Go now. Do not hesitate, seek help. (Canadia has euthanasia for you problem)
Can’t fix stupid
I have seen this advertising ploy before. I think on the same website. It is basically an attractor for all the financial advertisers and loan institutions. Trying to shake up the bushes to find customers. Last one I saw was for someone with like 300k debt borrowed to study some major at Harvard where there are few jobs for that major. Oh, please help me...do I need a professional financial advisor?
The big clue? This idiot saying he and wifey make 320k a year and watch EVERY penny. Riiiiiight.
Stupid is as stupid does, Mrs. Blue.
I was a victim of FOMO during the housing market craziness...
I had to look FOMO up. It is "Fear of Missing Out."
IOW "envy."
No kidding. What an idiot
Just walk away from the house. I’ve known people who did that back in 2008-09. Didn’t effect them or there credit one bit and they bought a new home a year later. One guy I know walked away from his house in Texas AND ran up a $100,000 credit card bill he defaulted on. No biggie. He was still getting offers for new cards.
People owning homes in the City have been making a run for it for years. You’ll find bay area people living up highway 80 all the way to Auburn and above. This is why they built a BART up there.
But they are many times stuck with the property in Frisco because no one will pay the price the owners got themselves into so the property sits vacant and is still being paid for somehow.
My suggestion is if you are not going to change your mind on living in the city, take what you can get out of a sale and escape. This has been going on for many years as far back as the late 70’s. When I was there the people were buying as far east as east Sacramento and Rocklin and selling the bay houses if they could. Car pools were big at that time.
wy69
I just feel so poor some times...
Just trying to help out here.
Sounds like 2 “new” couples on our cul de sac, who bought homes during the bidding wars and bought at the new temporary high.
They immediately had high end construction ripping out older areas of these homes and rebuilding to new specs including new minimums of retro to meet increased and just to fulfill their dreams of what a home should be.
During that time, our contractor was doing our annual keep up our home to keep it liveable.
On one of his visits, he commented about the new owners on the home next us being ripped up and redone. There were 7 big company pickups with at about 2 construction workers per truck, so 10-14 workers and the super were on the site daily for about 3 months. He estimated the workers were getting a minimum of $40-$50/hour.
Meanwhile, the cost of building materials was setting record at least weekly if not daily.
Since then, the estimated value of that home has dropped several hundred thousand $’s since it was bought.
They just had a new 1400’ 2nd floor family/rec room built above and between the carport and their kitchen.
Now, we are seeing a rebirth of family home compounds on the larger lots, throughout our areas. Re family, I mean the pre approved Mother/Mother in law dwelling/s and individual families behind locked gates.
That sounds like an expensive lesson. Why would any sane person move to and buy property in that miserable hellhole?
Basic economics isn’t taught in schools anymore, although it is really just common sense to not spend more than you make and only take on debt when absolutely necessary. Always, ALWAYS live below your means and you stand a very good chance of being “rich” someday. FOMO is just greed and wanting to impress other people.
I bought my first house in CA when I was 25. A converted 1 bedroom cabin in the Santa Cruz mountains. Every 5-10 years when the markets - real estate and mortgage - were favorable my wife and I would roll our increased equity into a nicer, but still modest, property. Our monthly payments were about the same over the last 25 years.
Last year we sold our house to some FOMOs after increasing our equity by $400k in 8 years, and bought a 3k square foot house with barns, a shop, and a couple outbuildings on 12 acres in central Texas - for cash.
Never bought a new car in my life, don’t need fancy toys, rarely eat out, don’t wear (or even own) fancy clothes, and have saved enough money to send my daughter to college in a couple years. It wasn’t hard. Modesty pays off in the long term.
They are liars, not victims.
The first line of the article starts with “I was a victim of FOMO” and that’s just simply a lie. Didn’t they read their contract before they signed it where it spelled out how much they are going to have to pay on principal/interest over the life of the loan? The responsible thing to have done was to actually read it way before signing and making sure they know what they are signing. He wasn’t a victim. He was a contract-signer who had plenty of opportunity up front to do his due diligence to make sure that he and his wife were ready to do it & meet their obligations.
And then he throws his employer and his wife’s employer under the bus when he writes “my wife and I are in our 30s and are working in the Bay Area and making about $320,000 combined yearly”. What kind of employer would hire such fools and pay them such very high salaries that is way above average salaries in the USA and even much higher than average salaries worldwide? Such employers don’t need to be so wasteful on hiring and keeping staff who are so irresponsible like this, especially calling himself a victim? If a job location’s home prices have become too much to support a family then its time to go find somewhere else to live or just live with much less.
Even the “expert” in the article falls for the mentality that so many get into with rental real estate when they write “we know you’re losing $14,400” regarding his $4450 monthly mortgage and $3250 monthly rent. What about vacancy factors? Costs of re-renting the place? Utilities during vacancy? Repairs/maintenance? What if the tenant decides to not pay the rent and you can’t evict for years due to some pandemic? The roof, HVAC, appliances, and so much more will eventually all need to be replaced & there will always be plenty of other bills that come with rental property ownership. What if the rent price can never be raised enough to keep up with the costs of ownership?
The most important thing that every prospective landlord must keep in mind is this - blue hives are uninvestable. The woke mobs go vote and their politicians do their bidding in decimating the Middle Class. So many places have been kalifornicated in America.
There’s 0% chance they were victims. They were being greedy in signing a contract (with lots of leverage and risks which they purposely chose to ignore during the bubble) and until they accept responsibility for getting themselves into this mess and stop playing the victim card then they’ll just keep going on being dishonest scumbags who think the world owes them everything.
Sell the condo and put the profits towards
the $200,000 overcharge. Move to the
purchased home. The difference in housing
cost vs traveling will be noticeable.
Out here in the west it is not uncommon
to drive 50 miles each way. Your circle
of friends should take a back seat to
your financial well being. If they’re
true friends, they’ll stay in touch.
True liberal attitude going on here.
They made the deal, they should learn
to live with it.