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Old 03-03-2009, 08:46 AM
 
103 posts, read 227,891 times
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Default Need advice

Two years ago we bought a house in south Jersey. A year after that my husband took a job near Patterson/Passaic. We now need to move closer to where he works. Yet with the market, we would loose money on this house. But with two small kids, the commute is killing us. We can't afford to take a hit but are considering renting out this house. Dont know how much we can get or if we would even get approved for another loan having this house and trying to buy another. Did that make sense? Anyway if anyone has any advice? We are up for anything. The house prices are good for buying but not for selling!!

Thank you!
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Old 03-03-2009, 09:07 AM
 
Location: Cherry Hill, New Jersey
1,368 posts, read 2,992,168 times
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Quote:
Originally Posted by Bri0528 View Post
Two years ago we bought a house in south Jersey. A year after that my husband took a job near Patterson/Passaic. We now need to move closer to where he works. Yet with the market, we would loose money on this house. But with two small kids, the commute is killing us. We can't afford to take a hit but are considering renting out this house. Dont know how much we can get or if we would even get approved for another loan having this house and trying to buy another. Did that make sense? Anyway if anyone has any advice? We are up for anything. The house prices are good for buying but not for selling!!

Thank you!
If you rent your house here in CH, maybe you could rent something up north.

Loans are hard to come by these days. I have a friend with very good credit (not perfect but pretty darn good), she and her husband both work and they are having a hard time getting a mortgage.

I hope someone with better knowledge than I can help. I cannot imagine commuting from here up to Passaic...dearie me.

Good luck

Shanny
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Old 03-03-2009, 11:22 AM
 
103 posts, read 227,891 times
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Shanny- lucky he likes to drive but he is missing out at home so much.

I did bring up the idea to rent another house for ourselves. I know I would be sacrificing a lot to do that but I am willing. My husband thinks thats a bad money idea? I have no clue what it would involve but him getting home at 8-9 pm is getting old really fast.
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Old 03-03-2009, 11:26 AM
 
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Why not sell? Take the hit $$$ wise today and move on. Any property you buy up there will probably have declined roughly the same as you sold here so it could work out for you. Assuming you can afford to clear your mortgage after sale.
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Old 03-03-2009, 11:30 AM
 
Location: Northern NJ
2,915 posts, read 2,567,727 times
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Hi Bri0528,

Double rental might be an idea at this point. There's no way the bank will give you 2 loans right now. And you don't want to do that anyway, way too risky.

I think a better idea might be to take the loss on your existing home, sell it while prices are low but not too low, then move North and simply rent while waiting for the market to bottom.

Yes it hurts to take a loss, but if you don't and prices keep dropping, you might become financially enslaved to your present home and face years of this awful commute.

Sell now, take your lumps, rent, and re-purchase when the market is totally deflated. You might even get your entire loss back in the form of savings on the new house.

Good luck and do whatever it takes to get rid of that commute. Even a new job if necessary. Years of this sort of commute will ruin the best years of your family life.

-Marc
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Old 03-03-2009, 11:46 AM
 
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Have him do what I used to do. Go on priceline and have him get a cheap hotel room once or twice a week until you get the house sold. And not to be pessimistic but realize that jobs are being lost at a huge pace, I'd hate to see you move up there and then be unemployed. It might be worth sticking it out a bit longer in CH with stop-gap measures and wait and see what the future brings.
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Old 03-03-2009, 01:00 PM
 
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Marc- I totally agree with you that this a big burden on our family. Your kids are only small once and the time is flying by. We cant believe we have been doing this for a year already. A new job is out of the question. He has invested too much time into this and would never make the money he is now somewhere else. If we sold our house now with the costs of just doing that plus we would owe the bank money. I dont think we can do that. I dont want to be stuck here though! I wish I knew more about all this or wish we put this house on the market a year ago! Ha! Its a great house and we love it here but not worth it, sigh.

MR- Its not that he minds the commute. He has family that live really close to where he works that would take him in( his mother), its him only seeing the kids in the morning for 30 minutes at most. And me loosing my sanity, that is the issue here!

My husband thinks real estate is a good investment and we shouldnt give up on this house but I dont know. I think it would be stressful to own a rental?
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Old 03-03-2009, 01:13 PM
 
1,985 posts, read 4,576,772 times
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Stick it out, it's a tough situation but it won't last forever. If you can secure a rental in CH, then fine, go rent a townhouse closer to work. Being a landlord isn't necessarily a lot of fun. Good luck.
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Old 03-03-2009, 07:04 PM
 
Location: Northern NJ
2,915 posts, read 2,567,727 times
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Quote:
Originally Posted by Bri0528 View Post
Marc- I totally agree with you that this a big burden on our family. Your kids are only small once and the time is flying by. We cant believe we have been doing this for a year already. A new job is out of the question. He has invested too much time into this and would never make the money he is now somewhere else. If we sold our house now with the costs of just doing that plus we would owe the bank money. I dont think we can do that. I dont want to be stuck here though! I wish I knew more about all this or wish we put this house on the market a year ago! Ha! Its a great house and we love it here but not worth it, sigh.

MR- Its not that he minds the commute. He has family that live really close to where he works that would take him in( his mother), its him only seeing the kids in the morning for 30 minutes at most. And me loosing my sanity, that is the issue here!

My husband thinks real estate is a good investment and we shouldnt give up on this house but I dont know. I think it would be stressful to own a rental?
Do whatever it takes to keep the family together at dinnertime. I think the small amount of stress involved in renting will be offset by the vast reduction in stress accruing from a normal family schedule. Believe me if he is MIA most of the time and you are stressed by his absence, it will be transmitted to the kids in unhealthy and often subconscious ways. This kind of commute is the equivalent of a domestic emotional freeze-thaw cycle. Eventually the foundation will crack and problems beyond mere frustration will develop. You are young, you can always make more money. The kids need you both present and accounted for each and every day. If it were me, I'd walk away from the house outright before letting it become an albatross around the welfare of my family. There's always another house. But there's only one irreplaceable slice of time with your children when they are young. There is a way to make this happen. It's up to you to find it. Even if it means renting out the house at a monthly loss and living in a small 2BR in Hawthorne (right next door to Paterson) to make up the difference.

-Marc
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Old 03-04-2009, 04:54 AM
 
Location: Warren County and loving it!
4,898 posts, read 3,923,618 times
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I have a question that maybe the OP wants to know as well.

How does it work if you sell your home and take a loss on the mortgaged amount? What if you want to buy another home at the same time? Can you roll the amount of loss into the new mortgage?

I'm just wondering how people do this....
It's pretty confusing.
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