The Story of our Home.. sorta.

March 22, 2012

A little over a year ago, things were not working out so well for us – home wise.  I’ve told you all about how we used to live in a condo, and now we have a home, but I never explained the whole situation:

Shortly after coming back from my maternity leave with my first son, I was let go from my job as a Dental Hygienist.  My income was over half of our families income – and there are very very few hygienist jobs out there.

Immediately we knew that we were going to need to get out of our Condo as soon as possible.  My husbands income barely covered more than the mortgages (80/20 mortgages).  Leaving us with stacking student loan bills and credit card debt just to purchase gas, groceries, or anything else we could use a credit card to pay for…

We looked at renting out the condo, but really – no one would pay enough to even cover the mortgage costs in this type of market… We purchased our condo in 2005, at the height of the ‘bubble’ and we owed over twice the amount that the condo is currently worth.  Not to mention the over $400 in monthly property maintenance dues!

We talked to a few realtors about short-selling.  All of which told us we had to be behind on payments (which we weren’t quite ready to give into yet) in order to qualify.  Then we got to a point where the credit cards wouldn’t tide us over any more, and jobs were still out of the question for me, as we had just had our second child a few months before.

We knew if we didn’t get out then, it would go into foreclosure AND we wouldn’t have a place to live or credit to be approved anywhere!  Problem is – that even when we looked into homes for rent, we still found that rent prices were right up there with where our mortgage was… Over our budget.  Putting us back into relying on our credit cards (Which were nearly maxed at this point).

Our only option was to find a place to purchase (or rent) for LESS than half of our monthly income.  {Almost impossible..}  We assumed at this point in time that my husband is the sole income provider in the house as well – which left our options SUPER tight and limited.  This would then allow us enough money left to pay the bills and a VERY tight budget for remaining monthly expenses. But all without relying on any other debt stacking up. And if/when I started making money (like this blog…) It would be better, but not ever 100% necessary to survive.

our home

We found some GREAT… no. Literally.  The BEST realtors in Minneapolis– Kerby and Christina.  They truly did everything they possibly could to short-sell the condo and meanwhile, They also helped us find the home that we purchased a little over a year ago – which was a foreclosure at an amazing price – and left us with a mortgage $200/month lower than we had hoped for – IN our target neighborhood just blocks from our home church.

This, is why I talk ALL.THE.TIME. about how happy we are to have this home.

It was a strange set of circumstances… (Lol at all of you Phineas and Ferb addicts that understand why that’s a funny statement <— clip in case if you don’t) that required a HUGE attention to detail in the finances side of things, but it all worked out.  We were sad to have to let the condo ‘go’ – but overall, we don’t regret our decision one bit.  Tiny condo’s are NOT meant for families of 4. Winking smile

alogo41

Comments

  1. Its great to hear a happy ending to your dilemma, with the economy the way it is many stories dont end up this way. Congratulations

  2. I am so glad to hear that things worked out for you. That is the thing that is hard in this market. There are people wanting to sell, but your can’t get what you put into it. Hopefully the market will be getting better soon. It looks like things worked out well though!!

  3. Betty Baez says:

    Wow that’s awesome! I definitely will consider using a realtor for our next move

  4. Janet W. says:

    Glad to know things worked out for you. Condo’s definitely aren’t comfortable for a family of 4!

  5. Vanessa Coker says:

    Glad to hear it all worked out 🙂 I feel like there are so many jobs for dental hygienists out here in VA.

  6. Erin Rok says:

    Glad to hear that everything has worked out for you! We are actually planning to move in the near future to something that with more room for two kids. Thanks for sharing your story!

  7. Debbie Welchert says:

    I am so glad everything worked out for you. Your house really looks nice.

  8. Kimberly M. says:

    So happy that things worked out alright for you. It’s too bad you had to lose your job. I kinda know what you are talking about although my situation is alittle different it has been a real struggle. I’m just glad when I hear things turn out good for everyone. I pray everything continues to work in your favor. Good luck.

  9. Carolyn Ann Colley (Griffith, Smith) says:

    Your home is beautiful. Glad things are working out for you. I know all about losing your job, I had worked at our community college for 23 years, had to leave in Feb. 2010 due to my health, still trying to get my disability. A few months after I left my job, my husband a paramedic, we were just adjusting to the one income and he had a heart-attack (open-heart surgery) he has tried to return to work, not able to lift the patients anymore, now we both are out of work. My son has taken care of us now for 2 years, it breaks my heart, but I thank God every day for what we do have. We have a roof over our head, food on the table, and I know in God’s time, we will both get our disability.

  10. What a beautiful place to call home! I’m so glad things worked out for you and your family. Things can be very stressful w/only one income that does not cover the full months bills, rent/mortgage and food expenses. We are battling a similar issues.

  11. Glad that everything came together. “God never closes a door without opening a window”. So glad you are closer to your church too.

  12. Seyma Shabbir says:

    Happy to hear it worked out. House prices are crazy! We live in Raleigh NC and the prices are fair and the weather is great. Credit cards hurt most people. Good luck!

  13. Your house is beautiful. I’m very glad it all worked out for you and your family. I cannot get over the difference in housing prices. My house really needs a lot of work but it has 2 apartments. 1 with 2 br’s and 1 with 4 also laundry sun room. I would need probably $30,000 to make it look like yours. I paid 18 free and clear. I understand there are different neighborhoods etc I just am so amazed. As I come across different people on the internet it has become much easier for me to really appreciate that our house is ours. I’m going to show before and after photos after I am switched outta blogger (per your great suggestion) – blogger is driving me crazy! Oh you’d have work here also.
    Gladys P

  14. I’m glad that your house is working out so well. A condo is too small for a family of 4.

  15. It’s nice that you can walk to your church now instead of driving across town.

  16. kelly willis says:

    this is awesome we looking to purchase our first home so happy for you

  17. I am glad that things worked out for you! We are a family of five living in a small condo….

    Maureen
    maureen.tenney@gmail.com

  18. It scary to get in situation with no money to cover bills and two little kids on hands. Been there so I know exactly what you are talking about. Glad everything worked out for you. And yes, condos are not for big families. 🙂 I really missed all the space we had when we rent a house

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