Posts by Lawrence Wright7

Steven Reed said:I don't quite follow the math on this 6.95% figure—it doesn't add up. From what I gathered, JPMorgan Chase is currently hovering at 7% for those under 30 and 7.5% for everyone else. Unless you qualify for that youth rate, you should be looking at 7.25% after the reduction. 🤷 🤔
Take a look at that loan agreement—specifically what’s written in the top right corner of the first page. 🤔Usually, they bother to specify exactly what kind of loan we're talking about—and which specific collateral instruments are backing it up. 🤔

Ugh, trust me, I know exactly what my rate is.
Right now, it's 7.2%
The contract was signed two years ago back when everything was still at 6.3%

I'm positive about this:
It’s listed right there on my Chase online portal:
Standard interest rate: 7.2%
Default interest rate: 14.0%
And that's the final word, period.

George Phillips said:I guess the rate hike is looking more like $42.

Look, here's the deal:
it just popped up on my JPMorgan Chase online portal today.

The principal jumped by $6226
and my monthly payment went from 3792.99
up to 3925.73
so we're looking at an increase of about $43

But hold on—that doesn't even account for the interest rate drop, since that won't kick in until May 1st.
When I plugged everything into the JPMorgan Chase calculator to see what would actually happen, I got a result of
around 3860
which means the actual hike is more like $23. It's basically a
increase.
That's how I'm reading it... right? Am I crazy here?

Just when I thought things couldn't get any more frustrating...
So, I see JPMorgan Chase is rolling out this new interest rate on mortgage loans starting May 1st FOR YOUNG ADULTS at 6.75%. Honestly, I was holding out hope that I’d actually qualify, because let's be real—I feel like one of those "young" people since I'm already hitting 40 🙂
But nope, of course not. Not for me. 😠

The thing is, back when I actually pulled the trigger on my own loan—about two years ago, give or take—this specific offer didn't even exist yet...
Which means I'm stuck sitting here with a 6.95% rate while everyone else gets the deal.

Kimberly Nguyen said:So, how much is your monthly payment actually going up?

It’s for my roommate 👍 😍 😁

Look, I can't be 100% certain...
I think my math was on point, though...

In my projections, I bumped up the principal by 3.5% (roughly $6333)
over a 30-year term.
And we're looking at an interest rate of 6.95%...

The final number I pulled was this:

The monthly payment increases by about $23.

Brian Wilson7 said:Come on, give me something—I’m thinking about my college roommate.
You would be better off skipping that moratorium entirely. It will just drive up your principal and end up costing you more in the long run.
Looking for one more roommate.

Look, I get it...
But I have absolutely no choice but to take that forbearance!!!😠

I am honestly drowning here, just barely keeping my head above water...
Right now, I'm scrambling to find a roommate to help cover the rent, and once summer hits, I’ll be pivoting to renting out rooms to tourists—both locals and travelers passing through... just praying someone will step up and help me scrape together enough cash to stay afloat.

And yeah, one more roommate... that would actually be a lifesaver.👍

Well, I’ve got an update for you all...
So, I finally heard back today regarding my loan moratorium. They approved it, sure, but only for 6 months. Just 6. I specifically asked for 12—we talked about this, remember? I was really banking on that year-long breathing room...
Over at Zab, they’re trying to pull this whole "6 months is plenty of time for things to turn around" routine. They even had the nerve to mention how they dropped interest rates by 0.25% back in May, acting like that’s some huge gift. Apparently, the big shots at the top wouldn't sign off on the 12-month stretch because "6 months is the standard," and they expect me to just be grateful. Well, newsflash: I am not!
I honestly feel like a total sucker here. Like I just walked right into a trap...😢
They tried their best to play me, but it didn't quite work out the way they planned, I guess...😂

Those 6 months are going to fly by in a heartbeat, and then what?! Once that period ends, they’ll just tack everything onto the principal, leaving me with an even higher monthly payment than I have now. And let's be real—I'm already struggling to cover what I'm paying today.
What am I supposed to do next? 🤷
It’s the same old story: the bank rigs the game heavily in their own favor. 😠
And the worst part? I don't even have a choice. Do I take the 6 months or what? I'm backed into a corner.
Now I'm stuck sitting here, trying to scramble together some better solution before the clock runs out...

Second bit of news:

I found a new roommate.👍
She's great, and honestly, pretty easy on the eyes too.😛
Plus, she pays her share upfront.😁

Andrew Booth29 said:If you head over to the JPMorgan Chase website, you'll see a notice posted there... They actually have a built-in loan calculator on the site too, so you might as well plug in your own numbers and see where you stand.

I did. It’s actually a decent tool; I hadn't bothered using it before now.
Plugged everything in and this was the result:
annuity: approx $1210
And back when I actually started paying off my loan in May 2008, my interest rate was sitting at 6.3% and the monthly payment was $1153.

Richard Lewis16 said:there isn't much left to do besides wait for the end
personally, I have a feeling we're going to see more price hikes coming, especially with everything going on with the dollar and all the chaos surrounding it...

Honestly, I’m actually relieved to see Richard Lewis16 was wrong about this one—and I bet a hell of a lot of other people are feeling the same sense of relief too.🙂>

nimbleorca21 said:I told you right from the start that you should just sell it or trade it if you aren't feeling it; I truly wish you the best with everything. I guess if I ever find myself down in Chicago, I'll reach out and take you for a coffee—it feels like it’s been forever since we actually sat down.☕

Hehe...😂
Too good!!!
Sounds like a plan, thanks.
☕

Kimberly Nguyen said:@Lawrence Wright7 ... so I was just watching the news, and they’re reporting that JPMorgan Chase is actually cutting interest rates...

Too good to be true👍

And here I was thinking you'd be the first one to jump in and give me the heads-up...😉

🙏🙏🙏🙏

Alright, here’s some good news... and maybe a little glimmer of hope
something positive actually happened
it’s possible—things could still turn around significantly over the next 6 to 12 months

I was just reading on TXT... apparently JPMorgan Chase is dropping rates by 0.25% for both new and existing mortgage loans
which puts the rate for young buyers at 6.75% 👍
but hold your horses, this doesn't kick in until May 1st

So, if my current interest rate is sitting at 7.2% and my monthly payment is $1264
how much of a drop should I actually see if they move things toward 6.25%?

Hmm...
And honestly, why am I stuck at 7.2% anyway? Shouldn't it be closer to 7%?
Quote:
"Interest rates on new mortgage loans will decrease by 0.25 percentage points, bringing them down to 6.75% for youth loans and 7.25% for standard mortgage loans."

goldentrucker18 said:Lawrence, I'm pulling for you with everything I've got.
Check your PMs.

Thanks.👍
I really appreciate the support. Honestly, it’s nice to actually get some encouragement for once, unlike most of this forum where it’s just a constant, mindless chorus of "sell, sell, sell... just dump the burden and move on." It's exhausting.
So, I've made my decision; I'm not selling this year. I'm going to fight. I'll take on tenants, deal with the summer tourist rush, pick up extra side gigs... whatever it takes.
I'm still sitting here waiting on a final word from the local government regarding the moratorium, and I'm just hoping... praying... for a slightly better tomorrow. 😛

Kimberly Nguyen said:Come on, give him a break already... just let the guy try renting it out to some tenants... He literally said he moved out to the West Coast to fix his health issues (and this current situation is part of that struggle)... But seriously, let him at least attempt it... I highly doubt he’ll end up selling for anything less than what he originally dropped on the place... If my memory serves me right, he paid about $1,100 per square foot back then.

👍
Exactly, it was closer to $1,050/sq ft.
I remember doing the exact same thing, hunting for advice on forums about two years ago:
Suspicious pricing, apartment in Zadar at $1,000/sq ft

rustyseal5 said:Look, with an income of $1.25, once you factor in what you're already paying, you physically cannot afford to keep your apartment. You’re basically underwater the second you pay that mortgage installment and child support. You're starting in the red $200. That’s an annual deficit of $2.50 right there. And where are we even talking about minimum utility bills for something like $267 or basic groceries for someone on a budget of $0.33? When you tally all that up against what you're bringing in, you're looking at a monthly deficit of $0.80, which means you're basically broke for the year $9.75. Since you clearly can't cut your expenses any further—there's nothing left to slash—your only move is to increase your income. Given that your monthly outlays hit $2.25, it means you're short by $0.80. Even if you rented out a corner of the place for $0.50, you'd still be missing $300 just to break even. Honestly, I think you could find some side hustle for $300 no matter how tough things get in America. Bottom line: you need $0.80 more, and you need to find it just to stay level, assuming your utilities and food don't run you over at $0.60 a month. It's not a hopeless situation, though. You don't need a massive windfall to reach zero, which is the silver lining here. Just grab a couple of college kids to rent a room or pick up some part-time gigs and you'll be fine. I hope my math is right; if I messed up a digit, my bad.😛

Once things stabilize and your income finally climbs above your expenses, make sure you build up a decent emergency fund so you aren't back in this hole later. Good luck!👍

Right now, I'm living more frugally than I ever have in my life, so my utility bills are roughly
200-$100 (electricity, water, trash, etc.)
my phone and internet combined are $33
and I spend about 500 - $267 a month on food and essentials.
I've learned how to live *extremely* stingily, but let's be real—that isn't living, it's just survival.
I don't smoke,
I haven't even gone out for coffee... ugh...
I only buy stuff when it's on sale at Walmart...
I bike everywhere... no paying for public transit for me...
I watch every single dollar.

Brian Nelson4 said:Lawrence Wright7:

Looks like you’ve finally made up your mind. Good luck with that. One reason I even bothered replying is because I know a thing or two about real estate, and because I went through my own divorce a year or two back. It hits you like a gut punch—even if you were the one who walked away—and staying rational afterward is a struggle. My advice? Do what I would do. Look at the situation for what it really is. Get the hard numbers, calculate the probabilities, put it all on paper, and then decide.

A lot can happen in six months, but I'll stick to what I actually understand. That apartment you're so attached to? It’s almost certainly going to lose value over the next few years along with the rest of the US housing market. Just to give you an idea, it could be worth 10% less by the end of the year. That means you could lose more in equity than you actually earn in a year. Pretty pathetic when you think about it. Also, instead of praying that your monthly mortgage payment goes down, I’d be more worried about interest rates climbing again in the coming years. If they do, your monthly bill goes up, regardless of what the bank promised you today. Plus, if selling property is a headache right now, just imagine how much longer it’ll take in a few years. With everyone drowning in debt just to maintain a lifestyle they can't afford, the market is drying up. You aren't the only one struggling; it's individuals, companies, and even the government. Most of the world is in the same boat. In short, these aren't the times to start hoping for the best.
And I should mention that over a year ago, after my marriage ended, I met a couple of women who owed banks way more than their "own" homes were worth. Since I follow real estate trends pretty closely, the fact that I’d essentially become a slave to her financial mess didn't exactly help things move forward, if I may politically correct express myself. 😁

Fine. Thanks.
It sounds like you actually know what you're talking about for once, so I'll keep that in mind.

Timothy Mitchell29 said:If you want my two cents on this—selling the car was a massive move. Honestly, most people wouldn't have the guts to pull the trigger like that. They’d just sit around whining and complaining about how they couldn't afford it if they didn't have the cash on hand. It's easy to talk big when you aren't the one actually making the calls, right?
I honestly think we need to keep fighting this fight. Selling up should be our absolute last resort, not the first thing we jump to when things get heated. Why would we just throw in the towel now?
Just so we’re clear here—when we're talking about being in the red, are we actually discussing an allowable deficit, or are we talking about that terrifying "account frozen" kind of red? Because there's a massive difference, right?
Does the crew actually realize that "minus" is strictly off-limits here? Like, seriously, does anyone get that it's a total no-go? 😁
If you throw those two little kittens into the mix... 😁 Look, at the end of the day, that's what keeps your head above water, and honestly? That’s the only thing that actually matters.
To put it in military terms—you’ve just been handed the maneuvering room and the initiative. 😁
I mean, let's be real—you wouldn't be losing any sleep over it back then, right? You definitely wouldn't be dealing with half the stress you are now, would you?

Exactly. I sold the car and wiped out a massive pile of expenses... gas, repairs, maintenance, tickets, registration, tolls... it adds up fast.
My job is close by, and most of the important government offices are nearby too, so I just zip around on my bike instead.👍
I've gotten used to it, and frankly, I'm enjoying it—well, except for when it pours rain, then it’s a total nightmare.
😛And yeah, I'm talking about a manageable deficit.
Just those two small bits of change.
🙂
I'm hoping the calls start coming in soon; I've posted the ads, now I'm just playing the waiting game.

Kyle Smith74 said:I find myself in a similar financial bind, and I’ve decided to sell for several reasons. To avoid getting into the weeds, a combination of circumstances—rising interest rates and my wife losing her job due to pregnancy—has left us financially vulnerable, all while the mortgage on this apartment keeps climbing. I’m currently based in San Diego, and I've already signed a preliminary agreement; now, I'm just waiting for the buyer to finalize their loan. My primary motivation is that the real estate market feels incredibly shaky right now; in my estimation, prices are headed for a significant correction very soon. Additionally, by selling now and picking up a more affordable place later, I expect to walk away with about $10,000 in cash. That’s enough of a cushion to act when things stabilize and I can buy something even cheaper. Renting is also more cost-effective, which saves me money and a lot of headaches. Plus, it ensures I have enough set aside for my kid's basic needs. I don't understand why people view this kind of move as something to fear. You need to step back, think clearly, and avoid panicking. Selling property isn't easy here either; most buyers are just maritime workers or folks visiting from overseas.

How many years do you have left on that mortgage, and how long did it actually take you to track down a buyer??

Charles Martin78 said:If I were in your shoes, I’d honestly just sell the apartment. Now, look, I completely get where you’re coming from—you’re thinking about having a kid and wanting to leave them a legacy, and I truly respect that sentiment—but we’re talking about a future that feels ages away, and in the meantime, a thousand different things could shift or change entirely...

And let’s be real, for any one of those thousand things to even matter, you’re going to need your HEALTH, and this whole situation is putting that at serious risk... I really believe that if things go south, your child would end up with so much less, no matter how noble your intentions might be...😢

I guess I'll just have to wait and see what the future holds...

Richard Lewis16 said:

I was just sitting here thinking about how much things have changed lately, and I can't help but feel like we're all just drifting through these massive shifts without a compass... you know? It’s funny how you think you have a handle on the rhythm of life, and then suddenly the tempo changes entirely, leaving you grasping at shadows while everyone else seems to be dancing along perfectly fine... though I suspect they're just as lost as we are, really. I was reading some old notes from Lawrence Wright7 the other day—he always had such a knack for spotting those subtle cracks in the foundation before anyone else did—and it reminded me that nothing stays static for long, no matter how much we wish it would... it's just the way the world turns, I suppose. Anyway, I didn't mean to wander off into a monologue, it's just one of those afternoons where the thoughts seem to have a life of their own... kaže:
So, you spend thirty years playing the role of the tenant, pouring your life away month after month... and for what? You realize that at any moment, the landlord can just decide they’ve had enough of you, toss your stuff on the sidewalk, and suddenly you're standing there on some random beach with absolutely nothing to show for it. It makes you wonder, doesn't it... how much did you actually pay over those three decades just to own nothing at all?

I mean, honestly... if I really sat down and thought about handing over thirty years of my life to some massive bank like Chase just to pay off interest... man, I’d probably pack my bags and move out tonight. I'd just sell the place, walk away from the whole mess, and finally be rid of that weight hanging over my head...

Look, you’ve got to consider the alternative... if you find yourself unable to keep up with the mortgage payments, you aren't just looking at losing the house... you could end up completely homeless and still staring down a massive deficit. It works like this: if the bank forecloses and ends up selling the place for less than what you actually owe them on the loan, you're still on the hook for that entire difference... and trust me, that's a hole you really don't want to be digging yourself out of...

I’m starting to realize once again why a guy would go out and buy an apartment on his own... I mean, he’s got a wife, right? And she probably had her own income, which should have made everything a joint venture from the start... It’s just how things work. Besides, they were likely banking on some kind of inheritance coming through from either his side or hers to eventually settle everything up, or whatever else comes up down the road... it all just seems like part of the plan...

Exactly....
It wasn't like I just rushed blindly into this apartment purchase without thinking.
Two or three years ago, it looked like a brilliant move. A brand new place, great price, two bedrooms... just me and my girl, no child support payments hanging over us... we were expecting some inheritance on my end, maybe some help from her parents too... plus, we actually had a solid plan for extra income that would have let us pay off the loan way ahead of schedule.
But fast forward to today:
I am barely making ends meet.
-The inheritance is still coming, but I refuse to use it just to plug the holes from all this accumulated debt. I won't allow myself to go down that road. The big question is when I'll actually be able to access those funds; I'm just hoping it happens sooner rather than later.
-And I'm clinging to the hope that things will turn around. That my "extra income" plan might actually work out this summer.
And that's where I'm at.

Timothy Mitchell29 said:Hmm, normally I’m a total risk-averse penny-pincher when it comes to money, but I’m actually going to go against my nature here and agree with you—don't sell the place.
I totally get how brutal it is to walk away from everything and try to rebuild from scratch (and I don't just mean the cash part).
That subtenant idea sounds solid, though I have no clue what kind of rates you can pull or how much of a difference that extra cash will actually make for you 🤷.
If you don't mind me asking—how much are you bleeding every month right now, and how much do you expect to clear from the subtenants?
Plus, there's always that chance you meet someone special (a girlfriend, maybe?) who eventually moves in with you, which basically gives you two streams of income, right? 😁

As for the girl thing... well, that's another possibility I'm humbly hoping for....😛
Maybe it happens, maybe it doesn't... but hey, the possibility is out there....👍
Having two steady paychecks would change everything. It would fix the situation big time.

Right now, I'm sinking about 700 dollars$333 a month. Well, technically I'm breaking even, but honestly, I'm teetering on the edge of being in the red. I managed to scrape by recently because I sold my car to clear some old debt.
My plan is to try and rent out a larger room—about 170 square feet—to two women. If I can get $500 , then theoretically, I wouldn't be losing money anymore. Of course, in the real world, there's always some unexpected bill popping up out of nowhere, but sometimes, just sometimes, you catch a break too.