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Old 06-09-2018, 03:31 PM
 
Location: Dallas TX
14,306 posts, read 20,563,635 times
Reputation: 20210

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Quote:
Originally Posted by LifeIsGood01 View Post
Why not buy a smaller house? Renting is throwing money away.
Two reasons, my credit score dropped, not the greatest, 630. We are not going to live in this area for more than two years. When my daughter graduates from high school we’ll move somewhere else. I don’t want to be tied down to a house, maintenance, and going through the selling process. It is so incredibly stressful to me.
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Old 06-09-2018, 04:43 PM
 
16,507 posts, read 17,550,486 times
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You can always buy another house. Get your finances straight then buy a house. If you’re moving in a few years I would sell and rent
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Old 06-09-2018, 04:45 PM
 
Location: Silicon Valley
2,766 posts, read 1,216,199 times
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If your credit is destroyed already, then the home you have may be the last home option you get for awhile. Generally selling to avoid destroying the credit is the order that needs to be done. You're a little late. You may want to tough it out now.
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Old 06-10-2018, 07:31 AM
 
Location: Boston
5,097 posts, read 1,460,242 times
Reputation: 3735
is your home configured to rent any of it out?
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Old 06-10-2018, 12:27 PM
 
Location: DFW - Coppell / Las Colinas
29,950 posts, read 34,553,963 times
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Problem is if your going to stay in DFW the costs are going to keep going higher. Replacing your current house may be difficult.

But yes, my GF did what you are talking about last year and paid off about $80k in CC debt.

Also, price out rentals. They have gone sky high.
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Old 06-10-2018, 12:31 PM
 
Location: DFW - Coppell / Las Colinas
29,950 posts, read 34,553,963 times
Reputation: 35949
Quote:
Originally Posted by veuvegirl View Post
Two reasons, my credit score dropped, not the greatest, 630. We are not going to live in this area for more than two years. When my daughter graduates from high school we’ll move somewhere else. I don’t want to be tied down to a house, maintenance, and going through the selling process. It is so incredibly stressful to me.
I missed this. If you can sell and get out of debt do.

Let me know if you need some advice. Selling can be stressful.
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Old 06-10-2018, 07:06 PM
 
864 posts, read 372,489 times
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There is another option between selling house and not selling house -- getting a home equity line of credit. Although, this is more like selling house than not. At least, you can get cash and stay in the house.
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Old 06-12-2018, 08:48 PM
 
Location: USA
128 posts, read 65,913 times
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Quote:
Originally Posted by LifeIsGood01 View Post
Renting is throwing money away.
While I like your idea, it's far more complicated than that. I used to fondly equate marriage to taking on a 30 year mortgage, when what you really needed was a weekend hotel stay. Apply your equation to that!!
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Old 06-13-2018, 05:30 PM
 
3,995 posts, read 8,732,476 times
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How much CC debt are we talking about here? How much are you now making combined? How old are you guys? How much equity do you think you have in the house?

Do you plan to stay in the same general area after your daughter graduates HS, even if it’s at a new location?

I would be hesitant to sell the house at this point, but it’s impossible to say without hard numbers. If its financially possible, I would look to pay off CCs independently and roll over your big house into a smaller home purchase in a couple years.

Last edited by GiantRutgersfan; 06-13-2018 at 07:09 PM..
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Old 06-13-2018, 05:59 PM
 
3,321 posts, read 919,988 times
Reputation: 2030
If you can afford to hang on to the house and climb out of the credit card debt, I would do that. Your home is an investment, which will most likely continue to gain.

Try cutting expenses in other ways, like driving used cars, not going out, cutting cable, etc.
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