To sell or not to sell

[DonM]

My wife and I purchased a home about 5 years ago. Over the last few years I've taken a significant pay cut and a job reloction commuting 160 miles per day. I pay over $500 per month in gas and tolls which my company will not reinburse. It's taking a huge strain on my life and marriage is falling apart as a result. Likely to the point of divorce.

During the 5 year my wife and I have put about $25k into the house. We paid roughly 155K 5 years ago. Value has dropped in my area and I was told by a realtor to not expect getting more than $155k for the house in this economy. We took out a home equity loan a few years ago for home repair so the pay off is about the same as what I can get for the home.

Current rate is 71/4% denied refi for lower rate due to large drop off of value, credit is fine. I was also denied hardship restructuring due to income was to high.

At this point I dont know what to do. Unsure if I should sell and take the loss or stick it out. If I could get the rate lower I'd be able to save money as is I'm barely getting the bills paid.

[gpoitras]

It would be helpful to have an idea of what your monthly income and expenses are.

[bjl584]

Do you plan on staying at your current job longterm? If so, then from what you posted I would say that selling the house and moving somewhere closer to work may be a good option. Even if you only break even on the deal you will still be further ahead in all other areas of your financial life.

Or, you could attempt to find a new job closer to your current home, and at the same time, increase your income with extra jobs and by selling any unneeded items laying around the house.

[DonM]

I'll post my income and expenses later tonight.

My job is seasonal in nature. I commute 6 months out of the year. The other 6 months I'm within 20 min of my job

[disneysteve]

Originally Posted by DonM

commuting 160 miles per day
over $500 per month in gas and tolls
huge strain on my life
marriage is falling apart as a result. Likely to the point of divorce.

Unsure if I should sell and take the loss or stick it out.

I think you've answered your own question. There is a lot more at stake here than the money. Sell the house and move on.

[jpg7n16]

I don't see a single positive thing said about the current home.

Except you mention a sunk cost as your only tie to the place. That $25k is gone. Right now you're just gambling that the home will increase. Be glad to get what you owe on it and be done with it.

You can't replace your marriage over a $25k sunk cost.

Like DS said:

Originally Posted by disneysteve

There is a lot more at stake here than the money.

[AmySL]

Have you thought about starting your own business? If it's a possibility you can consider seriously maybe it's worth giving it a shot...

[MrPolarZero]

This one is definitely not going to be easy. The best thing that you can do is to weight the pros and cons first and then decide whether or not it is worth it to sell the house.

[mike95910]

Yeah i dont know about this one. Probably dont sell if you already have somthing established and it working why try and change it