With the Holidays winding down, on our walk today my wife and I were reflecting on our first Thanksgiving/Christmas “being with child,” and as well as the prospects for Holidays to come once Peanut is born. And maybe it’s the little bit of family we got to experience during Thanksgiving and again at Christmas, or maybe it’s the fact that since becoming pregnant my wife has had pangs of wanting her family around much more… for whatever reason, we both are ready to move back home. (In this case, home is Portland, because that’s where the majority of our family lives… even though we originally moved down here from Seattle.) Or perhaps it’s that I’ve become disfranchised with this old house: stairwells not big enough for king size beds, leaky bathrooms and mold that we already had to deal with, front doors that won’t open when the weather gets warm, horribly drafty windows, or… mice in the ceiling.
FYI- That’s the latest thing — there’s a mouse in our ceiling now, and I just put in a service call. But for the past few nights I can hear it coming home at 5am like clockwork. Apparently it likes to stay out and party. The other night it must’ve been hauling something large up the wall, because the mouse dropped the object it was carrying, and I heard it fall quite loudly to the ground. Argh. Stupid house.
Where was I? Oh, yes, the dream of moving. Only one problem stands in our way: Money. We are stuck with a rotten mortgage. The mortgage itself isn’t horrible– although it’s interest only, at least it is fixed for 30 years with a balloon payment. (Close eyes and pray that in 30 years the market will have rebounded? Wait. Is rebounded a word, or is rebound the past tense. If rebound is itself a past tense, then what is the present tense form? Rebind? No, that’s not right.)
Anyway… So conservatively speaking, if we sold the house now, we’d probably be out… oh, $75K-$100K. Sucky.
So we’re sort of stuck. We talked about renting out our current place… but it would be hard to manage and service the rental property from 800 miles away. And I personally am not a fan of taking on a second mortgage… that’s sort of like saying, “Sweet crap– this fire is huge. Quick, throw more wood at it!” Although one silver lining is that the cost of rentals down here is pretty much what we could get a new mortgage for up in Portland. (Out in the boondocks where we have a brother and sister-in-law.) So in theory the rental cost and the new mortgage we would assume would cancel each other out, so the net difference to us would be negligible. But, that’s quite a tight rope to walk: we’d have to have renters year-round, or else we’d eat a lot of money. And what’s the point of moving to a cheaper home if you still have to pay the same crummy high mortgage costs.
So yeah. We don’t know what to do. Here’s my latest strategy: go on the gameshow, Are You Smarter Than A Fifth Grader. All I need to do is make it to the $250K level and I’m golden. And that seems pretty easy on that show.
And no. I’m not joking. As I see it, other than robbing a bank… hmm, I actually just considered that for a split second… going on this show is my next best option. Lest you think I’m joking, I just printed out the 7 page application. I’m going to play up the whole, “trying to start a nest egg” business on the application in the hopes that tugs at their heart strings.
Look, I realize it’s stupid. But really– unless I can blow Bill Gates in the alley behind AmPm, I don’t think we’re going to have the ability to get out of our current mortgage. Any and all ideas are welcomed. Especially if you are a reader who happens to work… or know somewho who works… in the mortgage/finance industry. Hint hint hint.
Posted by Manchild
Posted by Manchild
Posted by Manchild