WALKING AWAY FROM A MORTGAGE

We also live in Alabama, have 2 mortgages because my husband’s job relocated us. We rent a house, but get $650 less than the mortgage amount. It is killing us, because this is money we could be banking and saving, also I am in need a newer vehicle soon and can’t do it financially. However, that being said we are hanging in. Still have the home listed for sale with the renters in it. They have us between a rock and a hard place and know it, but I am still not @ the place where we walk away. When we first put the house on the market, the market was hot. Unfortunately Obama had put that stupid “stimulus” in place to hand out $8,000 for home purchases. Went to new, green homes so our home which was built in late 90’s was not considered green. People were building homes in the area instead of buying, and the value of our house went down. :( 2012 cannot get here soon enough!

My wife and I used to live in Bremerton, WA. In 2006 we saw the housing market that was so red red hot out there in this period start to top out and tip down. We were not quite ready to retire out of there yet, but decided we might be better off selling then and renting. We were afraid that we might be able to sell if the market dropped down.

So, we put it on the market on January 1, 2006. That very day we had five people come in and look at the house and had FOUR offers. We sold to the highest bidder. Then we rented. Thankfully, we decided to heck with it, we had had it with living there (my wife had been there nearly all her life) and we left. Came back to Alabama in 2006. It turned out to be the very best things we could have ever done. God blessed us and we are now back here in Alabama and very happy. We bought a new home here in 2007, found a wonderful church to join into, and are enjoying retired life. I have lots of family around so we have that here also. Thankfully, we got out of WA state just in time. Otherwise, in this economic climate, we would be stuck there for the rest of our lives. Basically, we just got in before the door slammed shut!!!!!

Glad it worked out for you. IMHO Alabama is a fine state to live. We were in Montgomery area for years, then central Alabama and now settled near Huntsville. We love it here. Just going thru one of those rough patches..thankfully we didn’t have much debt thanks to Dave Ramsey...hopefully your friends son can hang in there. We will add him to our prayer list.

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