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| | Author | Messages | |
vinny
Posts:635
 | | 08/14/2007 6:28 PM |
 Alert | Posted By garden glow on 08/14/2007 6:15 PM
Yes...I have empathy for Rob and anyone else facing his situation...
Leon...I remember the great advice you gave on that old thread...and yes, I'm still renting....and not considering buying for quite awhile.
vinny...just curious...what's your stand on all the renters here in Maricopa?
Rob best of luck..the simple fact you FEEL a huge weight has already been lifted off of you tells me you're making the best decision for YOU!
this came up in the driving section a few days ago, so here is my copy and paste from there, a few different posts.....
" Posted By alanf on 08/01/2007 1:18 PM
Good deal vinny. Get the renters out so the investors are foreclosed on and the buyers can get good deals for their HOMES.
i think your looking at that the wrong way. so many houses are for sale or in foreclosure already. I think the renters are keeping the entire town from looking like a ghost town. Personally there is no way i would waste money on a house in this inflated market. i'll spend $10,700 in rent for the term of this lease. how much has the average maricopian lost in equity in their house? the owner of my rental bought for $278k, the neiboring houses are selling for $170k-200k. i think i came out ahead because of my foresight in this housing market....
by the way, the investor that will get screwed if there was no tenant in this place lives in VRED, not some out of town guy that will never see the place. so, a fellow maricopian would lose his shirt."
another post after PKmet asked for my opinion,
"ok, not that i know anything more than the next guy but i really think maricopa is in trouble. so many people bought houses and now can't afford them, and they aren't worth nearly as much as the people in it owe. that means refinancing isn't an option and neither is selling.
i think the market is returning to sanity after several years of excessive growth into phoenix metro. with so many people coming in developers seen the chance to put them in new houses. some people seen the chance to make a lot of money and did it, others seen people making a lot of money and tried to do the same but were too late. some people were just unlucky that the time to buy a house happened during an extremely inflated market.
a lot of people talk about how so cals prices keep going up and expect phoenix to do the same. i don't agree. so cal has more draw than here, just because of the ocean and slightly more forgiving climate. so i don't see here following suit."
I also wonder how many people that moved here from the east coast and midwest will want to stay past the 5 year mark. I can't see myself here that long before i'm sick of the hot summers, dry days and no snow. i've spoken to many people who are talking about going back for more affordable real estate, family and to get away from the heat. we'll see what those opinions are around january though.
"personally, i already own land in Pa, and i'm here because my job is part of the housing market. i'm making some good money here, and my fiance is putting herself through school in town. i got 2 more years before construction starts on my streamside home in the poconos. maybe if the market gets back to normal after that we will pick up a winter home in the area, but for now renting is the most cost efficient way to live in this area. "
its all in the "Why do people feel the need to cut others off to get on the 10 freeway?"
and yes, alanf edited his original post after i quoted him, so i'm not putting words in his mouth. 
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Follow your bliss. Happiness is a conscious decision | |
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| | garden glow
Posts:688
| | 08/14/2007 7:14 PM |
Alert | Interesting....too bad there isn't a Real Estate thread....might be helpful for a lot of folks...
While I agree many home buyers didn't consider the "big picture" and how quickly one can be faced with financial disaster...both sides are equally to be blamed...lenders and purchasers.
...however my empathy is only directed at the purchaser now facing foreclosure...after all a first time homeowner is just that.. a first timer...a newbie...blinded by the idea of achieving the "American Dream" ...while the lender has plenty of experience and first hand knowledge of how the real estate market can be volatile....were the lenders crossing their fingers hoping those irresponsible loans they closed on would just work out....
and for the buyers that sold high and re-invested low...but got seduced by sub-prime loans ....I hope and pray they can ride the storm out......
The old adage of investing and owning a home is the "American dream"...needs to be dissolved or at the very least modernized to the times...being a baby boomer this is what my parents preached....My dream for my children...just to have a roof over their heads regardless whether they own or rent....
Disclaimer..this is JMHO! | |
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| | GilaGuy
Posts:789
| | 08/14/2007 7:27 PM |
Alert | Posted By garden glow on 08/14/2007 7:14 PM
Interesting....too bad there isn't a Real Estate thread....might be helpful for a lot of folks...
While I agree many home buyers didn't consider the "big picture" and how quickly one can be faced with financial disaster...both sides are equally to be blamed...lenders and purchasers.
...however my empathy is only directed at the purchaser now facing foreclosure...
While I think you have a very well-formed opinion, I must quibble with this one little bit. 
I personally don't think it's right to hold both the lender and the buyer equally accountable, but then only offer sympathy to one side. If you find them equally accountable and want to feel bad for both of them, or vice versa, I wouldn't debate it. But it just seems odd to intrinsically blame both parties but only offer empathy to one.
I offer no empathy to lenders for the same reason I do not hold them responsible. They knew full well what they were doing, and the smart homebuyer knew what the lenders were doing too. They were out to make a dollar however they could do it, the same way they'd made a buck in years and decades past. If that meant stringing together loans that made no practical sense, or offering loans to people who haven't paid their car bill in three years, that was a risk they were willing to take. They took it, and many lenders are now reaping the consequences.
But ultimately, the responsibility to sign the loan or turn it down was the buyer's. The buyer was expected to do the math, study the history, and make an informed choice. I can't really find blame elsewhere.
With that blame comes my sympathy though. I hate seeing good folks hit hard times. If any of you are in that category, please know that I wish you the absolute best of luck. | | | |
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| | garden glow
Posts:688
| | 08/14/2007 7:52 PM |
Alert | GG...point taken...
I ALSO do not hold the lender responsible for the buyers short sightings but I do hold them accountable for their irresponsibility and greed... the ones I am speaking of have gone belly-up and in my opinion deserve no empathy...
Not all lenders got caught up in the sub-prime game hence, they are still writing good paper..and have my respect...
When the time comes for us to buy...THAT will be the type of lender I will seek.... | |
ANYONE HOME?
Residential Yard Clean-ups and Maintenance
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| | OBG II
Posts:514
| | 08/14/2007 8:15 PM |
Alert | Anyone just walking away and thinking all that will happen is a foreclosure on their credit needs a reality check.
If the bank forecloses and sells the house for less than the loan, guess who pays the difference. Certainly not the bank. They go after the person who took out the loan.
Look for a court ordered judgement, then a garnishment of wages to satisfy the judgement. Thinking that you will be able to just be 48000 richer in four or five years is bogus. And they don't always have to even let you know about the court proceeding.
I had a friend in Maricopa who had a pending judgement against him and he could not be served with the papers...because he had moved...so in keeping with the law of due process they advertised the proceeds in the San Manuel, AZ paper. Who the flip reads that? Yeah, its a Pinal County paper and satisfies the legal notification. What a croc. | |
Brains, nerve and beauty all in one package! A win win for the Republicans!
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| | garden glow
Posts:688
| | 08/14/2007 8:22 PM |
Alert | I certainly hope Rob isn't that naive...the only way to off-set that scenario is to file for bankruptcy...what's the harm at this point..if his credit is showing a foreclosure!
The seven year all is forgiven rule usually doesn't apply.....the foreclosure will be on his and HERS credit history for a LONG time.... | |
ANYONE HOME?
Residential Yard Clean-ups and Maintenance
for more info go to the
Business Section under Landscaping-Maintenance
Click Here for our website. | |
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|  | OBG II
Posts:514
| | 08/15/2007 9:16 AM |
Alert | the problems is that bankruptcy may not be feasible for Rob. The rules have changed considerably.
With a 60K income it is highly doubtful that he can take bankruptcy. Not just anybody can file anymore. And they take your wife's income into account so if he were to get married again and she worked...well you can see where the income qualification goes.
They changed the rules to prevent high income families from just walking away from debt. | |
Brains, nerve and beauty all in one package! A win win for the Republicans!
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| | Rob
Posts:13
| | 08/15/2007 9:45 AM |
Alert | Thanks for the words of support, OBG. However, I've looked into the Arizona law and found this:
"In some states across America, the lender may be entitled to receive the deficiency judgment in court and come after the ex-home owner for the remaining balance owed. This means that the lender could sue the ex-home owner for $20,000 using the example above. In Arizona, however, there are limitations to a deficiency incurred during foreclosure.
Arizona's "anti-deficiency" statutes prevent a lender from suing a person for any losses on a home after foreclosure. As outlined in Arizona Revised Statutes, Title 33, Chapter 6.1, a person may not be sued by his or her lender if the property is located on 2.5 acres or less and is a single family residence or duplex. This only applies if the decrease in value is not due to the home owner's neglect."
Regardless of Arizona's statutes, deficiency judgments are at the bank's discretion. I seriously doubt, in this market when foreclosures are at an all-time high and values are down across the board, banks are going to go after every foreclosure. | | | |
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| | Sinbad
Posts:3035
| | 08/15/2007 10:03 AM |
Alert | There's no where to go ,b ut forward.. glad you found a spot next to your new work.
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Just doing it one day at a time. Change is good and it should be looked upon as an improvment! not a problem.
______________________________________
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San Diego Super Chargers! GO!!!
Joined old forum March 2006
Post count: 3068 + these | |
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| | vinny
Posts:635
| | 08/15/2007 10:12 AM |
Alert | Posted By Rob on 08/15/2007 9:45 AM
Thanks for the words of support, OBG. However, I've looked into the Arizona law and found this:
"In some states across America, the lender may be entitled to receive the deficiency judgment in court and come after the ex-home owner for the remaining balance owed. This means that the lender could sue the ex-home owner for $20,000 using the example above. In Arizona, however, there are limitations to a deficiency incurred during foreclosure.
Arizona's "anti-deficiency" statutes prevent a lender from suing a person for any losses on a home after foreclosure. As outlined in Arizona Revised Statutes, Title 33, Chapter 6.1, a person may not be sued by his or her lender if the property is located on 2.5 acres or less and is a single family residence or duplex. This only applies if the decrease in value is not due to the home owner's neglect."
Regardless of Arizona's statutes, deficiency judgments are at the bank's discretion. I seriously doubt, in this market when foreclosures are at an all-time high and values are down across the board, banks are going to go after every foreclosure.
looks like arizonas laws are set up to protect people against such a market drop, thats going to help salvage a lot of people in the near future, and hurt a lot of lenders.
i would say the complete opposite about the banks. i think they will not have any other choice than to go after the people as much as they can. think about it from their end, and using you as an example.
they paid out almost 230,000 on your place, and expected to clear over $400,000 after interest. take in account you paid them back about $60K of that $400,000, they are losing $340,000. then take in how much the house will actually sell for, lets say $150,000. the bank now has to explain to its investors why it lost $190,000 just on your house. multiply that by how ever many foreclosures they get and it adds up fast. and also don't forget, the more foreclosures the more the home value gets pushed down.
i think the lenders will have no choice but to push the limits on recovering bad debts just to stay in bussiness. the lenders will be lobbying the AZ lawmakers to change those laws for sure.
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Follow your bliss. Happiness is a conscious decision | |
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| | OBG II
Posts:514
| | 08/15/2007 10:34 AM |
Alert | I just cannot see a bank walking away from a 190K loss. Again, someone needs a reality check. With an income of 60K, plus your ex-wifes income, and they will go after her, more than likely they will get a judgement.
I agree with Vinny that walking away from a debt/house does not absolve the debt.
Would you work for a firm with a policy of, oh well, so we lost 190000 on this one?. ho hum | |
Brains, nerve and beauty all in one package! A win win for the Republicans!
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| | LeonPotter
Posts:447
| | 08/15/2007 12:53 PM |
Alert | Wow. This topic has gone from a poster sharing his story in order to help others and maybe give us a perspective of Maricopa's housing market to.... the poster getting beat up over and over for things he can't go back and undo.
It seems rob has done his research. In the trying times he maybe under, that says alot of his willinglingness to help himself.
I've been though dire straights myself, things look pretty dim at rock bottom of the valley,but the only way to go is up. That is where one sees the unlimited potential of the sky and where the sun shines the brightest.
It seems others here want to make Rob and others pay over and over beyond the financial losses. That is amazing that people that don't even know someone, judge him.
Were there mistakes made absolutely. No one has denied this. Are there lessons to be learned? Yes. Rob and others have shared SOLUTIONS.
What I see done here are scare tactics. The reasons they are being done are beyond me, but I know life goes on. There is no such thing as debtor's prison in the U.S anymore. All Rob or anyone can do is take it one step at a time. When that step is made, they will know the step to take after that and so on.. That adds up to progress.
Rob has already taken the initial steps on the road to recovery. These lessons may payoff huge down the line if they haven't already. I'm talking more than the finacial impact , but other issues regarding his well being. But, that's for Rob to decide; not me , not a lender, not anyone else on this forum. Only Rob knows the answer to that and he'll make his decisions accordingly.
All we can do is all we can do. Attempting to do more is a waste of time and self defeating.
On a side note: The lenders claim is only the amount borrowed + interest already accrued+ any fees accrued - payments made. They can't tack on "we would have made $400,00 in FUTURE interest so we'll add that , too." It doesn't work that way.
I know in instances , lenders can attach an interest rate, once a judgement is received. But, that only assumes, it goes that far. Also, I know that if a lender is willing to keep pursuing, they are open to settlements that can save the borrower money.
The lender made a deal knowing the risks, The charge to the borrower for that risk is the interest. They know some will default, hence the premium (interest) they are willing to receive in assuming the risk.
Bottom line: Don't let anyone scare you into doing anything. Don't base your decisions on fear. Make them based on a position of strength. This is all in your power.
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You may remember this from the original 85239:
Proverbs 22:7
The rich ruleth over the poor and the borrower is servant to the lender. | |
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| | OBG II
Posts:514
| | 08/15/2007 4:42 PM |
Alert | reality sux
scare tactics?
dont see any
experience in collections? I got a lot of it.
Helping himself? by walking away from the house.. ok, the new morality.
His worst problem is the 60K income and the ex wifes income.
Now if he walks away from his job and works at McDonalds, now that is the solution. Chapter 7 no problem; liquidate all assets;
Funny how an opposite view expressed on this forum is treated as beating up on someone.
His situation is not the first nor will it be the last, especially when the ARMs start escalating in the fall and the property taxes catch up to the escrow.
Last person out turn off the lights. | |
Brains, nerve and beauty all in one package! A win win for the Republicans!
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| | OBG II
Posts:514
| | 08/15/2007 4:48 PM |
Alert | Regardless of Arizona's statutes, deficiency judgments are at the bank's discretion. I seriously doubt, in this market when foreclosures are at an all-time high and values are down across the board, banks are going to go after every foreclosure.
Why not? The more to pursue, the higher percent of closure and the less of a loss. How are they going to explain why they went after some and did not go after others?
Besides, they have staff to handle this and / or liason people to work with lawyers that specialize in this type of collections.
I wonder if checking with the bank's policies and knowing what to expect would put an end to the wondering? | |
Brains, nerve and beauty all in one package! A win win for the Republicans!
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| | monika2127
Posts:0
| | 08/15/2007 8:30 PM |
Alert | | Rob, I sure feel for you but consider yourself lucky to be out from under here. I know a foreclosure isnt a pretty thing to go through and neither is a divorce but you're free. Life is too short to worry about bills. Sometimes I wish I could foreclose and start our life over. I have not been happy living in Cobblestone farms since we first moved in over 2 years ago. I wish you the best and always remember to hold your head high! Sometimes in life we make small sacrifices but in the end those sacrafices are our life lines. | | | |
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| | DevilWentDown2Copa
Posts:1
| | 08/15/2007 9:13 PM |
Alert | I find it sad that we as people have decided to hold people like Rob to higher standards than we hold the corporations. When a corporation makes a "mistake" they just take the loss and fire a few hundred of us peons, but Rob makes a mistake and he should be burned at the stake for the pleasure of the shareholders.
I say don't let these folks make you feel guilty about this, Rob you tried you best.
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| | GilaGuy
Posts:789
| | 08/15/2007 10:12 PM |
Alert | Posted By DevilWentDown2Copa on 08/15/2007 9:13 PM
I find it sad that we as people have decided to hold people like Rob to higher standards than we hold the corporations. When a corporation makes a "mistake" they just take the loss and fire a few hundred of us peons, but Rob makes a mistake and he should be burned at the stake for the pleasure of the shareholders.
I say don't let these folks make you feel guilty about this, Rob you tried you best.
It's not that anyone is holding Rob (or anyone else in his position) to a higher standard, it's that those in Rob's position were the ones who had the ultimate decision to make. The corporations offered what they offered, but we all had the right to pick and choose what was given. If we felt, after doing the homework, that it was not a good deal for us or that we couldn't cover any eventuality; we were free to tear up the deal before signing it. That's the right of the consumer...the final authority of what to purchase and when is ours and ours alone.
I know it is frustrating to watch corporations (my favorite target is the airlines - they goof and we, the good taxpayers of America, end up bailing them out) make mistakes and walk away, but it is what it is. When the corporation has the final authority over a decision (like what to spend its money on) and is wrong, it generally goes bankrupt and out of business. When we make the same mistake, the consequences are similar. Nobody gets a free pass here, friend.
(Except the airlines.) | | | |
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| | TortosaGuy
Posts:681
| | 08/16/2007 8:46 AM |
Alert | | my wife and i purchased a home here in maricopa, signing our papers back in september 2006....we were first time buyers and unfortunately didnt research enough or seek help from parents etc etc who are far more experienced...my wife and i also got married that october and she also filed for bankruptcy in june of 2006...she had made some bad choices and they caught up to her.....she was afraid that i would not marry her because of her financial situation which would in turn become mine as well....i love her and told her we would get through it....so of course we got caught up in wanting to move into our own home and not pay someone elses mortgage anymore in an apartment...we found the best deals to be out in the boonies AKA maricopa....as you might expect with her bankruptcy they could really only use my credit to get a loan program....after much haggling we ended up with a 30 year fixed however the first 10 years are interest only...after hearing about all the forclosures and balloon payments and such i must admit i am a bit worried....i would love to refinance at some point but with the home values coming down im stuck...we are paying extra each month toward the principle (about $200)...and not sure if this is going to help anything or if its just a waste...3 months into the build of our home the base prices tanked and i was ready to walk away but my wife was so caught up in our home that she talked me into staying with it....sometimes i wonder if that was the right thing to do....any thoughts?...criticisms?...advice? | |
*formerly known as inyrfce2*
Senior Member
Posts: 797
Joined: Dec 2006 | |
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| | LeonPotter
Posts:447
| | 08/16/2007 9:18 AM |
Alert | I don't find any point in criticising you. What's done is done. You can only move forward.
What you can do is take a snapshot of your financial situation right now.
Look at your records for everything you own and owe.Copy the amounts and interest rates.
Record the sources and amounts of income.
Record the sources and amounts of expenses.
I would say that the extra money your putting toward repaying your loan is a good thing. IT is saving you money and over time, it'll add up. My only question is: are there other expenses with higher interest rates such; credit cards, car loans, etc.? If so, I'd put the money to work at the highest interest rate. Continue to pay the minimums on the rest.
There is so much you CAN do. But, without knowing your full financial picture, I cannot go deeply into it.
The idea is to start fresh and make progess . Every step builds on itself. It make time and patience. But, it'll add up quicker than ignoring it or doing desperate things. | |
You may remember this from the original 85239:
Proverbs 22:7
The rich ruleth over the poor and the borrower is servant to the lender. | |
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| | Rob
Posts:13
| | 08/16/2007 10:02 AM |
Alert | I don't mind the criticisms I've received here. I've made my decision, and am moving ahead, never looking back. All I wanted to do was own my first home. I'm being made out as if I'm some bad guy investor who took out shady loans to get more than I could afford. This wasn't an investment home. It was our first home, and we were owner/occupiers. We didn't plan to stay here 30 years, but probably between 2-5. We took out a 30-yr fixed loan, no ARM, no interest-only. We had a combined income of $100,000, so it wasn't out of our means. I mean, all our friends were buying their 2nd or 3rd homes, and paying $300,000+. I thought that finding a house for $207,000 was a steal! (I feel sorry for the poor saps who bought the 1200 sf home in my complex for $212,000, at it's peak!)
I was married to a real b****. Most of my new-found happiness is the freedom I have of not being married to her anymore. My life is SO much happier. As an effect of getting out from under her, she tried to hurt me by not paying any bills. I loaned her $5000 when she left for her move, to put a down payment on a new car, and for her to live on until she got a new job. She promised to pay it back, but didn't. When we were married, she demanded to get a new car, and decided to lease a Nissan Altima. Of course, I went along, as I did every time she demanded something. We had to get it in my name, as her income wasn't enough, and they wouldn't let us co-sign. That worked out well for her, as she had no intention of taking that car after the divorce. So not only was I left with the entire mortgage, all our other bills, but then 2 car payments too! Oh, and did I mention that I got laid off from Intel during all this too? So to get back on my feet and pay the monthly bills while unemployed, I used 100% of my 401k.
I got a job this past March, with PetSmart, which is 58 miles from Maricopa. So now, I have a 1.5 hour commute to and from work, no retirement money, and expenses that exceed my income. I'm not asking for sympathy. I know my situation is a result of my own doing. I'm just explaining why I'm making the decisions I'm making. I can get a 2nd job, get roommates, and continue to dump $24,000/yr into this mortgage, and waste years and years living in BFE, continuing to go into financial ruin, just to hold up my end of the deal with the mortgage companies. Or, I can foreclose, accept my punishment, not continue to be tied to my ex-wife with this mortgage, not spend 3 to 4 hours a day in a car, and start to rebuild my life. I understand the latter may not be fair to the lenders, but when I consider the two options, the second one suits me. I can't afford a lawyer to go after my ex, and I won't continue to struggle to pay her mortgage for her. Am I a bad guy for not wanting to waste my 30's tied down to this house because it's the right thing to do? Maybe. I'm not doing anything illegal. But that decision is mine, and mine alone. Maybe you wouldn't choose to walk away, and you're a better man for it. I don't think a foreclosure is an "easy way out". My credit will be screwed for the next 10 years. No landlord is going to want to rent to me, so I'm stuck in apartments that whole time (if they'll even approve me). Can't get car financing during that time. This isn't going to be a walk in the park, but in my opinion, it's the better option than struggling financially for the next 2-4 years, living in GOD AWFUL Maricopa.
The other side of the coin, is that I'm glad to be leaving Maricopa. My apologies to those of you who have decided to stay in Maricopa for the long haul. I don't mean to offend, but Maricopa is just not for me. I couldn't stand the drive before, but with the construction, and the more frequent traffic jams, I am done! 347 closed Saturday morning. 347 took an hour to get to I-10 Tuesday morning, due to the light out at Riggs. 347 took an hour to get back into town Tuesday night, as they took it down to one lane. 347 closed on my way home last night, due to an accident. You guys can deal with that if you want, but I'm out! Why would anyone want to live way out in BFE, and be subject to never knowing if you'll be allowed in or out of town? Is it worth it? Why? The cheap housing? I think Maricopa was the last place for people like me, who couldn't afford to buy anywhere else. I question the sincerity of people who downplay Maricopa's faults and claim they really like it here. I have to wonder if they realize they're stuck here, and are just trying to make the best of it. I really don't see how anyone could enjoy it.
So that's the end of my rant, and probably my last post on this thread. I've said enough. I wasn't looking for sympathy, I just wanted to post about my reality, so maybe others could get a glimpse of how bad it really is (or even how much worse it's going to get) - whether you're trying to sell now, or you're looking to buy. I lowered the price of my home yesterday to $199,500. I still think it's overpriced, but I don't think I can get a short sale approved for less than that. If I don't get any offers at that price, I'll drop it lower. I never would have thought it would have gotten this bad. Apparently the lenders didn't either. I think me, my ex, and the lenders share an equal 33% blame in this situation. Lenders put safeguards into place to avoid losses. They have liens on your property, so that if you just decide to not pay, they get the collateral - your home. Is it my fault that the collateral isn't worth as much as they loaned me for it? Had the market not tanked, I wouldn't be in this situation. I could have sold it, even for $0 profit, and gave them their money back. This market absolutely crashed. So bad, that I don't think we even know the extent yet. Mortgage companies are going out of business left and right because of it. And I don't think the foreclosers are 100% to blame. Not everyone is equipped to ride this out. I'm one of the casualties. I think there are some people who chose, for one reason or another, to rent during the boom when everyone around them was buying. They probably faced alot of criticism for it, and now want to bask in the "I told you so" glory, and probably revel in seeing homeowners suffer, saying "that's what they get", which justifies their decision to rent. So it eats them up to see someone who bought and failed, get away practically unscathed. Well, I don't want to be scathed, so if I have a choice in the matter, I'm taking the road with the least suffering for me. Do you blame me?
PS - And to the guy that keeps going on about my $60k salary, like that is enough for the mortgage companies to get a claim. I don't know how much you make, but $60,000 doesn't go very far, believe it or not. I bring home $3400/mo after taxes. My mortgages come to $1918, which leaves me with $1482. I have to pay my car ($280) and the ex's car ($255), which leaves me with $947. Water is $100 and electric is $150, so that leaves me with $697. I pay $200 in gas due to the drive from Copa, which leaves me with $497. I have a $300/mo student loan bill (sorry, my parent's couldn't afford to pay for my college), so I'm down to $197. I have about $500/mo in other debts & credit cards. I know I shouldn't have those, but I do, from my past. With $197 to pay them, they go late. And I haven't even factored in any food expenses or car insurance. So no, $60,000 is not enough. Instead, I'm getting an apartment for $900/mo, which leaves me with $1000/mo extra to save or pay off debts. | | | |
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