New here wanted to introduce myself..

iVillage Member
Registered: 04-09-2003
New here wanted to introduce myself..
2
Tue, 03-08-2005 - 3:15pm

Hi everyone,

Well DH and I are really in debt. Although, we accumulated most of our debt 5-10 years ago, we are still paying for it. We have become much better about not using credit cards, but what a slow road to becoming debt free. We have paid off about 7000 last year. YEA!!

Here's my stats

Credit Cards 36,000.
Auto Loan 21,000 (at least its zero interest)

We bought a home 3 1/2 years ago with the understanding that when we have enough equity we will sell it and pay off all of our debts. Well finally this year, homes in my subdivision are selling pretty quickly, and we finally have enough equity to be debt free. Here is my dilema, houses have also gone up considerably around this area so we really couldn't even get a much better home than what we currently have. We can't take out home equity lines, or refinance because DH is applying for jobs out of state. And it really doesn't make sense to pay all those closing fees knowing (hopefully) we will be leaving soon.

DH and I both work shiftwork. DH is a fireman so he is gone 24 hours at a time, and I work part-time late nights for an airline. We have a 9 year old and a new baby. With both of us working late nights we are so tired. So DH and I have decided that I will quit my job in May. DH is the main breadwinner, so after I pay childcare (we have in-home daycare) and my gas to work, coffees and food I probably only take home 600 a month. So it is just not worth it to be so exhausted for only 600 dollars a month. So I am a little scared of going down to one income. I told DH I will probably try to get a job with the school district part-time in September so I can enjoy the summer with my kids. We live in Alaska so we love our summer time. Anyway, I just wanted to share my story (and warn others NOT to do what DH and I did), and ask if anyone has advise for me about if we should sell our house now to be debt free and rent until DH gets a job out of state, or is it smarter to stay in house until DH gets a job and continue paying the credit card payments which is $800.00 a month? Thanks.

Julia

Julia

Proud Mommy of Macey and Reece

iVillage Member
Registered: 12-05-2004
Tue, 03-08-2005 - 7:35pm

If your husband were to get another job in another state, would they be understanding if your home took you several months to a year to sell? We tried to sell our home a couple of years back so Dh could take a job in another state. We knew that homes in our neighborhood were selling like crazy in the range of $215K-229K. Well, after a year of showings and hearing how beautiful our house was and how much people liked it...but still getting no offers, we finally got someone to be honest with us. Apparently, our home was undesirable because it is a "split foyer" plan, and around here (Atlanta Metro), that's a bad thing (even though Dh and I both grew up in split foyers in MD). We were told that the only way we would be able to sell our home would be to drop the price down to around $180, and even then, it might take some time...all because of the style. We ended up missing out on the job offer because of the time it took us to sell the house.

If you feel that your Dh's new employers might not be sympathetic and understanding of how long it takes to sell a home and move...and if there's the possibility that he may have to start immediately and rent an apartment there while you stay behind to sell the house (costing you both house payment AND rent), I'd consider selling now and then getting an apartment or renting a house until you receive a job offer. If you get a short lease, you will have a definite moving date for a future employer (ie. "Our lease is up in three weeks, so I can be there on.....").

It might give you peace of mind. I wish you luck with whatever you decide.

Pat :-D

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Wed, 03-09-2005 - 10:08am

Welcome Julia,


I don't have any advice for you about selling your home.


I would think I would wait until DH had a solid offer in another state before I would consider it.