Key financial milestone completed - back to renting

**Ima saver** · 12-11-2009, 07:03 AM

Congratulations!!

**lovcom** · 12-11-2009, 09:46 AM

Originally posted by Radiance View Post

I am very grateful and blessed.

After months of talking to lawyer, financial advisors, real state agent and the Lord upstairs I was able to short sale my house and I am back to renting. It was a very emotional good bye and the logistics got complicated for some time but it is done.

I waited too long to look for a new place (long story), so I am renting from a rental community and not from private party as I originally planned. It most be for the best.

My commute is only 7 minutes longer. I moved last weekend.

My housing costs have gone from 2200 to 1335... what a difference!
I moved last week so I am still experiencing the ripple effect of moving expenses, but starting next month the extra money goes straight to debt erradication.

I have now a 2000 saving fund that I don't plan to use up for debt.

The apartment is on a very nice community, peaceful and organized. My apartment is full of boxes and I want to finish unpacking before Christmas. Noy sure if I will decorate or not. I do plan to buy some xmas decorations after xmas.

Next milestone: credit card debt.

Congratuations....keep on that track, keep the momentum going....make lifelong mindset changes....you have every reason to be happy & optimistic!!

**zetta** · 12-11-2009, 10:00 AM

Congratulations! What a relief that must be! If you don't mind sharing, what were the terms of the short sale? How long did it take to accomplish? Will you owe any taxes as a result?

**Radiance** · 12-11-2009, 10:19 AM

For short sale these items were critical

1) the right lawyer, someone with the highest ethical and professional standards that will say it as it is while protecting your rights. Interview 2-3 minimum

2) The right real state agent. Nowadays every broker claims to be a short sale expert. Deep interviews are needed! interview 3-5 minimum!

I was super blesed with items 1 and 2, my lawyer is excellent, I became friends with my real state agent. The expertise, the ethics, the responsiveness, the care. oustanding!

3) All shortsales are state dependant, what applies to one state might be opposite for other state, even county laws may vary. In Florida there are no taxes over shortsale deficiencies if the house is your primary home.

4) Time, it can be months, it can be years. Only accepting that fact allowed me to keep my sanity. In my case the whole thing from distress to shortsale was one year, super fast! another blessing for me.

pm me with all your questions, but there is no replacement for proper financial, legal and real state advice from the the right professionals

**creditcardfree** · 12-11-2009, 03:15 PM

Congratulations!! I'm glad the short sale will help you move forward.

**worriedsick** · 12-11-2009, 05:18 PM

Good Job

Tell me more about the credit card goal. I, too, sold my house on a short sale and am also renting. I am trying to get out of credit card debt, but never get ahead because I am paying minimuns, and am always late so I get charged the late fees and now the interest rates are going up, making it even harder to get ahead.

I am considering stopping paying on them altogether and pay on them as i can. I need about 1 year, and I think I can do this. BUT, I am wondering how troublesome my life will be with the debt collectors. I dont mind the calls or harrassment, I just dont want to get sued.. I want to pay them off and I am wondering how much time I have?

sorry, I rambled,, but if you have any insight, I would love to hear from you.

**aurielle** · 12-11-2009, 06:53 PM

Hey, congratulations! I had to go through a short sale 12 years ago so I know your pain and I know how relieved you are now.

I agree with having a good attorney and RE agent. I totally lucked out on both - I had to go with who I could get without interviews. No time, money or resources for that - it had to get done quick and dirty and I tell ya I had an angel on my shoulder through that mess.

**Radiance** · 12-16-2009, 12:54 PM

Dear worriedsick,

After the shortsale, I do have money's leftover to dedicate to debt repayment.
Especially because while I was still trying to make mortgage payments I worked on streamline my monthly budget, cut off on non essentials.

First huge step was to ensure I stopped charging. So the only new thing I had on every upcoming statement was the finance fee for the month.

Can you not keep on paying minumums and pick one card to pay as much as you can to? Do you have moneys leftover now that your housing expenses have gone down?

You are in the correct place to get help, but you need to provide more info.
How many accounts, how much debt, what percentages

Then on your current budget, what does it look like, can you make changes?
I elliminated cable, reduced my cell plan, elliminated my baby toy budget and minimize my baby cloting budget. I became aware of my other expenses and determined where I had the posibility to make changes and where I had fixed expenses. For example I didnt know commuting alone was costing me $150/month. Nothing I can do to reduce that right now, but I alocate $150 at the beggining of the month, so I don't run out of gass money = no credit card charge for that item

I am too rambling.,.. the more info you provide, the better we can help.

Key financial milestone completed - back to renting