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If I need a Shelter
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Discussion Starter · #1 ·
Ok with the economy.If you have a Morgage that there is no way you can have paid of in less than 10 years.But you could sell your place for a Fair Price and still have a place to live and have all your Bills Paid would you do it?

I'm thinking this is something that has to be taken care of within at least the next year because if I wait longer I will have something that people can't buy no matter how much they want it.

Ok if I still have my Pension and Disability it wouldn't be a problem,but I'm afraid this is going to go Bye! Bye!

My Financial Advisor is telling me that the economy is just going through an adjustment that this won't last much longer.:shrug:

big rockpile
 

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Short answer: yes, go for it! Getting out of debt is one of the most important things you can do right now.

And get shut of that 'financial advisor.' If you've got enough resources to need one, at least find one who knows what he's talking about.

Kathleen
 

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If I need a Shelter
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Discussion Starter · #5 ·
And get shut of that 'financial advisor.' If you've got enough resources to need one, at least find one who knows what he's talking about.

Kathleen
Well I called him after I posted this and he is still telling us not to do anything as far as selling,he is looking for things to go towards the upside towards the end of this year.As matter of fact he said save back some money because before it is all said and done we can find some unblieveable deals on property.

Like I told my wife I'm not wanting New property I'm just not wanting to lose what we have.Not that its looking like we will,just not likeing what I'm seeing.

big rockpile
 

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I know of several people in large expensive homes that took out a loan against said home and bought something and paid cash for it. One went from a 3500 sq ft home to a single wide mobile. But its paid for. The house is up for sale.
 

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Go with your gut instinct, chances are it won't steer you wrong- the adviser you have is just that- an "adviser"- and they are used to trying to make things "grow"- the economy, I wouldn't count on anything being temporary, nobody knows- I would get out while the getting is good!
 

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On where you have to move to. Is that the cabin you talked about? Is it large enough to be comfortable in?

Why don't you wait awhile and see how things go with the new administration, ect.
 

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Rock, I have Faith, don't panic.Like you, we have a mortgage, and live on SS.
Unlike you, I have a partner that isnt always capable of rational thought. Every time I get worried about the economy, and the world situation, I lean on my Other Partner-in all my years, HE'S never let me down.
And, I'm not just spouting religion, its a fact.
 

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If I need a Shelter
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Discussion Starter · #10 ·
Well he told us we are in very good shape.He says my Pension and Diability are secure.My wife is working.We only have 10 acres on the morgage and we still have the Cabin.On the most part my Checks will take care of all our Bills and then some.

We're thinking finish the Cabin that will take a few months.Not wanting to live there but could be done.Set back see what happens.If it looks like we may lose this place either sell out if we can,or let it go and build on the other 10 acres.

I know don't worry until there is something to worry about and I know there will be alot of people in far worse shape.

big rockpile
 

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I don't know why you would want to sell your house in the worse real estate market we've seen in decades unless you absolutely had to. It sounds like you are in a stable position and are just buying in to all the fear mongering. Unless you have some specific reason to really believe you will not be able to make your mortgage payments, just steady the course. Be conservative in your spending and try to put a little extra money away if possible. But of course that's always good advice, good times or bad.
 

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Just my rambling thoughts...

If you're not going to lose the house you are in now, I wouldn't put it on the market... yet anyways. There are so many houses on the market right now -- it's really a buyers market, not a sellers market right now - and with you having a house plus land, I'd think you could get more if you hang on just a bit until the market picks back up some.

Then if you're wanting to move to the cabin you could sell, make more profit and get closer to being (or be) debt free. :D

I would just hang on a bit though. I think (or hope?) the market and economy will pick back up around summer. Or maybe that's just wishful thinking... :lookout:
 

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Well, I can sell my place for a nice profit and have another to go live in. No, I won't do it. It isn't a betterment of my existing hand.

It's an option that's available to me, along with several others. But it's not one I'd take right now.
 

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I'd do it in a New York minute!
 

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If I need a Shelter
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Discussion Starter · #16 ·
Well our Morgage is $450 a month.If we was to sell out and move to the Cabin we would have to buy all or Vegatables and pay for Heat.because there is no place even for a Small Garden and no place to cut wood.So I feel in a way we wouldn't gain anything.

So far the Job situation is better up there,but this could change very fast.

big rockpile
 

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If I need a Shelter
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Discussion Starter · #17 ·
I don't know how well houses are selling in your area, but I have a house in Florida I have been trying to sell for 3 years now. It's a new house in a nice area, but in that area houses just aren't selling.
I had this place priced on the Low side,but enough to take care of the Morgage,pay my other two major Bills and just a Little extra.It was a price that was very good.

big rockpile
 

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My kids have hooves
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I don't know why you would want to sell your house in the worse real estate market we've seen in decades unless you absolutely had to. It sounds like you are in a stable position and are just buying in to all the fear mongering.
Ditto :)
 
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