Original post here: https://redd.it/67j8pu TL;DR: about 45k in credit card debt, $1565 mortgage payment ($145k left owed on $165k mortgage), not making nearly enough to pay for all that (and more) and mandatory expenses. Just wanted to come back here and give a follow up and say thank you! I called the loan officer I had for my refi in 2012 thanks to /u/formerguest . It didn't make sense to do a refi since it was FHA (I can elaborate more if anyone wants), but he got me thinking and told me I could sell my house and still do another FHA. I thought you could only do FHA once, but if I remember correctly from him, you can do it multiple times as long as your old ones stay out of default.
In the last 6 weeks, we cleaned and threw away a bunch of stuff to make the house look nice, had a garage sale, sold more stuff on eBay and Craigslist, and put our house on the market. We accepted an offer in less than a week for the house and as long as everything goes well, we'll close in a few weeks! We sold it for about $20k more than we bought it for and had some equity, so we'll have enough to pay down some debt and free up over (at least) $900 of monthly payments we currently have. I have some amazing family that has been really helpful with the garage sale, cleaning, etc. You know who you are, thank you so damn much.
The next part was to find a new place to live, and the current housing market here is insane. Long story short: when any decent house in my price range hits the market, the seller usually accepts an offer within 48 hours, above asking price. We even went $15k over on a house list price 36 hours after listing and offered to pay closing costs but still got beat by some other family doing a conventional loan who apparently offered less but threw in a sappy letter about why their family should get it. So we tried the letter thing on our next offer and we finally got on this week! Our new mortgage will be about $1000/mo and we got in the most ideal school district for us. The inspection is this week, hope it goes well!
We will be using YNAB and sticking to our budget hardcore, and we had to tell our nanny we can't afford her for next year, as much as she was awesome and the kids loved her. Moving is and will be a bitch, but I'm glad you guys helped me get real and do the tough things! I sold my xbox and games and an old sound system (which was really hard since I have hoarding tendencies), and have been doing Lyft. My wife and I are also seeing our counselor to make sure we don't repeat this stuff and get into debt again, thanks to advice from /u/cpa_brah . I'm probably forgetting some stuff, but that's the gist. I just wanted to write all this and post again to say thank you, and let you know this place really helps!
I will also put a comment below to mention some thank yous to the specific users who really helped me put things into perspective and get things back on track.
TL; DR: I took some advice from this sub and made a plan with my excellent loan officer to sell our house, downsize, and follow a budget with YNAB. Thank you /r/personalfinance!
Edit: reformatting
Submitted June 17, 2017 at 05:28PM by throwawaydebtstuff http://ift.tt/2rIle7p
