The bank is taking my entire paycheck...

Congrats 🙂

Congrats! 🙂

Look at this rough patch as a massive lesson learned. You now know firsthand just how fast things can go south and that taking out loans isn't something you should ever do lightly.

You’ve gotta give yourself some credit, though—you got lucky enough to sell the condo, clear the debt, and walk away with a clean slate. You're able to start over now.

As for the cash you have left, don't blow it. Pay off every single cent of what you owe, then toss those credit cards in the trash. From here on out, stick to what's actually in your bank account. It’s tough, I know, but it's the only way to do it right. Focus on leveling up your income rather than just spending more.

Lawrence Wright7 said: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 ☕

Congrats. Good luck, and keep using your Common sense moving forward.👍

Since when? 😬

My congratulations, I am truly happy for you.
Do you have a job lined up here in the Midwest yet?
Where are you planning to settle down?

Did you manage to clear all those debts with the loan?

Anyway, congrats! 👍

You're still young, there's plenty of life left! Back when you bought your place, everyone was obsessed with the idea that owning a home was mandatory, so tons of people ended up in some pretty unsustainable messes. I mean, if my parents managed to get a house under their roof by the time they were 40, why on earth should I need to own my own apartment—let alone a nice one—by the age of 25 or 30? It’s great if someone can pull it off, but honestly, I don't know anyone who actually did it without massive help from someone else.

Lawrence Wright7 said: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 ☕

Congrats. That's the plan for me too, eventually. Things are a bit rougher on my end though. My bank won't even take my whole paycheck because, well, I don't have one right now—hopefully this unemployment stretch doesn't last forever, but hey, you never know how things go in this country.

Lawrence Wright7 said: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 ☕

Oh, Lawrence, I am genuinely happy for you... I've been following this entire thread from the start because I'm actually caught up in the middle of a 30-year mortgage myself. The information you've shared is invaluable, and honestly, so is the life experience behind it.

Big regards,

shadowgull6

Lawrence Wright7 said: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 ☕

I wouldn't believe it, but reading this made me genuinely happy for you!!
You should have pushed to settle this much sooner. It’s a shame about the money wasted over the last year while you were struggling. I curse anyone who advised you to just "tough it out" or "try this or that." Anyone with an ounce of Common sense knows how this works—you shouldn't even need five minutes to make the right call!
Enjoy life!!

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 😉

Bravo, Lawrence Wright7 😘 🙂

I feel bad about never picking up that tab I promised you ages ago. Anyway, wishing nothing but health and happiness to you and your kid. In the end, things turned out okay—not as messy as everyone expected, I guess.
I’m rooting for you; this was a learning experience for me, and next time I'll use some Common sense.

I honestly don't get why everyone is suddenly telling Lawrence Wright7 to use some "Common sense" for his next move... it's not like the guy did anything spectacularly stupid when he bought that place. He had a wife, they both had solid careers, they were pulling in good money and the mortgage was totally manageable. Then, out of nowhere, life just decided to kick him twice in the teeth at once. First, the economy tanked, which slashed his salary while interest rates shot through the roof, and then the marriage imploded—his wife walked out, took her paycheck with her, and left him staring down alimony payments on top of everything else. I mean, his income basically got cut in half right when his expenses spiked, you know? How many people could actually keep their heads above water in a mess like that?

The only real move he had right then was to cut his losses, ditch the real estate, and sell immediately instead of waiting for things to turn around. But that would’ve been a massive gamble, betting on a "better tomorrow" that never actually showed up, and that hesitation ended up costing him both his sanity and his savings. And let's be real, every gamble comes with a price tag 🙂

Lawrence Wright7, hang in there!

Benjamin Rodriguez2 said:I honestly don't get why everyone is suddenly telling Lawrence Wright7 to use some "Common sense" for his next move... it's not like the guy did anything spectacularly stupid when he bought that place. He had a wife, they both had solid careers, they were pulling in good money and the mortgage was totally manageable. Then, out of nowhere, life just decided to kick him twice in the teeth at once. First, the economy tanked, which slashed his salary while interest rates shot through the roof, and then the marriage imploded—his wife walked out, took her paycheck with her, and left him staring down alimony payments on top of everything else. I mean, his income basically got cut in half right when his expenses spiked, you know? How many people could actually keep their heads above water in a mess like that?

The only real move he had right then was to cut his losses, ditch the real estate, and sell immediately instead of waiting for things to turn around. But that would’ve been a massive gamble, betting on a "better tomorrow" that never actually showed up, and that hesitation ended up costing him both his sanity and his savings. And let's be real, every gamble comes with a price tag 🙂

Lawrence Wright7, hang in there!

Look, you definitely need Common sense and shouldn't just assume things will stay exactly as they are when you're making a move that's supposed to last until retirement. If Lawrence Wright7 had realized he’d likely hit at least one major setback within a few years, maybe he wouldn't have signed on the dotted line?

Maybe he would've focused more on stacking up cash to build a safety net for when things go south. And trust me, they will. Life isn't always sunshine and roses, which is unfortunately the mindset most young people have when they start planning to buy a house. It's not even about "doom and gloom" scenarios—it's just that people stretch those mortgage payments to the absolute limit just to snag that damn property.

It's just not realistic to expect someone to have it all figured out by 30—own home, car, family, and a rock-solid career. And let's be real: health eventually declines, whether it's yours or your parents'. That costs money.

The thing that kills my optimism about us being over this crisis isn't just a feeling; it's the fact that in a recent survey, I think it was done by the Roland Berger consulting firm, most employers said they won't see any hiring growth through 2020.

That doesn't mean we should stop living our lives, obviously. But we all need to realize that with prices what they are, owning your own place is a luxury. It's out of reach for 90% of people. There's no shame in renting, and there's no shame in living with your folks in the family home. The real shame is being blind to reality and refusing to adapt to the world around you.

northerntiger said:Look, you definitely need Common sense and shouldn't just assume things will stay exactly as they are when you're making a move that's supposed to last until retirement. If Lawrence Wright7 had realized he’d likely hit at least one major setback within a few years, maybe he wouldn't have signed on the dotted line?

Maybe he would've focused more on stacking up cash to build a safety net for when things go south. And trust me, they will. Life isn't always sunshine and roses, which is unfortunately the mindset most young people have when they start planning to buy a house. It's not even about "doom and gloom" scenarios—it's just that people stretch those mortgage payments to the absolute limit just to snag that damn property.

It's just not realistic to expect someone to have it all figured out by 30—own home, car, family, and a rock-solid career. And let's be real: health eventually declines, whether it's yours or your parents'. That costs money.

The thing that kills my optimism about us being over this crisis isn't just a feeling; it's the fact that in a recent survey, I think it was done by the Roland Berger consulting firm, most employers said they won't see any hiring growth through 2020.

That doesn't mean we should stop living our lives, obviously. But we all need to realize that with prices what they are, owning your own place is a luxury. It's out of reach for 90% of people. There's no shame in renting, and there's no shame in living with your folks in the family home. The real shame is being blind to reality and refusing to adapt to the world around you.

It is a disgrace to allow young people to face such a future. Crises can be anticipated, and crises will pass... but allowing the younger generation to grow old as renters or living under their parents' roof... denying them perspective and the right to build a life and work... that is a DISGRACE!!!!!

@northerntiger

Look, I can't say I agree with a single thing you've said, but there's one massive caveat: what you’re saying makes perfect sense *right now*. But back in 2003, 2004, 2005? That was a completely different universe. Housing prices were actually somewhat reasonable, jobs were everywhere, wages were climbing, interest rates were dropping, and the government was throwing tax breaks at every little thing. Life was good 🙂 And it wasn't like everyone was forced into those massive 30-year mortgages; I took out a 12-year loan back in '04, a buddy of mine did 15—you actually had options.

Then, eventually, prices just shot straight into the stratosphere and pretty much nobody was looking at anything shorter than a 25 or 30-year term anymore. By 2007 and 2008, it was obvious we’d hit a price ceiling, and once the crash hit, even that ceiling started crumbling 🙂 If you asked me during those final years, I definitely wouldn't have been buying a place; I don't have the stomach for that kind of volatility, but then again, neither did anyone else—you could see it in the sales numbers plummeting the second prices crossed that $1,600-$1,700 per square foot mark. Maybe people would've bought if they could, but they just didn't qualify for the loans 🙂

But we can't just swing from one extreme to the other, right? First, we're all drowning in debt, and now we're supposed to just slash our credit cards and stop taking things like summer vacations on a payment plan? It sounds a bit ridiculous to me. All these financial tools are actually quite useful if you use them smart, and they aren't inherently bad. I mean, if some people get carried away and play with fire, what then? Should we just ban cars because some people don't know how to drive properly?!

If, say, my wife and I are pulling in $5.25 a month, where's the actual issue with taking out a mortgage with a monthly payment of $1000? How else do you think the rest of the world buys homes? Or do you honestly believe that renters out there are paying less than 20% of their income for an apartment? I highly doubt it.

From one of the OP's earliest posts, dated 12/28/2009:

like this:
my mortgage is on a 30-year term.
i've only been paying it for 2 years.

So, back in 2007, when most people already knew things were heading south, this guy takes out a 30-year loan. He even mentions his bank took a chunk out of his paycheck for travel fees! It’s a textbook case here in the States—just jumping in without really weighing how risky or unrealistic it actually is.

And just 1.5 years ago, he was getting bombarded with advice telling him there was no way in hell he should sell his place. Keep in mind, we're looking at late 2009. We had a former President, scandal after scandal, and the global economy was in a tailspin, yet real estate is treated like the Holy Grail in America. People act like prices will never drop. Because of that mindset, they keep feeding bad advice to our unlucky friend, who ended up wasting a year and a half trying to flip an apartment.

Things have changed massively, and anyone refusing to admit it is just being blind. Renting is going to be the only way a lot of people can actually move out on their own. Honestly, there's nothing wrong with that. Wealthier nations don't obsess over this "ownership cult" nearly as much as we do. Maybe we should ask ourselves why?

If you want a better life, you’ve got to work harder, not spend more. You improve your standard of living by earning more, not by blowing more cash. It’s a lesson some people are only just starting to learn, which is a shame.

northerntiger said:From one of the OP's earliest posts, dated 12/28/2009:

like this:
my mortgage is on a 30-year term.
i've only been paying it for 2 years.

So, back in 2007, when most people already knew things were heading south, this guy takes out a 30-year loan. He even mentions his bank took a chunk out of his paycheck for travel fees! It’s a textbook case here in the States—just jumping in without really weighing how risky or unrealistic it actually is.

And just 1.5 years ago, he was getting bombarded with advice telling him there was no way in hell he should sell his place. Keep in mind, we're looking at late 2009. We had a former President, scandal after scandal, and the global economy was in a tailspin, yet real estate is treated like the Holy Grail in America. People act like prices will never drop. Because of that mindset, they keep feeding bad advice to our unlucky friend, who ended up wasting a year and a half trying to flip an apartment.

Things have changed massively, and anyone refusing to admit it is just being blind. Renting is going to be the only way a lot of people can actually move out on their own. Honestly, there's nothing wrong with that. Wealthier nations don't obsess over this "ownership cult" nearly as much as we do. Maybe we should ask ourselves why?

If you want a better life, you’ve got to work harder, not spend more. You improve your standard of living by earning more, not by blowing more cash. It’s a lesson some people are only just starting to learn, which is a shame.

Truth is, I told him the exact same thing back then—just sell it and move on—but hey, the guy wanted to play the waiting game. He believed things would turn around, and you can't really blame him for that, right? He was betting his own life on it.

It's not even that Americans have some deep-seated "ownership cult," it's more like people in other places just have much better alternatives to buying everything outright, just like they do in almost every other aspect of life. This supposed "cult" is really just a symptom of how little society cares about its youth; if anything, it feels like a deliberate way to drain their potential. I'm not saying the government needs to hand out an 800-square-foot condo to every thirty-year-old on a silver platter, but there has to be a baseline where someone can live decently without still living under their parents' roof. That's pretty much the bare minimum for a functioning society, isn't it? But our politicians are always too busy with much bigger, more profitable distractions to bother with stuff like housing or basic stability...

Benjamin Rodriguez2 said:Truth is, I told him the exact same thing back then—just sell it and move on—but hey, the guy wanted to play the waiting game. He believed things would turn around, and you can't really blame him for that, right? He was betting his own life on it.

It's not even that Americans have some deep-seated "ownership cult," it's more like people in other places just have much better alternatives to buying everything outright, just like they do in almost every other aspect of life. This supposed "cult" is really just a symptom of how little society cares about its youth; if anything, it feels like a deliberate way to drain their potential. I'm not saying the government needs to hand out an 800-square-foot condo to every thirty-year-old on a silver platter, but there has to be a baseline where someone can live decently without still living under their parents' roof. That's pretty much the bare minimum for a functioning society, isn't it? But our politicians are always too busy with much bigger, more profitable distractions to bother with stuff like housing or basic stability...

That’s why things are only going to get worse... essentially, we’re looking at economic decline. Once you crush the spirit of the younger generation, who is left to work and build a life in this great country? Just the Chinese and the Russians!!??😢

It’s time to get moving. This is actually a solid chance to finally ditch that "rentier" mindset we see so much of here. Right now, there are so many empty apartments sitting idle that expecting rental prices to skyrocket just doesn't make sense. What’s more likely is that people will start feeling bolder about renting, which should slowly help balance things out. The government could step up big time here, and hopefully, some new leadership starts tackling this head-on. Joining the EU might even give things the push they need.

With food prices and utility bills climbing everywhere, it’s pretty much inevitable. I honestly think if you aren't being super careful with your math, you could end up broke just like a guy I knew back in Chicago.

I’ve actually felt this way for a long time, and honestly, people used to think I was crazy for it. To me, buying apartments like they were just pieces of clothing didn't sit right—people were doing it without a second thought or any real fear. I never looked at a mortgage as some kind of gift; to me, it's a weight. You don't pick one up unless it's actually going to help increase your income.

northerntiger said:From one of the OP's earliest posts, dated 12/28/2009:

like this:
my mortgage is on a 30-year term.
i've only been paying it for 2 years.

So, back in 2007, when most people already knew things were heading south, this guy takes out a 30-year loan. He even mentions his bank took a chunk out of his paycheck for travel fees! It’s a textbook case here in the States—just jumping in without really weighing how risky or unrealistic it actually is.

And just 1.5 years ago, he was getting bombarded with advice telling him there was no way in hell he should sell his place. Keep in mind, we're looking at late 2009. We had a former President, scandal after scandal, and the global economy was in a tailspin, yet real estate is treated like the Holy Grail in America. People act like prices will never drop. Because of that mindset, they keep feeding bad advice to our unlucky friend, who ended up wasting a year and a half trying to flip an apartment.

Things have changed massively, and anyone refusing to admit it is just being blind. Renting is going to be the only way a lot of people can actually move out on their own. Honestly, there's nothing wrong with that. Wealthier nations don't obsess over this "ownership cult" nearly as much as we do. Maybe we should ask ourselves why?

If you want a better life, you’ve got to work harder, not spend more. You improve your standard of living by earning more, not by blowing more cash. It’s a lesson some people are only just starting to learn, which is a shame.

I know this one married couple with a kid who ended up moving back in with their parents after just a few months because they couldn't even keep up with the rent. Between utility bills skyrocketing, childcare, car payments, gas, and groceries... they told me it’s going to take them at least a year just to get back to zero...
Even subletting isn't really an option in this absolute mess of a state we live in, because you still need a steady, reliable income just to afford a sublet. And as for buying a home with a mortgage? I mean, anyone actually considering that right now needs to sit down, get sober, and think about it a hundred times over before making such a massive mistake.