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  1. #1
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    Default Selling your home/restarting

    Has anyone does this before? And regretted it?

    We have had a rough year etc with hubby being unemployed for a long period of time our house is in a great area which is making profit! It's rented out but we have a car loan too. We haven't spoken to a financial advisor yet I guess I'm just over the stress.

    We couldn't consolidate as our house doesn't have enough yet I don't think. Our rent here is $150 more than our mortgage was!!!

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    We had to sell our house and rent for three years due to long term unemployment. I can't say we regret it because we were drowning in debt and we just had to get rid of it. I cried, and cried, and cried the day we moved out. I still feel a bit sad when we drive past it because it represents such a hard time in our lives.
    We have since bought again, but our mortgage is huge, which is what we had to do because it was so hard trying to save for a deposit and pay rent. However, for us, selling got rid of our debt and it wasn't a great time to sell, so we broke even which left us with nothing. We quite literally started from the ground up. It gets me down when I think about it because we were so well set up at a really young age and never thought we'd be in the position we are now. But that's life isn't it? You take the good with the bad. Selling definitely released a lot of stress and allowed us to begin to building our lives again.
    I don't have a crystal ball to see what would have happened had we held on to our house (I suspect we would have had to declare bankrupcy though...things were pretty dire) to see if we could have pulled through and came out on top again, but I do know we did what was right at the time and I have no regrets. I just get a little envious when I see our friends living in much nicer houses than us with much cheaper mortgages because they bought before the market boom, and we had to buy 'in the market boom.'

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    Quote Originally Posted by monnie24 View Post
    Has anyone does this before? And regretted it?

    We have had a rough year etc with hubby being unemployed for a long period of time our house is in a great area which is making profit! It's rented out but we have a car loan too. We haven't spoken to a financial advisor yet I guess I'm just over the stress.

    We couldn't consolidate as our house doesn't have enough yet I don't think. Our rent here is $150 more than our mortgage was!!!
    Could you move in for the short term? If rent is more and it's an option then it might be worth looking into.

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    Quote Originally Posted by maternidade View Post
    Could you move in for the short term? If rent is more and it's an option then it might be worth looking into.
    Our house is in SA we are living in Queensland as we couldn't find any work in SA. So this is where most of our debt has occurred moving interstate, putting our mortgage on hold for nearly 6 months (managed to get that paid off). Our mortgage is so small (180k) I just feel gutted. If we didn't lose our job in SA we would be ok. Bloody jobs 😓

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    Quote Originally Posted by Party of Three View Post
    We had to sell our house and rent for three years due to long term unemployment. I can't say we regret it because we were drowning in debt and we just had to get rid of it. I cried, and cried, and cried the day we moved out. I still feel a bit sad when we drive past it because it represents such a hard time in our lives.
    We have since bought again, but our mortgage is huge, which is what we had to do because it was so hard trying to save for a deposit and pay rent. However, for us, selling got rid of our debt and it wasn't a great time to sell, so we broke even which left us with nothing. We quite literally started from the ground up. It gets me down when I think about it because we were so well set up at a really young age and never thought we'd be in the position we are now. But that's life isn't it? You take the good with the bad. Selling definitely released a lot of stress and allowed us to begin to building our lives again.
    I don't have a crystal ball to see what would have happened had we held on to our house (I suspect we would have had to declare bankrupcy though...things were pretty dire) to see if we could have pulled through and came out on top again, but I do know we did what was right at the time and I have no regrets. I just get a little envious when I see our friends living in much nicer houses than us with much cheaper mortgages because they bought before the market boom, and we had to buy 'in the market boom.'
    This is great perspective for me thank you pot.

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    Quote Originally Posted by monnie24 View Post
    This is great perspective for me thank you pot.
    No worries. It's a hard and stressful position to be in


 

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