The bank is taking my entire paycheck...

Lawrence Wright7 · 2009-12-24T01:33:02+00:00

Good afternoon. I am looking for some reliable advice here. When I first took out my mortgage, my income was significantly higher—honestly, the bank even facto…

Lawrence Wright7 Active MemberOP

96 messages
joined Mar 2010

#221 · Jan 3, 2011

fairy;29630748 said:Lawrence Wright7, what’s the status? Did you track down a new buyer? You have to start paying back that loan on September 1st, how are you planning to handle that?

I'm still here....
still breathing...
The reason I haven't posted in a while is simply because I just
wanted to say:

I DID IT! I SOLD THE HOUSE! I finally shook that massive weight off my shoulders—except, well, it didn't actually happen, and that's all I can think about right now.
Truth is, I was so close. I could practically taste the freedom, but then came the crushing disappointment and the reality check
slapping me right back in the face.......
The buyers' loan application got denied 😢 and I'm stuck being a slave to the bank once again!!!!!!!!!!
Yeah, the grace period ended on September 1st, so I'm back to making payments $1277 straight out of my paycheck which is roughly $1367.
Here is how I'm managing to survive:
I'm working purely to pay off this debt, while my roommate is basically working to cover child support.
We split the utilities and groceries. I live incredibly frugally: no cigarettes, I ride a bike because there's no car, no going out... just scraping by... meal prepping everything for the week just to save a dime... but hey, I'm still staying positive, haha🙂
During that moratorium period, I managed to scrape together some cash, but it's melting away—way too fast.

I honestly wonder why I even did this to myself. Back when I was signing those papers at
Zabiti, I was so happy with my girlfriend because the loan was approved; we felt like we won, and my aunt even gave us some chocolate while she was laughing—I was so naive, I had no clue what I was actually signing up for...

Now I know the truth = this thing is toxic for your soul.

rapidskipper12 Active Member

209 messages
joined Jan 2019

#222 · Jan 3, 2011

Hm... Honestly, at this point, you might be better off just skipping the payments and letting them garnish a third of your check later. This is absolute madness... Besides, how on earth is a monthly payment $1277 on a salary of roughly $4,100???

Lawrence Wright7 Active MemberOP

96 messages
joined Mar 2010

#223 · Jan 3, 2011

rapidskipper12 said:Hm... Honestly, at this point, you might be better off just skipping the payments and letting them garnish a third of your check later. This is absolute madness... Besides, how on earth is a monthly payment $1277 on a salary of roughly $4,100???

Just four years ago, nobody was even talking about crises or recessions—getting a loan was a breeze. As long as you had a job, you were set. Paychecks were higher, they actually kept going up, and companies were still covering things like travel expenses, bonuses, and all that extra stuff.

But today? Salaries are shrinking, they’re getting cut, travel isn't reimbursed anymore, interest rates have skyrocketed... and then that moratorium kicks in and just bumps the monthly payment even higher.

So, in my own situation, the monthly payment is basically creeping up toward my entire paycheck.

The worst part is I can't even stop the payments if I wanted to! I've got an automatic transfer set up—every 15th of the month, the money just vanishes from my account. If there isn't enough in there, I just slide deeper into the red...
And that just means more interest and more fees.
It's a never-ending cycle.

James Rogers53 Active Member

65 messages
joined Jul 2010

#224 · Jan 4, 2011

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

Hang in there, man.

Henry Taylor12 Newcomer

8 messages
joined Nov 2006

#225 · Jan 4, 2011

Lawrence Wright7 said:I live pretty simply: no smoking, I bike everywhere—no car, no big nights out... just basic stuff. I meal prep for the whole week too. But hey, I’m still staying positive! heheh🙂

👍

Lawrence Wright7 Active MemberOP

96 messages
joined Mar 2010

#226 · Jan 4, 2011

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.

darkmaker94 Regular

417 messages
joined Aug 2011

#227 · Jan 4, 2011

That's a seriously nice place. 🙂
Fingers crossed you close the sale soon and get this weight off your shoulders.

Charles Martin78 Active Member

101 messages
joined Mar 2011

#228 · Jan 4, 2011

Lawrence Wright7 said: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.

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, 👍

Timothy Castillo6 Active Member

148 messages
joined Apr 2010

#229 · Jan 4, 2011

Just finished reading that story from Danac. 😢 🤦 🙂

dustyscout53 Regular

310 messages
joined Dec 2005

#230 · Jan 4, 2011

Lawrence Wright7 said: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.

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.

Scott Rodriguez19 Active Member

79 messages
joined Feb 2018

#231 · Jan 4, 2011

Lawrence Wright7 said: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.

Maybe you should start by asking yourself: if someone walked up to you today and offered you this exact apartment at this price, would you take out a mortgage right now to buy it?
From what I can gather, you're looking for $1,500 per square foot.
Every market cycle has its own reality. In my opinion—and I could be wrong here—it’s not necessarily that the timing is bad; it might just be that the price is too high if you can't find a buyer.

Jerry Martinez5 Regular

278 messages
joined Apr 2009

#232 · Jan 4, 2011

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

Scott Johnson45 Member

42 messages
joined Jul 2004

#233 · Jan 5, 2011

Hey, I thought this might be useful for someone out there...

http://www.federalregister.gov/articles/s..._148_3772.html

rapidskipper12 Active Member

209 messages
joined Jan 2019

#234 · Jan 5, 2011

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... 😉

Chloe Harris4 Newcomer

1 message
joined Jan 2011

#235 · Jan 5, 2011

I'm stuck at work right now, so I can't really type much, though I probably have quite a bit to say about this. I just finished reading through the thread, and I have to say, Danco's situation really hit home for me. Still, major props for keeping such a positive outlook—I'm rooting for you and wishing you nothing but the best. I'll make sure to grab a coffee once I get back home to San Diego!

Gerald Chavez7 Active Member

173 messages
joined Apr 2021

#236 · Jan 5, 2011

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...

Jerry Wright6 Member

20 messages
joined Nov 2003

#237 · Jan 6, 2011

This waiting game cost you 6*$1277 installments you shouldn't have even had to deal with. In reality, they just tacked the moratorium onto your principal, which is putting even more pressure on you. You should have sold sooner. You didn't listen. Now that you're drawing a line in the sand, the deficit from wasted time—money you spent just to stay afloat—is going to be even larger, unless they hiked up your principal by $7667. Have you actually checked what it takes to close out this loan? How much do you owe the bank to walk away?
The longer you stall, the deeper your hole gets...
Forget all this talk about renting out rooms or scrambling for cash just to cover a monthly payment that’s basically 90% interest. Those first five years are a brutal slog. Once things start cracking, you need to fix it immediately if you want to salvage any profit with minimal losses...
Your only saving grace is that starting November 1st, you won't be hit with prepayment penalties for paying off the loan in one shot...
As soon as you sniff out someone who might be interested, make a deal. If they aren't biting, you'll have to create that interest by dropping your asking price...

James Rogers53 Active Member

65 messages
joined Jul 2010

#238 · Jan 6, 2011

Jerry Wright6 said:This waiting game cost you 6*$1277 installments you shouldn't have even had to deal with. In reality, they just tacked the moratorium onto your principal, which is putting even more pressure on you. You should have sold sooner. You didn't listen. Now that you're drawing a line in the sand, the deficit from wasted time—money you spent just to stay afloat—is going to be even larger, unless they hiked up your principal by $7667. Have you actually checked what it takes to close out this loan? How much do you owe the bank to walk away?
The longer you stall, the deeper your hole gets...
Forget all this talk about renting out rooms or scrambling for cash just to cover a monthly payment that’s basically 90% interest. Those first five years are a brutal slog. Once things start cracking, you need to fix it immediately if you want to salvage any profit with minimal losses...
Your only saving grace is that starting November 1st, you won't be hit with prepayment penalties for paying off the loan in one shot...
As soon as you sniff out someone who might be interested, make a deal. If they aren't biting, you'll have to create that interest by dropping your asking price...

Wait, isn't this being applied retroactively?

Lawrence Cruz Active Member

118 messages
joined Jun 2010

#239 · Jan 6, 2011

Jerry Wright6 said:This waiting game cost you 6*$1277 installments you shouldn't have even had to deal with. In reality, they just tacked the moratorium onto your principal, which is putting even more pressure on you. You should have sold sooner. You didn't listen. Now that you're drawing a line in the sand, the deficit from wasted time—money you spent just to stay afloat—is going to be even larger, unless they hiked up your principal by $7667. Have you actually checked what it takes to close out this loan? How much do you owe the bank to walk away?
The longer you stall, the deeper your hole gets...
Forget all this talk about renting out rooms or scrambling for cash just to cover a monthly payment that’s basically 90% interest. Those first five years are a brutal slog. Once things start cracking, you need to fix it immediately if you want to salvage any profit with minimal losses...
Your only saving grace is that starting November 1st, you won't be hit with prepayment penalties for paying off the loan in one shot...
As soon as you sniff out someone who might be interested, make a deal. If they aren't biting, you'll have to create that interest by dropping your asking price...

It really all boils down to two things—when the loan was actually finalized (before or after Jan 1st) and the total amount involved (whether it's under or over $250,000).

Jerry Wright6 Member

20 messages
joined Nov 2003

#240 · Jan 6, 2011

What's the catch here?
Can we get some actual details?
Papa strumpf 🙏🤣

The bank is taking my entire paycheck...

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