Posts by Lawrence Wright7

Hey everyone, now I’ve gone and run into yet another headache...
I just cannot seem to shake this nightmare regarding that miserable apartment 😠

To make a long story short:
Back on April 4, 2008, I took out a mortgage to buy my very first place—a 745 sq. ft. studio. I applied for the first-time homeowner tax exemption, which I actually got (though I’m still waiting on the paperwork for the "excess" square footage they promised me back then)
But look, things went south fast. I couldn't keep up with the mortgage, interest rates started climbing, my monthly payments dropped, and I was backed into a corner. I HAD to sell. So, on March 30, 2011, I sold it through a government housing program.
Well, I recently received a lovely little "gift" from the IRS stating that I owe them $9000 (which is 5% of the sale price) simply because I sold the property within five years of buying it.
*1-The unit was bought from a developer LLC who built these new condos on a lot that dates back to about 1968. It’s a new build on old land. They haven't sent me the final bill yet, claiming it's coming. At the local tax office, they hinted that I might be able to pay a lower rate based solely on the land value or some other technicality... but who knows how that works?.....?????
*2-I also found out that the laws changed on February 25, 2011, and now that holding period requirement has been dropped to three years.
I marched down to the tax office in person and pointed out the NEW REAL ESTATE TRANSFER TAX ACT, specifically citing Article 27.a, which basically says😢in short, for items registered before this Law took effect where a decision hasn't been finalized, the new Law applies...
When I brought that up, the bureaucrats there told me that maybe the new law could catch me too. Apparently, according to their math, I am missing exactly five damn days to hit that full three-year mark—even though I have clearly been registered at that address for much longer than three years!
*3-Furthermore, in the sales contract signed on April 4, 2008, it explicitly states that the SELLER is responsible for all real estate transfer tax costs.
I pointed that out too, but they just looked at me blankly and said they don't deal with cases like this and aren't sure what to do—they just told me to file an appeal.
*4-And let's be real here: I was forced to sell that place because my life was hitting rock bottom financially. My paycheck is already being eaten alive by half for child support and garnishments for past-due alimony. I don't own any other property. I explained all this to the tax office, and they suggested I ask for a debt waiver due to "inability to pay," though I didn't quite grasp what that entails.
My question is: I am definitely going to appeal, but what legal grounds should I use and how do I go about it???

Thanks in advance, everyone.
I've only got a 10-day window left.

Just checking in from the Midwest for a bit...
On my annual vacation... 😁
It’s been a beautiful trip—no more credit debt hanging over my head, just seeing the money sitting right there in my account...
I actually hit my target price of $90,000
Managed to clear out every single debt, wiped the credit cards clean, all that jazz...
And I actually have a little something left over too😛
Anyway, it was a massive learning experience that taught me what it really means to "live"

Thanks to everyone for the well wishes 😉

I’m writing this with an incredible sense of relief 😁
,,,,,,,,,,,, I ACTUALLY DID IT,,,,,,,,,,,,
I’m finally done being a slave to the banks—settled the debt, sold the house 😁
Being free... man, that feeling is priceless. I can actually breathe again!!! (It feels amazing)
Next step is packing up and heading back to the Midwest to be near my kid.🙂 I even have a little bit of cash left over
to pick up a decent gift.
It was a Long, grueling journey, but I pushed through and somehow found the light at the end of the tunnel. If only I’d had the guts to do this sooner.
Like some people here were saying: four walls aren't worth all this misery—and they were absolutely right!
Thanks to everyone for the support, the harsh critiques, the advice, the answers......

Later ☕

Jerry Wright6 said:You could fix this mess right now by setting a competitive price, but you refuse. You're just hoping for some miracle to bail you out, but let’s be honest: you're just dragging your feet and making things worse. I've already told you how much time you're wasting per unit of time...
If you declared bankruptcy today, you'd lose everything. They'd liquidate the assets through receivership, and you'd get a "fresh start," but you'd be barred from getting any kind of credit for at least seven years...
The reason you haven't filed for bankruptcy yet is because you've been dutifully paying your bills—up until now. Your situation can continue to spiral indefinitely at your own expense, but look at your life and ask yourself what that actually looks like...
Of course, for most people in your shoes, filing is the smartest move. It forces the banks to swallow the loss, even if they feel the sting of their own poor risk assessment. Their business model isn't exactly foolproof, despite what they think!

If I could actually fix this right now, I would. That’s all I want—to get this weight off my shoulders, finally have my paycheck to myself, and get my life back to normal. But it means starting over from scratch. Moving to the Midwest, finding work there... living with my parents again... those are massive, heavy decisions. On the other hand, obviously, I want to "squeeze" as much as possible out of these three years of misery if I can—just to have some cash to kickstart a new life. Looking back, I realize I should have started selling way sooner; maybe I could have actually closed a deal by now. And believe me, I know exactly how it feels to watch another $500 vanish into the bank's pockets every single month. I stalled because I was fighting tooth and nail to keep the apartment, trying every possible angle to find another way out, but I see clearly now: selling is my only exit strategy.
Recently, I set an attractive price: $90,000 (about $1,285/sq ft) for the CDC land. It’s very reasonable, but the right buyer just hasn't surfaced yet.
The agencies tell me it’s just a matter of time.
One agency even put the offer up with the AP, and we’re just praying for a positive response.
I am done being a slave to debt! I just want to earn my paycheck, treat myself and my son to the little things, and finally actually LIVE—I know it's going to happen soon.👍

That’s just how I see it...

I’ve already gone broke 😛

Gerald Chavez7 said:And don't forget to hit those Canadian boards too (maybe some Mexican ones if you're feeling ambitious).

Look, I’ll be honest—I haven't really messed around with classified ads or running campaigns outside of the States.
- Can anyone suggest some decent sites? Free ones, obviously.
shoot me a DM 🙂

Listen...
it covers 😉

Steven Lee75 said:Lawrence Wright7, I’m sorry you’re dealing with this... I don't really know what to say, but let me give you an example of a family I know who lives off flipping houses they renovate themselves. During this recent downturn, they had zero buyers. They sat on three apartments for two years without a single inquiry. Before that, they barely managed to sell one house to someone from Canada. Just recently, though, they sold two units at once—also to Canadians. One guy showed up, loved the place, and told his buddy he had to take the second one...!!
I'm just saying, maybe try listing your place on some Canadian real estate sites? They seem like the best demographic for this. 😉Your place looks great, and honestly, compared to what else is out there, the price is a steal...

Best of luck!👍

thanks. the price is down to $90,000 now

Price drop alert:

http://www.zillow.com/homedetails/st...-listing-1432547

Gerald Chavez7 said:Look, just sell the apartment already—slash 10% off the asking price right now. Are you really going to sit there and wait until every single deadline passes you by? From what I recall, you mentioned your alimony payments kick back in this March once that moratorium expires—so how exactly do you plan on surviving on $4,000 minus $900 minus $3,800 = $233 in new monthly debt? You haven't even touched the $0.33 needed for basic living expenses or the utilities for that place 😲
.
How much did you actually take out for the loan again? Around $90,000? -> Just set that as your selling price and call it a day...

MAN 😢
BY MARCH, you're looking at an additional $333 burden—those unpaid child support arrears.

I honestly think I need to drop my price to the absolute floor immediately too.

Hmm...
I can't quite wrap my head around what’s going to happen starting January 1st if FIFA gets their hands involved in this mess...

I'm sitting here wondering if there's any way I can actually play this situation to my advantage...?

For instance...
Here's the breakdown: my paycheck is roughly $1333
. I've got a court order for child support dating back to $307, and after that, everything else goes straight toward my mortgage via automatic withdrawal $1267. I've got an overdraft limit and some Chase and Wells Fargo cards with deferred payments.
Honestly, I'm just shuffling money from one empty pocket to another at this point.
Let me give you an example:
What if I shut down the overdraft (which I'm not even using right now) and instead of the automatic payment, I request a freeze on the loan itself? What would actually happen then? My employer wouldn't be able to pay me anything—literally ZERO dollars, right????? There has to be something left over just to survive, surely? I realize that if I did that, I'd lose my credit cards and the overdraft, and I'd just end up stacking debt on the loan because I wouldn't be paying the full installment. Look, I get it—child support comes first, and that's fine. But would I have even a single cent left for basic living expenses?

And God, the misery just keeps piling up because
it's almost been three months since I've had to start covering these overdue child support payments.
Basically, the court handed down the ruling, and I pleaded with my ex for some breathing room
so I could sell my condo. Even though she knows exactly how bad things are, she barely agreed to a six-month grace period, and that deadline is looming while I still haven't found a buyer.
What happens if those back payments hit my paycheck all at once!!??
The judgment says they can take half of my income, which means about $667, but I still have a $3,800 mortgage to cover.
Alright. I've got maybe three months left. But what the hell am I supposed to do after that??

Thomas Ortiz3 said:There is a dedicated thread for that topic:

If I'm following the logic here correctly;
they aren't supposed to charge me more than a 1% fee to close out my loan
my principal is sitting at about $85,000
and I took this loan out back in 2008?

So, is that the good news? Is that the upside here?

Gerald Chavez7 said:Lawrence Wright7, why on earth are you using an agency? Honestly—all it takes is a few hours a week to refresh your listings on all the free sites out there. That commission you’d be handing over—around 2%—is a massive chunk of change, especially given your current situation. You could technically drop your asking price by 2% right out of the gate, but let's be real: you'll probably end up slashing it even more just to get a bite...

Try this little mental exercise: pretend you actually have to sell the place for 20% less than what you're asking now. Map out your life based on those lower numbers—see how things actually look if you're forced to move at that price point...

And that’s precisely where I hit a wall:
Initially, I tried doing this solo. I posted everywhere online, trying to avoid those pesky commissions so I'd have more wiggle room to negotiate the price down. But honestly? The response was pathetic...
.Just total silence.
I know the clock is ticking and my grace period is running out, so yeah, I finally bit the bullet and signed with some agencies, commission and all.
Even so, they've only managed to send over a handful of serious prospects.
The latest update? I had someone scheduled to view the place today—but they just didn't show up...
Maybe tomorrow, maybe the day after... who knows at this point.

Quick question about these automatic transfers...?

So, here’s the deal: I have an overdraft limit. This means if there isn't enough cash in my account when an automatic payment hits—say, my rent or utility bill—I just slide right into the red. First, I hit the authorized overdraft, then I drift straight into unauthorized territory. My big concern is, once I hit that unauthorized stage, they freeze my whole account, right? And what happens then? The debt just sits there on that same account because I can't even close it! It’s like being trapped in a loop where the interest and fees just keep piling up and up, and there's absolutely no way out. I’m stuck paying for everything... what the hell am I supposed to do?
The only thing I’m wondering is if I can just open a new checking account at a different bank to get my paycheck deposited? Even though I haven't technically fixed the mess yet, I'm terrified they'll just seize this one too any second now.
At least, for the moment, I'm staying on top of my payments.

rapidskipper12 said:Man, San Diego... That gorgeous little 750-square-foot apartment...

Why not just rent it out to some college kids? Grab $300 from each of them—three roommates at $100 apiece plus utilities... That’s $833... at least it helps cover the mortgage... 😉

And just so you know, an automatic withdrawal isn't going to work if there's no money in the account... 😉

Look, if I lease out the entire unit, I could bring in $833—but then I'm stuck playing landlord to myself, moving into some sub-letting situation where I still have to cough up rent and utilities, which probably totals about $500
. So basically, I end up with $333 but I'm not even in my own damn home.
The smarter play here is:
- Get some roommates in the apartment so I pull in $333, we split the bills, and I actually get to live in "my" place.
It'll be a solid setup for when I eventually move back to Indianapolis to stay with my folks, where I won't have to worry about rent or utilities😉—assuming, of course, I can manage to sell the place before then.

dustyscout53 said:Man, you really gotta look toward the future here—at least when you're crunching the numbers. That condo has cost you way too much peace of mind and health. It took you nearly a year to realize you *had* to sell it (not just that you "should," but that you actually had to), and if it hasn't moved in almost six months, that’s on you now—regardless of what those agents are telling you.

Just list it for exactly what the bank needs to clear that mortgage. And seriously, do the math—figure out how much every single monthly payment is draining from your wallet and your sanity. Might be worth looking into renting the place out, or even just a room?

The only silver lining in all this is that you learned how to live lean—cutting out the car and the daily coffee habit.

Owning property isn't some fundamental right, nor is it a guaranteed ticket to happiness. If you can truly learn that lesson, you'll be in a much better spot to actually own a place one day—say, 20 years down the road. And if you buy it without a massive loan next time, you'll be ten years ahead of where you are today.

Good luck, buddy.

Thanks 🙂
I'm with walter on everything;
I'm running the math in my head day and night, and honestly, I never liked math back in school anyway, haha! 🙄 Like everyone else trying to sell something, I'm obviously aiming for the best price possible...
I do have some wiggle room to drop the price, and I'll definitely use that once a serious buyer actually shows up.
But on the flip side, I'm handing $500 over to the bank every single month. That's $6,000 a year gone.
The only good thing is that people are actually calling about the place even at this price.
The agents are telling me that the market picks up at the start of the year—right now—so I'm going to hold out on this price for a little while longer. If it doesn't work, I'll slash the price to the absolute minimum just to end this nightmare—I just want my paycheck back so I can actually live my life.

Jerry Martinez5 said:Lawrence Wright7, drop the price. I mean, is anyone even calling you? How many people actually showed up to see the apartment?

Look, the phone isn't ringing off the hook—but honestly, that’s just how the market is right now. Nobody is out there snapping up real estate like they used to.
I actually came incredibly close to closing a deal twice... which proves there are serious buyers out there, they just aren't jumping at every offer.
Maybe I just need a bit more luck on my side...

Quincy:

I don't even know where to begin with this one. Honestly, I’m sitting here staring at my screen, just shaking my head, because sometimes you think people have reached a certain level of common sense, and then—bam—reality hits you right in the face. It's exhausting. Truly. I was reading through some of these threads earlier, and it’s just the same old song and dance over and over again. You see someone post something that is clearly, objectively wrong, and instead of a civil discussion, it turns into this absolute circus. It reminds me of that time back in Chicago when I was trying to deal with the local zoning board—absolute chaos, nobody listening, everyone just shouting over each other for the sake of being loud. That’s exactly what we have going on here. And don't even get me started on the way certain people approach these topics. It’s all surface-level fluff! There’s no depth, no nuance. People want the quick fix, the easy answer, without doing any of the actual legwork. It’s lazy. It’s intellectually lazy, and frankly, it’s insulting to anyone who actually puts in the effort to understand the complexities of the situation. I mean, really, if you aren't willing to look at the data, why are you even participating? It's like watching someone try to build a house starting with the roof. It makes no sense! Anyway, I'm probably just venting now. My coffee is cold, my blood pressure is up, and I feel like I'm talking to a brick wall half the time. But someone has to say it. Someone has to point out when the emperor has no clothes. So, there it is. Just my two cents. Expect more of this from me, because I'm clearly not going to stay quiet about this nonsense. kaže: Look, you really need to sit down and ask yourself one simple question before you jump into this: If someone walked up to you right now and offered you that exact apartment at that specific price point—assuming you had to take out a massive loan just to cover it—would you actually do it? Would you sign those papers today? Honestly, think about it. Is it even worth the headache? So, if I'm following your train of thought correctly—and let me tell you, it’s a winding track to follow—you're actually out here asking for $1,500 per square foot? Seriously? My goodness. Just sitting here thinking about that number... it’s absolutely preposterous. It makes my head spin. Honestly, I was just telling a friend over coffee the other day how the market feels like it's gone completely off the rails, and then you come along with figures like this. It’s just... it's wild. Pure madness. Everything comes with a price tag, doesn't it? Honestly, I’ve been sitting here thinking about it, and it feels like everyone is obsessing over the wrong thing. It isn't really about the timing of when you decide to sell—you can wait for the perfect moment all you want until you're gray and old—but rather the actual valuation. If you can't get the price you deserve, then what was the point of waiting in the first place? You can have all the "perfect timing" in the world, but if the numbers don't add up, you're just spinning your wheels. It's frustrating, truly.

Look, after an experience like that? Honestly, just let my entire paycheck go straight to the bank to cover my loans. I’m done. I wouldn't even dream of putting a bicycle on credit ever again. Not a chance.😛
Look, let’s be real here—people need a place to live. It’s not exactly a luxury to want a roof over your head, right? You need a home, whether it's an apartment or a house, to actually have a life. And let’s face it, most people aren't just walking around with a massive suitcase full of cash ready to drop on a property. Most of us are out here grinding, relying on mortgages and credit just to get a foot in the door. It's just how the system works in America.
Look, I’ve been thinking about this all morning while staring at my coffee, and I’m just going to say it: if you aren't buying a house or an apartment in cold, hard cash, you’re basically throwing money into a furnace. Seriously. Taking out a long-term mortgage? It's a trap. A total racket. Honestly, at this point, you’re better off just being a renter and keeping your sanity intact. I mean, think about it. You sit there for thirty years, sweating through every interest rate hike, feeding the banks everything you earn, and for what? You’re essentially working for the bank instead of yourself. It’s maddening! I remember back when I was looking at places in San Diego—just looking, mind you—and the math was absolutely soul-crushing. The sheer amount of interest they try to squeeze out of you over three decades is predatory, plain and simple. If you have the capital, buy it outright. Own it. No strings attached. No monthly shackles. But if you're planning on signing away your life to some massive lender like Chase just to have a roof over your head? Save yourself the headache. Just rent. Stay mobile. Don't let them bleed you dry. It's my honest opinion, and I don't care who disagrees.
Look, let’s be real for a second—life can absolutely pull the rug out from under you at any moment. You could wake up tomorrow and find yourself without your health, without a job, without a steady paycheck, or even without a partner. It happens. And if you don't own anything? Well, you could lose your housing too. If you're just renting, you get evicted, you pack your bags, and you start the whole exhausting process over again looking for a new place. It's a constant, precarious balancing act, and honestly, it's enough to make anyone a little on edge.
I honestly wish Chase hadn't approved that loan in the first place—if they hadn't, I wouldn't be in this absolute mess right now. It’s one of those things where you think you're winning, you see the money hitting the account and you feel like a king, but then reality hits you like a freight train. Now? I'm just stuck in this massive hole. Total disaster.
I’d be more than happy to take on a tenant—as long as I actually get to live my life while doing it!
They always talk about that "priceless feeling" of finally owning your own place, right? Like, you’re building equity, planting roots, living the dream. Well, I’ve been grinding away at my mortgage for three years now, and honestly? I don't feel that magic at all. If anything, it feels worse every single day. It’s like I’m just paying an insanely overpriced rent to Chase, and instead of owning a home, I’m just stuck in a perpetual cycle of handing over my paycheck to the bank. It’s frustrating, frankly.
If I’d had a story like this to sink my teeth into even three years ago... man, things would have gone completely differently. Seriously. I probably would've handled the whole situation with much more foresight.

Charles Martin78 said:Or perhaps it's simply the wrong price for this particular moment in time. I suppose it all depends on which angle you choose to take, though I must say, it truly warms my heart to see someone maintaining such a remarkably positive outlook despite everything going on around us!

Hang in there, 👍

The folks from agencies told me that back in the day, maybe two or three years ago, I could have flipped this place in a heartbeat at the price I’m asking today.
But let’s be real—that’s just not how it works anymore. Everyone knows it, and I certainly know it...
I’m fully aware that I’ll probably have to slash the price even further.
Still, I actually had two serious buyers who absolutely loved the place, and we were right on the verge of closing at $100,000,
-the first one couldn't get approved for a loan large enough at the bank
-the second one backed out, claiming the only reason was the tiny parking spot and how much of a nightmare it is to pull in when everyone in the complex is trying to squeeze through at once...
So, look, it tells me there's still a shot at hitting that number. If luck is on my side, a REAL BUYER might just show up. On the flip side, this could drag on forever, and every single month I’m just $1267 throwing my entire paycheck down the drain.
What kills me most is that I’m paying the bank nearly $1100 just in interest, while the actual principal reduction is only $167😠
. But hey, that’s what I signed for... and now I’m just left to deal with the fallout, you know how it goes.
A year ago, my whole mindset was completely different:
Now? The only way out, the only real lifeline, is selling this apartment.
It’s not that I *want* to sell—it’s that I HAVE to sell.

James Rogers53 said:How much principal you got left on the mortgage? Think there's any wiggle room to drop the asking price?

Hang in there, man.

The principal is sitting at about $80,000. I poured a ridiculous amount of sweat, blood, and tears into this place—probably another $15,000 in upgrades alone.
Yeah, I’m planning to drop the price just enough to move it, but I'm not going to get fleeced.
I’ve actually signed contracts with three different real estate agencies here in the States, and they all tell me the price is totally fair
considering the square footage and how well-equipped everything is.
http://www.zillow.com/property-details...zik=us&nid=178
It’s just that the timing for selling right now is absolutely terrible.