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Reply #12: My boss had to do a short sale. Couldn't keep up with payments on his $1.2 M house. [View All]

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slackmaster Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-09-11 12:57 PM
Response to Reply #4
12. My boss had to do a short sale. Couldn't keep up with payments on his $1.2 M house.
He had been making enough money as an entrepreneur, but his third child was born with a bad congenital syndrome that makes keeping her alive very expensive.

He strategically took a mid-level management job with good benefits (i.e. health insurance) but that involved getting his income cut in half. His wife doesn't work, so they spiraled down and ended up losing their home to a short sale, with all of the fun bad tax consequences.

He moved closer to work to a more humble but perfectly adequate house, dealt with the ego thrash and is now doing fine.
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  -No end in sight to foreclosure quagmire Keith Bee  May-09-11 11:18 AM   #0 
  - recommend  xchrom   May-09-11 11:18 AM   #1 
  - Oh the joys of laizze-faire governance amid rabidly RW governance  indepat   May-09-11 11:37 AM   #2 
  - Our Galtian overlords won't be happy until we are all renters  n2doc   May-09-11 11:44 AM   #3 
  - And just who's getting foreclosed on now, eh?  Roland99   May-09-11 11:47 AM   #4 
  - 2 years of free rent too.  dkf   May-09-11 11:48 AM   #6 
  - 700,000 people a year have medical bill-related bankruptcies.  truedelphi   May-09-11 11:59 AM   #7 
  - Unemployment. nt  PassingFair   May-09-11 12:07 PM   #9 
  - My neighbors are walking out on their home.  truedelphi   May-09-11 12:51 PM   #11 
  - a big part of the problem I would say ...  wysingm   May-09-11 01:49 PM   #16 
  - My boss had to do a short sale. Couldn't keep up with payments on his $1.2 M house.  slackmaster   May-09-11 12:57 PM   #12 
  - I know somebody personally who did exactly that  bluestateguy   May-09-11 04:32 PM   #17 
  - Isn't it actually the collapse of home prices, not necessarily foreclosures that are the problem?  dkf   May-09-11 11:47 AM   #5 
  - "Vicious circle(s)" -- home prices declined, foreclosures increased driving prices lower. . . . . .  Hoyt   May-09-11 12:02 PM   #8 
  - The glut of foreclosures is a key driver of the price declines.  girl gone mad   May-09-11 12:35 PM   #10 
  - Foreclosure is a problem for the family that loses a home. Declining prices are both bad and good.  slackmaster   May-09-11 04:52 PM   #18 
  - I wish you had used a story referencing that the  truedelphi   May-09-11 12:58 PM   #13 
  - I wonder if this will make it into the "Too Big to Fail" movie coming out.  Arctic Dave   May-09-11 01:28 PM   #14 
  - In the deep ...  wysingm   May-09-11 01:37 PM   #15 
 

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