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My House On Mill Pond

It was 6 years ago. My finances were in order. I been looking for 5-6 months for my first house. I wanted it all; good neighbors, big fence (for the Chihuahua), downstairs party room, walk in closet, master bathroom suite, fireplace, big kitchen, living and sitting rooms. It was winter and signed the agreement papers. I was so happy I found it my perfect home. Five bedroom and two car garage with everything I wanted. Later I drove to the second house (on Mill Pond) the one I rejected because it didn’t have a fence and was $10,000 more but with the same layout only a couple of blocks away. I looked at the house and thought to myself I’m so glad I didn’t get this one. I got such a good bargain with mine.  Days went by and I got call for my agent. Anna she said “I sorry but the owners are taking the house off the market due to pluming issues”. We still have the house on Mill Pond she said. I was tired of looking and signed the papers. About a month later my son and I moved in. It was our first real place. My son had a room of own in fact he had two rooms. I furnished the whole house with new furniture and things I collected throughout my travels. Friends would come and hang out on the weekends.   Things would come to an end because of my foolish decisions. As I write now I still have the keys. It hasn’t gone through the sheriff’s sale yet. Some of my belongings are still there. It’s very hard to go back. I miss it dearly. I know there are others going through the same. My heart goes out to every one of them. Hopefully everyone will rebuild sooner than later.

AkA007 AkA007 26-30, F 10 Responses Mar 1, 2009

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yeah, that sucks. A cottage, 730 sq.ft on half a wooded acre, with a swamp behind the house. Wonderful neighbors. I don't think I'll ever get over this.

I just moved out of my apartment and rented a home and I know how you feel. For me it was very hard to realize that I was going to lose everything, not because of the economy but because of my stupidity.

My wife and I are in the early stage of foreclosure and now it seems I'm losing hope on ever finding gainful employment. We both are veterans and we had this home for over twenty years then things went from bad to worst. We hardly communicate ,maybe a glance here or there. I only can say is to please don't give up. We are Americans and we can pull through these tough times.

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I haven't lost my home yet, but I lost my job last month and am scared that it's a real possibility. The very sad part is we've owned the home for 17+ years now, and in another 5-6 years it would have been completely paid off. I have a lot of equity in it, but I learned that I can not get a home equity loan or line of credit if I don't have a job. And the way the job market is, I don't know that I'll be able to get a job anytime soon.<br />
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I have three children who were born and raised in this one home. It is absolutely breaking my heart to think we may lose the house and have to move to G-d knows where. My children's entire lives are here in this house, in this neighborhood. They are good kids who have done nothing wrong. And I have tried to do the right things.....my credit is impeccable. My credit score is 813, and 817 is the highest possible, according to what my mortgage folks told me. I have NEVER been late paying ANY bill. And after all of that, I'm facing the real possibility of losing my home.<br />
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To say I am depressed is an understatement. We tried saving money over the years (didn't live lavishly by any stretch of the imagination), but unfortunately we don't have much in the bank. My wife came down with medical issues in 2004, and that's been eating away at our finances for years.<br />
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I wish I had answers..... I honestly have been contemplating ending it all.....

I never thought it would happen to me. Sorry for your loss.

I don't really know what your story is. So many people are losing their homes because they were ill prepared to buy them, they didn't consider what would happen if they lost their jobs. Almost all of us are "under water" on our homes. I'd be extremely uncomfortable right now if I had to move. If I could sell, I could sell for about 15 - 20% less than I paid for it. That, plus the realtor fees would mean that I would have to bring money to the table to sell (I put 20% down because that's what I was taught you should do when you buy a house 10 - 20% down). I bought a house for less than 1/3 of what I had been pre-qualified for. There are reasons for that: (1) I have always been concerned about the contingencies (what happens if I lose my job) and (2) I like to travel, dine out, buy furniture, redecorate and not worry about money all of the time. <br />
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It sounds like you may have paid more for your home than was wise. How much (what percentage) was your down payment? Did you have at least 6 months income saved after buying your house? Did you buy with some type of non-conventional mortgage product? Before you purchased your home, did you ignore the websites that told you could afford less than you bought? Or that you should have more saving than you had? Were you paying more than 28% of your income for your mortgage? More than 36% of your income for mortgage and new furniture and all of your other debt? <br />
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The next time you're in a position to buy a home, once your credit has been repaired after this personal disaster, keep these things in mind. Join a credit union. They'll be honest with you and not just try to get you into a house but get you into a house you can afford and keep. And save for a house to reduce the house payment, get a more preferred rate and have real equity to borrow against should things become really difficult again.<br />
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It is sad to see so many people losing their homes but it was frustrating to see so many people making a third of what I make, putting zero down and "buying" homes that were nicer than mine. I told myself they were willing to take the risk I wasn't. Turns out many of them were ignorant of the size risk they were taking. That's sadder still.

Sorry to hear this. Did you lose your job? That is sad.

Sounds like my story. I still have the keys, some things still there, but no sale yet. Very hard to go back. Guess I'll have to suck it up and retrieve the rest of my broken life.

It's a frigthening thing to think about. Fo rthe last ten years I have made a lot of money, so I bought a house nearer the country but still close enough to the city. It's pretty secluded and that costs dough. Now things are in a downturn and money is getting tight. It's not as if I could sell it cos no-one is buying. So the only thing to do is to hang tight, hope for a recovery and spend as little money as possible. Hope it works out for you.