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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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