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Old 01-06-2013, 08:25 PM   #3
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theonenonlymrssmith
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Join Date: Aug 2011
Posts: 4,246
Quote:
Originally Posted by TeachinAuntie
We're "house poor" but not in the way you describe.

We bought a house we could "afford" but we overpaid. We are upside down in our mortgage now that the market crashed (we've been here almost 7 years) and we will never be able to get out of our "starter house" that we have now outgrown as a family.

Technically the appraisal is only about $35K under what we paid/owe but the actual neighborhood comps are more like $70-80K under. And we have a balloon payment coming due in 8 years that there is just no way we can save enough for.

We DO have other debt (thanks to life happening) and so we live on a very strict budget to be able to pay our bills, even though DH makes "good money" and from the outside looking in we "shouldn't be poor."

If we knew then what we know now, NO, we wouldn't have bought a house at that point in time....of course buying a house was step 1 to starting a family for us & if we hadn't bought then who knows when we would have!
What is a "baloon payment?"
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