The bank is taking my entire paycheck...

Kimberly Nguyen said:But hey, they’ll still make a little something, and they certainly won't lose anything... unlike investment funds, where you can absolutely get burned...

money market funds should be used for larger amounts over longer periods... to me, it feels like a form of savings.

...
Money markets are really meant for the short term. If you're looking at longer horizons, you either move into investment vehicles—assuming you have the stomach for the risk—or you just stick to traditional bank savings, because honestly, the interest rates on long-term CDs usually beat out whatever yield you're pulling from a money market fund anyway.

shadowpilot8 said:Take a look at this site 🙂
http://www.hrportfolio.com/hr/fondov...ccajnica%7C%7C

Review the CAGR section. It represents the average annual return—applicable to money market funds specifically or across the board. As shown, a money market fund yields a predictable 3-6% annually over the long term. If that meets your requirements, then fine. 🙂

I'm not really feeling this. Look at this:

I can't quite make heads or tails of this specific link—it looks like some deep-dive fund performance data or a technical breakdown from an investment site. It’s probably just more fine print about mutual funds or Eurozone-focused assets. If you're trying to track how certain portfolios are moving against the market, I guess there's a point to it, but without a clear summary, it's mostly just noise to me. Maybe it's worth a look if you're a math nerd, but I'll pass.

So this fund hasn't seen a single cent of profit in two or three months? Seriously? I mean, where exactly is the money supposed to be coming from?😕

Whatever... ☕

Anyone planning to take out a mortgage with monthly payments exceeding $1.00 should read this thread. It would likely make many reconsider the risks they are inviting.

If I were in the author's shoes, I’d bite the bullet and put the house on the market immediately.

But we aren't all cut from the same cloth. If he believes these sacrifices are worth it and there's a genuine chance things will turn around, then fine—good luck to him.
I just sincerely hope he isn't stuck living like this for another 10 or 15 years. 😢

Avoid taking out loans unless it is absolutely vital. You might feel confident about your ability to manage the payments today, but life has a way of throwing curveballs—job losses, family emergencies, or unexpected setbacks can happen at any moment. I know this because I’ve lived through it myself. I won't bore you with my entire life story here, but my advice remains simple: don't take on debt, even if it's just a few installments, unless the purchase is an absolute necessity that cannot wait.
The person who actually needs the money shouldn't be borrowing it, and the person who borrows it is often someone who can least afford the risk of it ruining them.🧐

@ danco - why on earth are you clinging to this apartment like it’s sitting on an undiscovered gold mine in Nevada?!?!😲

I mean, seriously man, you’re just digging your own grave here. Sell the damn place—if you can even find a buyer in this market—and then, when things actually look up (which is basically just wishful thinking at this point), you can buy something else. Maybe something better.

Just looking at your posts, if you're stuck paying this off over 30 or 35 years, you'll end up paying back two and a half to three times what you originally borrowed. You'll be living like a pauper just to keep the lights on, and there's always that looming shadow... what happens if you lose your job? What then?😕
The absolute worst time to sell is when you're desperate and need cash yesterday. Then you aren't selling; you're just dumping it at any price just to survive.

Just remember one thing: this isn't the only roof in America.

Good luck!

Rachel Reed2 said:Anyone planning to take out a mortgage with monthly payments exceeding $1.00 should read this thread. It would likely make many reconsider the risks they are inviting.

If I were in the author's shoes, I’d bite the bullet and put the house on the market immediately.

But we aren't all cut from the same cloth. If he believes these sacrifices are worth it and there's a genuine chance things will turn around, then fine—good luck to him.
I just sincerely hope he isn't stuck living like this for another 10 or 15 years. 😢

There is absolutely no way I’m letting myself live this miserably for 10 or 15 years.
I have to admit, looking back three years to when I signed my own loan—back when I was actually celebrating getting approved—I would have done things so differently now.
If only I had stumbled upon a thread like this back then...
It’s true, I really dug myself into a hole here, and I’ll be the first to admit that I'm thinking about selling more and more often lately.
The plans I had in motion? They only half-worked, and frankly, "halfway" just doesn't cut it.

coppernomad28 said:@ danco - why on earth are you clinging to this apartment like it’s sitting on an undiscovered gold mine in Nevada?!?!😲

I mean, seriously man, you’re just digging your own grave here. Sell the damn place—if you can even find a buyer in this market—and then, when things actually look up (which is basically just wishful thinking at this point), you can buy something else. Maybe something better.

Just looking at your posts, if you're stuck paying this off over 30 or 35 years, you'll end up paying back two and a half to three times what you originally borrowed. You'll be living like a pauper just to keep the lights on, and there's always that looming shadow... what happens if you lose your job? What then?😕
The absolute worst time to sell is when you're desperate and need cash yesterday. Then you aren't selling; you're just dumping it at any price just to survive.

Just remember one thing: this isn't the only roof in America.

Good luck!

Every single day, it hits me harder that you're right—just like everyone else who gave me this exact same advice.
Since I haven't had to make payments yet (thanks to the forbearance period ending September 1st), it’s given me a moment to realize how much better life is when you don't owe anyone anything.
Honestly, these four walls aren't worth this level of misery, the constant stress, the heartache, the sacrifices, the sheer terror...
But, well, I'm the one stuck in this mess, and this pile of problems is a bit much for just one person to handle alone.

danco, honestly, just grab that apartment from the listing and end this whole headache once and for all.

just make sure you double-check exactly how much that bank payout is going to hit you after they tack on all those nasty penalties. nobody needs a nasty surprise like that.

Just one more little tip for you: don't go rambling on about why you're actually offloading it... if someone starts digging, just give them the standard line: I need something a bit bigger...

Danico, something about this thread pushed me to chime in, even though I feel like there isn't much left to say...
I appreciate how upfront you are about your situation. You aren't just venting; you're actually looking for a way forward, which is a massive distinction. You aren't living in some dream world—you see things for what they are. You work hard, you speak with more clarity than most, and while you might have been reckless with money in the past, you've clearly moved past that. You have steady employment, you've managed to stabilize your health living in California, and you’re clearly showing up for your kid. Despite the financial weight you're carrying, you have more potential than 90% of people out there. Something tells me things will turn out fine, especially since you seem to maintain a realistic sense of optimism... And if that number in your handle is your age, then you've got plenty of time on your side.

I don't know why, but this hit home. Unlike the average American, you aren't just whining; you're owning your mistakes, taking responsibility, and preparing to roll up your sleeves without neglecting your child. It's respectable.

If I could offer one piece of advice, don't rule out selling the condo just yet. You're at an age where starting over isn't the catastrophe it used to be. You have enough runway ahead of you to build a legacy for your children—who are likely your most important asset anyway. You've been paying the mortgage for two years now without any late fees, so keep that in mind when calculating what a sale would actually cost you...
Good luck.

I’ve read through everything, and it’s gut-wrenching to see how a single string of bad luck can completely derail a young guy's life.
Even if I try to stay optimistic, I don't see a way out that doesn't involve some serious fallout.
Personally, I’d rather just pull the plug and end the misery now.
To me, this looks like a charismatic, slow-motion suicide.😢

All the best,

Well, after an absolute marathon of back-and-forth fighting against myself...
I finally had to make a call on:

http://www.zillow.com/homedetails/real-estate-listing-example-1432547

Good luck with the sale—hopefully the cash you pull in covers the mortgage entirely... I assume you’ve already looked into those pesky prepayment penalties the bank hits you with when you close out a loan early (since you did take one out in the first place, right?).

@Lawrence Wright7
Wishing you nothing but the best with your sales and good luck moving forward. Also, props to you for staying real despite being surrounded by a bunch of random internet trolls.
I think you made the right call here—it’s definitely better for your own peace of mind.

The apartment is truly beautiful, and I imagine it’s tough to let go of, but that’s just life. You're young; there will be plenty more places

Brian Wilson7 said:The apartment is truly beautiful, and I imagine it’s tough to let go of, but that’s just life. You're young; there will be plenty more places

Then again, you could look at it from the other side—that place might just be a massive weight around his neck, making everything else in his life ten times harder than it needs to be...

Good luck, Lawrence Wright7. Honestly, if only you'd pulled the trigger on this sooner...

Good luck with the sale; you've got a beautiful place there. I've been following this thread quite closely because I’m weighing the idea of taking out a loan myself—nothing massive, but enough to really bite into my monthly budget, so I’m trying to get a sense of how much leverage I can actually afford before things get complicated.

I truly hope you can wrap up the apartment sale soon so you can finally settle into a comfortable rhythm and get your finances sorted out.

Lawrence Wright7 said:Well, after an absolute marathon of back-and-forth fighting against myself...
I finally had to make a call on:

http://www.zillow.com/homedetails/real-estate-listing-example-1432547

Good luck, man..... if only I could make a move like that. My situation is pretty complicated......🙂......... 🙂

Best,

Let this thread serve as a lesson for anyone facing similar issues.

Just imagine the savings if they had simply paused to think before starting this thread and asking for online advice. While seeking input can be helpful, it isn't always wise to rely on internet strangers for major decisions.

He totally ignored the minority because most people were against selling the apartment when things are at their absolute worst. Instead, they wanted a moratorium and this genius idea to rent out a room to rake in some serious cash and dodge bankruptcy.

On top of that, those of us who didn't see it his way actually got a semi-official warning from the moderator to quit arguing about his plan to rent out a room just to boost income.

Fine, let this serve as a lesson to everyone.
A home isn't some sacred sanctuary sent from God to provide us with peace and privacy. It is simply a collection of bricks and concrete, built by people, for people, costing an average of $750 per square foot. Don't forget you're also paying for the land underneath it.

Some things are truly priceless. For everything else, there's a Mastercard.