The bank is taking my entire paycheck...

Jerry Wright6 said:What's the catch here?
Can we get some actual details?
Papa strumpf 🙏🤣

There is a dedicated thread for that topic:

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.

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.

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...

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.

Lawrence Wright7 said: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.

Look, $167 you're essentially paying for "depreciation." If you take that $3,300 and subtract what you’d pay to rent an apartment just like it (say, $767), you're basically flushing about $333 down the drain every month. Since most people end up living in a place they don't strictly need, renting out a spare room usually offsets the damage...

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.

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.

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.

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?

It might not be a groundbreaking concept, but when you feel like you've already missed the boat on most good ideas, you take what you can get. I was wondering about your plan—you mentioned moving back to Indianapolis to live with your parents once the apartment is sold? Is there actually work available there, and what kind of salary are we looking at? Alternatively, have you considered relocating to find work while renting out the place in San Diego? That way, you retain ownership. Once you finalize the financial structure, you’ll have the luxury of deciding whether to sell later. Living with family would eliminate rent and utilities, and food costs would likely drop too. If you rent out the San Diego property, you could potentially use the difference of roughly $0.33 to cover your needs. By being disciplined, you might even save $1,000-$$0.50 while keeping the asset.

On the other hand, if you sell and pay off the mortgage entirely, even if you end up with nothing left over, you're starting from zero. You're young; you can always rebuild. In my view, dragging out the sale is the worst path—you're stuck with massive monthly payments while the principal barely moves.

One more thing: what are the prospects for a second job? Perhaps some summer night shifts at a local bar? If cutting expenses isn't enough, increasing income is the only other option.

shadowdrifter48 said:It might not be a groundbreaking concept, but when you feel like you've already missed the boat on most good ideas, you take what you can get. I was wondering about your plan—you mentioned moving back to Indianapolis to live with your parents once the apartment is sold? Is there actually work available there, and what kind of salary are we looking at? Alternatively, have you considered relocating to find work while renting out the place in San Diego? That way, you retain ownership. Once you finalize the financial structure, you’ll have the luxury of deciding whether to sell later. Living with family would eliminate rent and utilities, and food costs would likely drop too. If you rent out the San Diego property, you could potentially use the difference of roughly $0.33 to cover your needs. By being disciplined, you might even save $1,000-$$0.50 while keeping the asset.

On the other hand, if you sell and pay off the mortgage entirely, even if you end up with nothing left over, you're starting from zero. You're young; you can always rebuild. In my view, dragging out the sale is the worst path—you're stuck with massive monthly payments while the principal barely moves.

One more thing: what are the prospects for a second job? Perhaps some summer night shifts at a local bar? If cutting expenses isn't enough, increasing income is the only other option.

Lawrence Wright7, if you actually want to improve your situation, don't take these kinds of suggestions seriously. Look, I've been reading your posts for a year now, and I see you've finally decided to ditch the debt (and the apartment tied to it). Better late than never. Just use your head from here on out so you don't end up right back here.

Lawrence Wright7 said: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.

If you have an overdraft option but aren't using it... shut it off. Also, if there isn't enough cash for a standing order, it won't just process and put you in the red; they'll just send you a notice saying it failed. A standing order can't force a user into an unauthorized overdraft!

Hey, could I get some advice?
On January 1st, my overdraft was recorded as a $30 debt $0.00 that I already had. My account actually got frozen on December 22nd because Chase sent a notice to the Social Security Administration to collect unpaid loan installments—basically because I fell behind on payments. My overdraft was supposed to run through December 31st, 2010, but they told me today at the branch that it wasn't renewed because of the freeze. Now, they’ve taken $2,200 for the loan, and the remaining $3,200 hit my checking account, which brought my total negative balance down to $27,700. I'm wondering... I can't withdraw anything since the account is still frozen and hasn't been reinstated. How can I get to my remaining money? I really need it just to survive,

I wonder if it’s actually worth setting up an account through the post office so they can just deliver the rest of my pension check directly to me, like how some people get their mail delivered by a carrier,

Lawrence Wright7, I was in almost this exact same spot about a year ago... I ended up putting my condo on the market before things hit the breaking point. Managed to sell it just in time to clear all my debts, then packed up the family and moved to New York...
A few pointers...
if the buyer is struggling to secure financing, try nudging them toward a subprime option; they can be surprisingly flexible. In my case, the buyer actually secured a loan through them even after being turned down by both Wells Fargo and Chase...
I also noticed the market was dragging, so I bundled all the furniture and appliances into the asking price. It lets you tell a buyer they won't have any extra overhead—they just grab a suitcase and move right in...
Either way, good luck. I hope you shake this weight off your shoulders soon.

rapidskipper12 said:If you have an overdraft option but aren't using it... shut it off. Also, if there isn't enough cash for a standing order, it won't just process and put you in the red; they'll just send you a notice saying it failed. A standing order can't force a user into an unauthorized overdraft!

So, what did he actually end up doing? 🤷

He's just racking up fees for notices, warnings, and late interest—all of which he'll eventually be stuck paying.

Does anyone actually know what FIFA is up to lately? I was scrolling through TX yesterday and saw they’ve frozen 162,000 citizen accounts... does anyone have any idea what's actually going on here?

I mean, what can a person even do when FIFA freezes their account? They aren't supposed to be able to seize more than a third... right?😕

I'm reading online that people's accounts are totally locked up and they can't even access their basic paychecks. Is that even legal?

You need to hit up the IRS to let them know you’ve got regular deposits hitting a frozen account—specifically the 2/3 portion that's legally protected from garnishment. Once they process that, they should notify your bank, and then your bank can set up a "protected" account where your untouchable paychecks will land.
Now, here’s how it actually plays out in the real world... 🤷

Looks like this is the form you need.

darkmaker94 said:You need to hit up the IRS to let them know you’ve got regular deposits hitting a frozen account—specifically the 2/3 portion that's legally protected from garnishment. Once they process that, they should notify your bank, and then your bank can set up a "protected" account where your untouchable paychecks will land.
Now, here’s how it actually plays out in the real world... 🤷

Looks like this is the form you need.

I'm fine, personally. But I was reading an IBM thread yesterday and then saw a story online about a woman who had her entire bank account wiped out. She's left with absolutely nothing. It makes me wonder if that's even legal... how is anyone supposed to survive if they take everything?

Some people suggested she reach out to Finn to negotiate, but she didn't say whether anything actually worked.