The bank is taking my entire paycheck...

casualmoose14 said:Honestly, your best bet is to sell that condo and focus everything on paying down that loan. Trust me, the bank is NEVER going to work with you on this; they’ll squeeze you dry until you have nothing left. That one-year payment holiday will fly by before you even realize what hit you, too... and then you're looking at a thirty-five-year commitment. Yikes. Just sell the place, head back to the Midwest, and get a fresh start... believe me, it's much smarter than trying to play games with the bank!

I've still got enough fight left in me to keep swinging, so I'm going to push forward in the hope that something positive actually happens in the near future. I've got twelve decisive months ahead of me.

Most of you guys on this forum keep telling me to sell the apartment. Maybe it really is my only way out, but I'm just not ready to accept that reality yet..
Selling is definitely my absolute last resort. Before I go there, I am going to try everything else I can,
and in about 6 to 12 months, I'll know if I made it or not... but I'm not throwing in the towel just yet.

northerntiger said:Hey, you aren't losing everything, for crying out loud. 😕
At most, you're just getting rid of that heavy weight around your neck that's dragging you under.
Just picture this: no more crushing debt, and you get a totally clean slate starting right now.

Plus, you won't be chasing after money that isn't worth your health.

This is truly sound advice, and I find myself in complete agreement. By letting go of the apartment, you are effectively removing a millstone that was crushing you. If there really is an opportunity to move back in with your parents in the Midwest, then I say take it and begin anew. From what I have gathered through our discussions, you are a hard worker and quite courageous; given the current economic climate in the Midwest, those particular qualities will serve you exceptionally well.

I’m not entirely sure it’s a smart move for him to head back to the Midwest. There just isn't any work to be found here. I honestly think he'd be much better off down south. If he wants to make this work, he really needs to rent out a couple of rooms immediately to cover his mortgage. Then we'll see how things go.

Brian Wilson7 said:I’m not entirely sure it’s a smart move for him to head back to the Midwest. There just isn't any work to be found here. I honestly think he'd be much better off down south. If he wants to make this work, he really needs to rent out a couple of rooms immediately to cover his mortgage. Then we'll see how things go.

I'm with you on every single point...👍
I've already started looking for tenants...

Kimberly Nguyen said:And why on earth couldn't we just do both?

I mean, look, you implement a six—or even a twelve—month moratorium while simultaneously extending the total repayment term... but if you do that, you’re essentially just breaking even at best.🤔

I actually went ahead and asked about that specific option...
And you know what the answer was? Sure, it's "possible," but you can't do it all at once...
Basically, you'd have to do the moratorium first—bump up the principal—and then *later* on, you could try to beg for an extension out to 35 years.

In that scenario, I’d be bleeding extra interest straight into the bank's pockets for ages. 😠
There is absolutely no way in hell I'm agreeing to that.

Steven Rodriguez11 said:Hmm... So, looks like lowering the monthly payment isn't going to happen right now. That’s just where things stand. But hey, you can always give it another shot in a year or so, so there’s really nothing lost by waiting until then.
As for that moratorium option, I honestly don't think it's worth the headache. To even get that ball rolling, you end up having to pay the bank some sort of percentage fee, and if you've got that extra cash lying around, you might as well just put it toward your actual monthly payments instead...

Just listen to the advice I gave you earlier. It doesn't cost you a dime, and it'll definitely take some of the weight off your shoulders.
Just hang in there through the next few months; once this economic slump settles down, everything is bound to turn around for the better...

Take care!

Wait... a fee just to trigger a moratorium..!?
I went down to the Chase branch and asked them point-blank what all the extra costs would be to put my loan on moratorium,,,,,and I am positive they didn't mention anything like that..

Aside from the principal increasing by 3.5% and, obviously, the total interest going up—meaning the monthly payment jumps—they didn't say a single word about other fees, and I made sure to emphasize that I wanted the full rundown..

Maybe I'm looking at a different kind of moratorium altogether.. huh?

Lawrence Wright7 said: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 factored in my average travel reimbursements when calculating everything. Back then, I didn't have any child support obligations to worry about.
Then things went south. The bank hiked up my interest rate, they cut my travel stipends due to the economic crisis, and now I'm hit with child support payments on top of it all. Now? Now I'm in this nightmare where the bank is basically vacuuming up my entire paycheck.

Mortgage payment $1264
Monthly take-home pay $1367
Child support $307
It is blindingly obvious that there is absolutely ZERO money left to actually live on.

My question is,,,
Is there any law or consumer protection regulation that prevents a bank from seizing an entire salary? Isn't there a rule that they have to leave at least one-third of my income for basic living expenses? Or does that even matter anymore? Is it just a case of "you signed the contract, so you're screwed"?

Is there anything at all I can do??

1) Find a side hustle... maybe some freelance work.
2) Sit down and cry.

Look, none of us know all the specifics needed to give you perfect advice, but from what I can tell, you’re in deep. It looks to me like you’re trying everything in your power to keep an unsustainable situation alive, which honestly feels like swimming with a lead weight tied to your waist. Unless some miracle happens, it’s just a matter of when that weight pulls you under.

By waiting for a "miracle," you’re basically gambling. If it doesn't happen—and let's be real—you'll pay for it with ballooning debt and an even messier situation down the road. What does that look like six months from now? Selling the house for pennies on the dollar? Losing it entirely? What if by then, the market crashes and you can't even cover what you owe the bank? You could end up working yourself to death just to pay for a place you eventually lose anyway. I hope you're following my logic here...

If I were in your shoes, I'd seriously consider getting that house off my plate as soon as possible. If you can get enough to settle the loan with the bank, do it. I don't believe interest rates are going to drop anytime soon, I don't see property values rising in the near future, and I certainly don't see the economy turning around overnight. In six months, there might be a whole crowd of people in the exact same hole you're in. What then?

Maybe you've got some plan to make extra cash over the summer, and maybe that works, but what happens after the season ends? Real estate trends are heading south, so the house will likely be worth even less than it is today. On top of that, your mortgage payments are set to climb—the bank already warned you about that if you opt for a "payment moratorium"—and your income will probably settle right back to where it is now once the summer rush dies down.
Losing the house isn't even the worst-case scenario. You could still end up owing the bank the difference between the loan balance and the actual value of the property. Just imagine how brutal life gets when 25% of your paycheck goes to child support and another huge chunk goes to a bank for a house you don't even own anymore. That's a nightmare. Think long and hard about this. Things aren't looking great out there...

Get out while you still can. The sooner you do, the sooner you'll actually have some breathing room. Rent a room, start fresh, and just take it one step at a time.

Lawrence Wright7 said:When you're stuck between two evils, you just have to pick one... there's no other way forward.
I’ve already liquidated everything of value. Honestly, I’m riding a bicycle now and living more frugally than I ever thought possible. Selling my car finally cleared my overdraft, so I’m sitting at zero right now—but it’s a temporary zero, a fleeting moment of peace because the next installment is coming due, and then the one after that, and so on... it never stops.
What do you think I should do???

The weight of this is crushing me. The stress is constant; it's wrecking my health, I'm spiraling, I work, I save... I save, I sacrifice everything, yet I still find myself sinking deeper into the red. I just need a moment to breathe... to actually recover, mentally and physically.
My plan:
I'm thinking about going with option two. Suppose they grant me a 12-month moratorium during that period of the loan$0.00—that would give me enough room to catch my breath.
THE PLAN:
- Save aggressively like I have been to scrape together about $10000. (It would be a lifesaver to have that cushion for the upcoming payments)
- Rent the place out to tourists... hopefully, that brings in some decent cash if things go well..
- Take in some boarders until summer... I already posted an ad and prepped a room. That should bring in a little something.
- Once summer hits, there will be better opportunities to pick up extra shifts or side gigs for more cash.
- As a last resort, if nothing else works, I’ll have a year to move back to the Midwest to be near my parents and find a new job. I could rent the whole apartment to a young family and just cover the difference myself... say, the place goes for $833 + I chip in $1,000-$500... I could manage that until things stabilize.
- For the absolute endgame... I’ll sell the place. I picked it up at a steal for $1,050 per sq ft, and it's fully renovated.

One of these things has to work.

That needs to be your first move, not your last resort. I don't know which city you're in, but if you snagged it at such a bargain, you could probably offload it today for roughly what you paid—maybe a little less—just to get that mortgage off your back and start fresh. Look, a condo isn't an "investment" in this scenario; it’s a noose around your neck. Now is definitely not the time to be daydreaming about leaving it to your kids.

If you wait 6 to 12 months, the property value might tank further while your debt stays just as high.
You made a bad financial call, and there is absolutely no reason to white-knuckle it just out of pride.

Signed on behalf of Brian Nelson4 and the crew. I don't have anything else to add.

Robin Rodriguez5 said:That needs to be your first move, not your last resort. I don't know which city you're in, but if you snagged it at such a bargain, you could probably offload it today for roughly what you paid—maybe a little less—just to get that mortgage off your back and start fresh. Look, a condo isn't an "investment" in this scenario; it’s a noose around your neck. Now is definitely not the time to be daydreaming about leaving it to your kids.

If you wait 6 to 12 months, the property value might tank further while your debt stays just as high.
You made a bad financial call, and there is absolutely no reason to white-knuckle it just out of pride.

The place is in SD. It’s fully furnished, looks great. It’s only about a mile from the beach, and if I make the move, I honestly think I could probably sell it for more than the 1,050 sq ft value I originally paid.
I'm not ready to pull the trigger just yet.
My plan for this season is to try renting it out to tourists at a reasonable rate. I’ll be taking guests soon.

I mean, anything can happen, right? Maybe things will finally click and I'll get ahead. I'm an optimist by nature, so I'm putting my faith in the process and hoping for the best.
Summer is coming, and with it, a whole new set of opportunities.

Taking out a loan for, say, $75k, just to choke on those monthly payments for thirty years—eventually handing back a staggering $187k? Honestly, you’d have enough cash flow to act like a big shot compared to $1333 placiddrifter11, but I truly can't wrap my head around the logic some people use.
Giving a bank fifteen years of my life like that—I’d much rather just crash on a beach somewhere.

Moving out to the Midwest just isn't going to cut it for my career.
Look, I’ve got a permanent gig here that I actually enjoy. It’s solid, it’s stable, and the company is actually on an upward trajectory—so I’m holding out hope for some decent raises down the line, even if the paychecks are pretty thin right now. $1367.
Now, sure, the company does have branches out in the Rust Belt, so a transfer is technically on the table, but honestly? That would be a massive mistake. Business is significantly weaker in those regions, and frankly, the job security there is questionable at best.
It’s a struggle to find anything decent out there, and when you do, the wages are usually a joke compared to what I'm making here.

placiddrifter11 said:Taking out a loan for, say, $75k, just to choke on those monthly payments for thirty years—eventually handing back a staggering $187k? Honestly, you’d have enough cash flow to act like a big shot compared to $1333 placiddrifter11, but I truly can't wrap my head around the logic some people use.
Giving a bank fifteen years of my life like that—I’d much rather just crash on a beach somewhere.

As a renter, you're basically paying for 30 years anyway, and even then, you own nothing. Your landlord can kick you out whenever they feel like it and suddenly you're stuck on a beach with zero assets. How much have you actually sunk into rent over 30 years?

I mean, seriously—paying that much interest to a big bank for three decades? If I knew that was coming, I would’ve packed my bags and moved out tonight. I'd sell the place just to get rid of the weight on my shoulders.

When I first bought this place, I had all these grand designs. I thought I could pivot, make some extra moves, and pay this thing off way ahead of schedule to dodge the massive interest. But, well, things didn't go according to plan, and now here I am, stuck in this mess.
By this summer, I'll finally know if my backup plan actually holds water or if it's dead in the water.
If it works... everything gets easier. If it doesn't? It's going to be impossible to deal with. And if that happens, I'm definitely pulling the trigger and selling...
I just need to survive this year financially, and then I'll make my move.

Maybe try putting your condo up for sale at a price that actually covers your debt and leaves you with a decent down payment for the next place; you never know, someone might just happen to stumble upon it...

Lawrence Wright7 said:The place is in SD. It’s fully furnished, looks great. It’s only about a mile from the beach, and if I make the move, I honestly think I could probably sell it for more than the 1,050 sq ft value I originally paid.
I'm not ready to pull the trigger just yet.
My plan for this season is to try renting it out to tourists at a reasonable rate. I’ll be taking guests soon.

I mean, anything can happen, right? Maybe things will finally click and I'll get ahead. I'm an optimist by nature, so I'm putting my faith in the process and hoping for the best.
Summer is coming, and with it, a whole new set of opportunities.

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? 😁

I mean, just go for it—take that six months or even a full year if you need to and give it a shot. You’re fully aware that taking this leap means more debt on your plate and potentially watching your property value take a hit, but hey, that's just the price of admission for trying something new, right? Honestly, looking at the economy in America right now, things aren't exactly looking up, and there isn't much sign that any massive turnaround is coming anytime soon, but you seem pretty damn confident about your company and your role, so at least you've got one solid anchor in all this chaos. A lot can happen in those few months, too; maybe you'll land a side hustle, find a partner, get some roommates to help cover the bills... who knows? Hope is a real thing, and if you actually put in the work, something might just click. Good luck with whatever you decide to do.

Personally, if I were in your shoes, I’d probably just sell the house right now and move on with my life; that's just how I'm wired, and frankly, I couldn't care less whether my kids inherit anything from me or not.

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...

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.

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...😢