still can. There are other reasons I would like to move, but they aren't really relevant. Just saying that this isn't the only reason I'm considering a move. Oh, plus we have oil heat and that will be at least $3000 to heat with this year.
I fee like if we were renting, we would have that security blanket of money from the house. (If we stay here, it would be very difficult to come up with an emergency fund that would actually be helpful in a real emergency, such as job loss.) I'd also like to use a $1000 - $2000 to have a nice stock up of staple foods (pasta, canned goods, etc.) before we get to the 50% food increase.
:I do realize we are at the hands of a landlord, if we rent. Rent might be a little higher than our best case scenerio of mortgage, but the oil cost and other things, factored in and things will be less expensive renting.
Would you do it? Or stay put? Am I being paranoid, or prepared? What am I not considering?
:
I don't want to debate it here. But I am convinced the recent dollar rise is temporary and that the housing market is not done falling.
:
