Sold house, feeling a little panicked!!!

iVillage Member
Registered: 10-10-2003
Sold house, feeling a little panicked!!!
3
Fri, 02-11-2005 - 11:08am
I found out today that the sale of our house is a go. We are going to end up with almost $ 7k as a result. That will mostly pay off all our credit card debt. But, I am feeling a little panicked. If I do pay off the debt, will I be able to save for another downpayment??? If we don't that would be almost enough money to but a down payment on a new house. I want to be debt free, but I like the security of owning a home. The other problem is that where we have moved we have been unable to find a house we like to buy, and the rental market sucks!!!! Our payments are not that large on the credit cards, and I worry if this is the right decision. I want a nice home for my kids.....and I know in the long run being debt free is much better. I want to control my money, but this makes me anxious. Help!!
iVillage Member
Registered: 05-10-2004
Fri, 02-11-2005 - 11:20am

This is just my opinion, but I would maybe keep $1000 and then use the rest to pay off your credit card bills.

 

iVillage Member
Registered: 05-19-2004
Fri, 02-11-2005 - 11:41am

Congrats on the sale of your house! Are you renting right now or staying with someone?

I really think it depends on how bad you want to buy your next home and how long it would take to pay off the ccs and then rebuild that downpayment fund.

Could you roll that debt in with the new mortgage? How are your ccs interest rates? I understand how anxious you are!

We will be putting our house up for sale next fall/winter and will payoff our car loan with any profit.(Hopefully $10K)
We are going to start saving for the down payment in June when my cc and student loan is paid off. Although, we still will have dh's student loan($8k) left- but we don't care because we don't want to wait that long to pay it off too! I have been running fiqures to make sure how much mortgage we can afford with that student loan payment~ without stretching ourselves thin. So when it does get paid off- that's extra money! You can check on bankrate.com on their calculators- they have a "how much home can I afford"- which is very helpful!! Keep us posted on your decision!

Best of luck! ~Nicki

iVillage Member
Registered: 10-10-2003
Fri, 02-11-2005 - 2:00pm

We have acutally moved to my hometown, and are staying with my Mom at the moment. Moving home has been a longstanding goal, and we are delighted to be near family, however it is a very small rural community and the rental market sucks. We had a house lined up to rent and then that fell through. We have an emergency fund of the $ 1000. I suspect to find a house we like that we will have to build, and that takes time. I guess I know paying off debt is the wisest thing to do, but it does worry me. We have some time, staying with my Mom is not ideal, but is OK, and my kids are delighted, they love staying with Nana. I just hope that this works out and we are able to save for a downpayment.