You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login

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

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Latest Breaking News Donate to DU
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.
Printer Friendly | Permalink |  | Top
  -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 

Home » Discuss » Latest Breaking News Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC