Bought a home for 560k in 2007
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Bought a home for 560k in 2007
Hi I bought a home for $560k in 2007 , paid 10% down and did an interest only mortgage for the loan for 10 years.I was making close to 200k when I initially bought the house and since my wife wasn't working and with two kids my expenses were high and I couldn't save anything.I lost my job in 2014 and found another paying 130k in another state.I rented out my original home to someone to cover the mortgage and I am living on rent where I work.I have nothing in savings and still owe $450k on that house.Sometimes I think of selling that house but it's selling for 500k and in that case I will lose my equity .I need a financial advise for my difficult situation .
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Re: Bought a home for 560k in 2007
You may be better off asking this on an American investing site. Canadian rules are different, not to mention state laws treat real estate differently.
We could give you some general advice but, with different rules, our advice may not be the best for your situation.
We could give you some general advice but, with different rules, our advice may not be the best for your situation.
Re: Bought a home for 560k in 2007
Sorry to hear about you loss of a high-paying job. A 35% loss in income is major.
I guess the question is: are these arrangements long term? If so then it might make sense to sell at a loss. Is mortgage deductability a major factor for you? If so then buying where you work might be a better idea.
Post the same question on bogleheads to deal with these issues.
I guess the question is: are these arrangements long term? If so then it might make sense to sell at a loss. Is mortgage deductability a major factor for you? If so then buying where you work might be a better idea.
Post the same question on bogleheads to deal with these issues.
For the fun of it...Keith
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Re: Bought a home for 560k in 2007
Welcome to FWF. As is mentioned up-topic, we are a Canadian based discussion forum. You might be better served asking your question on our sister US forum, Bogleheads.org.
finiki, the Canadian financial wiki New editors wanted and welcomed, please help collaborate and improve the wiki.
Normal people… believe that if it ain’t broke, don’t fix it. Engineers believe that if it ain’t broke, it doesn’t have enough features yet. – Scott Adams
Normal people… believe that if it ain’t broke, don’t fix it. Engineers believe that if it ain’t broke, it doesn’t have enough features yet. – Scott Adams
Re: Bought a home for 560k in 2007
You might also wish to check out MrMoneyMustache.com for tips on reducing expenses. They have a forum as well.
Re: Bought a home for 560k in 2007
no advice on your house situation, but you need to save more.
My situation is in many ways similar to yours, so I speak from experience.
My situation is in many ways similar to yours, so I speak from experience.
"Speculation is an effort, probably unsuccessfully, to turn a little money into a lot. Investment is an effort, which should be successful, to prevent a lot of money from becoming a little." Fred Schwed " Where are the Customers’ Yachts?"