Comments on: The stress of two mortages http://www.gatherlittlebylittle.com/2008/12/the-stress-of-two-mortages/ Proverbs 13:11 - "...he who gathers money little by little makes it grow." Sat, 21 Nov 2009 03:27:42 -0400 hourly 1 By: serena http://www.gatherlittlebylittle.com/2008/12/the-stress-of-two-mortages/comment-page-1/#comment-8342 serena Thu, 18 Dec 2008 10:49:02 +0000 http://www.gatherlittlebylittle.com/?p=1205#comment-8342 Thanks for the interesting article. Thanks for the interesting article.

]]> By: janet http://www.gatherlittlebylittle.com/2008/12/the-stress-of-two-mortages/comment-page-1/#comment-8334 janet Wed, 17 Dec 2008 17:23:43 +0000 http://www.gatherlittlebylittle.com/?p=1205#comment-8334 Well I may have a story that makes you feel a little better and smarter than you do right now. We did the same thing you did but twice! It all started innocently. We wanted to downsize from a large home that we had raised our family in into a smaller one, 900 sq ft. We searched and found one that suited us. The real estate mkt was booming and so decided to keep our old home to rent out and let it appreciate. But once we moved in to the new, small house we realized we had drug dealers as neighbors. The neighborhood was not run down but it was not as nice as our other one. It just wasn't a good fit for us. By this time the market was starting to tank. We found another small house in an amazing neighborhood, rented the other out and now we have 3 mortgages. Both houses are rented but it causes a great deal of stress for all the obvious reasons. I don't think anyone saw this economic meltdown coming. We have always been cautious w/our money, followed all the rules and the first time we step out of the box this happens. We handle our stress by talking about it on a daily, evening walk through our new beautiful neighborhood. That helps. We watch the numbers closesly and live very frugally. We feel we have about 5 more years before the properties can be sold. Who knows maybe even make a little. We focus on what we have, good health, good food, good family and friends. After all these are the true measure of one's wealth. As far as the comments like "I told you so"...what if the housing market continued to go up? What if it was a smart move we made? Better to have tried and failed than never to have tried at all. Well I may have a story that makes you feel a little better and smarter than you do right now. We did the same thing you did but twice! It all started innocently. We wanted to downsize from a large home that we had raised our family in into a smaller one, 900 sq ft. We searched and found one that suited us. The real estate mkt was booming and so decided to keep our old home to rent out and let it appreciate. But once we moved in to the new, small house we realized we had drug dealers as neighbors. The neighborhood was not run down but it was not as nice as our other one. It just wasn’t a good fit for us. By this time the market was starting to tank. We found another small house in an amazing neighborhood, rented the other out and now we have 3 mortgages. Both houses are rented but it causes a great deal of stress for all the obvious reasons. I don’t think anyone saw this economic meltdown coming. We have always been cautious w/our money, followed all the rules and the first time we step out of the box this happens. We handle our stress by talking about it on a daily, evening walk through our new beautiful neighborhood. That helps. We watch the numbers closesly and live very frugally. We feel we have about 5 more years before the properties can be sold. Who knows maybe even make a little. We focus on what we have, good health, good food, good family and friends. After all these are the true measure of one’s wealth. As far as the comments like “I told you so”…what if the housing market continued to go up? What if it was a smart move we made? Better to have tried and failed than never to have tried at all.

]]> By: Link roundup: Nine days left edition | Mighty Bargain Hunter http://www.gatherlittlebylittle.com/2008/12/the-stress-of-two-mortages/comment-page-1/#comment-8327 Link roundup: Nine days left edition | Mighty Bargain Hunter Wed, 17 Dec 2008 06:56:09 +0000 http://www.gatherlittlebylittle.com/?p=1205#comment-8327 [...] Little By Little enlightens us on the stress of two mortgages.  (He also hosted this week’s Carnival of Debt [...] [...] Little By Little enlightens us on the stress of two mortgages.  (He also hosted this week’s Carnival of Debt [...]

]]> By: Carnival of Debt Reduction » Blog Archive » Link roundup: Nine days left edition http://www.gatherlittlebylittle.com/2008/12/the-stress-of-two-mortages/comment-page-1/#comment-8349 Carnival of Debt Reduction » Blog Archive » Link roundup: Nine days left edition Wed, 17 Dec 2008 06:30:17 +0000 http://www.gatherlittlebylittle.com/?p=1205#comment-8349 [...] Little By Little enlightens us on the stress of two mortgages.  (He also hosted this week’s Carnival of Debt [...] [...] Little By Little enlightens us on the stress of two mortgages.  (He also hosted this week’s Carnival of Debt [...]

]]> By: Link Love: 12 Days and 12 Peeps to Love | I've Paid For This Twice Already... http://www.gatherlittlebylittle.com/2008/12/the-stress-of-two-mortages/comment-page-1/#comment-8326 Link Love: 12 Days and 12 Peeps to Love | I've Paid For This Twice Already... Tue, 16 Dec 2008 18:01:26 +0000 http://www.gatherlittlebylittle.com/?p=1205#comment-8326 [...] 10.  Gather Little By Little:  The Stress Of Two Mortgages [...] [...] 10.  Gather Little By Little:  The Stress Of Two Mortgages [...]

]]> By: Roundup and Link Love - Heading to Savanah Georgia | Finance, Bussiness, Economy http://www.gatherlittlebylittle.com/2008/12/the-stress-of-two-mortages/comment-page-1/#comment-8348 Roundup and Link Love - Heading to Savanah Georgia | Finance, Bussiness, Economy Wed, 10 Dec 2008 17:28:48 +0000 http://www.gatherlittlebylittle.com/?p=1205#comment-8348 [...] reading his post, it really made me think. Debt equals stress. No doubt about it, so imagine the stress of two mortgages on Gibble. Hopefully, his old house will sell very soon. One of the beauties of writing for your [...] [...] reading his post, it really made me think. Debt equals stress. No doubt about it, so imagine the stress of two mortgages on Gibble. Hopefully, his old house will sell very soon. One of the beauties of writing for your [...]

]]> By: Gina http://www.gatherlittlebylittle.com/2008/12/the-stress-of-two-mortages/comment-page-1/#comment-8330 Gina Sat, 06 Dec 2008 06:31:59 +0000 http://www.gatherlittlebylittle.com/?p=1205#comment-8330 You DID plan for this so no one should say 'we told you so'. You did what was best for your family AND planned your budget around this exact scenerio. Your message was about "dealing with the stress/worry" of _____ (fill in blank). In your case, 2 mortgages. In my case, $30k in debt. Maybe I missed it but I noticed no one offered advice on how they cope in a stressful situation. When I finally sat down and wrote out a budget and cut up credit cards in January, "Murphy" moved in {just like DRamsey said he would} and wrecked my plan (replace garage door, replace dishwasher, replace AC system, $3k in car repairs, $1300 root canal). I had only budgeted for the AC replacement. Each time I stopped in my tracks and prayed for God to help me. And He did. I somehow cash flowed everything and I even have a little bit for Christmas - my first cash Christmas ever. The better you handle your finances the more Murphy tries to derail you. This is your Murphy situation. Stay on track, keep up the good work (you are much better off even today than 2 yrs ago) and pray. While you are praying, be sure to thank God for the beautiful view from your front porch. I think that alone is worth 2 mortgages. Focus on today and let God handle tomorrow. It will work itself out; you will be stronger having been through this situation. Soon you will be telling us how you survived - maybe a subject for the next eBook? We are praying for you. P.S. Is there a Dave Ramsey real estate ELP in the area where the old house is located? If so, try them. If not, I like the rent idea. You DID plan for this so no one should say ‘we told you so’. You did what was best for your family AND planned your budget around this exact scenerio. Your message was about “dealing with the stress/worry” of _____ (fill in blank). In your case, 2 mortgages. In my case, $30k in debt. Maybe I missed it but I noticed no one offered advice on how they cope in a stressful situation.

When I finally sat down and wrote out a budget and cut up credit cards in January, “Murphy” moved in {just like DRamsey said he would} and wrecked my plan (replace garage door, replace dishwasher, replace AC system, $3k in car repairs, $1300 root canal). I had only budgeted for the AC replacement. Each time I stopped in my tracks and prayed for God to help me. And He did. I somehow cash flowed everything and I even have a little bit for Christmas – my first cash Christmas ever. The better you handle your finances the more Murphy tries to derail you. This is your Murphy situation.

Stay on track, keep up the good work (you are much better off even today than 2 yrs ago) and pray. While you are praying, be sure to thank God for the beautiful view from your front porch. I think that alone is worth 2 mortgages.

Focus on today and let God handle tomorrow. It will work itself out; you will be stronger having been through this situation. Soon you will be telling us how you survived – maybe a subject for the next eBook?

We are praying for you.

P.S. Is there a Dave Ramsey real estate ELP in the area where the old house is located? If so, try them. If not, I like the rent idea.

]]> By: glblguy http://www.gatherlittlebylittle.com/2008/12/the-stress-of-two-mortages/comment-page-1/#comment-8347 glblguy Thu, 04 Dec 2008 03:16:04 +0000 http://www.gatherlittlebylittle.com/?p=1205#comment-8347 @Phil - You can't walk in my shoes, so please don't try. I do agree this isn't advice I would normally tell people to do. It's not something I would typically do either, but there is more to the story. Isn't there always? Funny, I make one decision that goes against the grain of most smart personal finance and suddenly I'm not frugal? To be honest, I wouldn't really consider myself frugal anyway, just a little tighter than the average bear. I do appreciate your comments though and understand exactly what you are saying. @Phil – You can’t walk in my shoes, so please don’t try. I do agree this isn’t advice I would normally tell people to do. It’s not something I would typically do either, but there is more to the story. Isn’t there always?

Funny, I make one decision that goes against the grain of most smart personal finance and suddenly I’m not frugal? To be honest, I wouldn’t really consider myself frugal anyway, just a little tighter than the average bear.

I do appreciate your comments though and understand exactly what you are saying.

]]> By: SingleGuyMoney http://www.gatherlittlebylittle.com/2008/12/the-stress-of-two-mortages/comment-page-1/#comment-8346 SingleGuyMoney Thu, 04 Dec 2008 02:57:01 +0000 http://www.gatherlittlebylittle.com/?p=1205#comment-8346 Sorry to hear about the two mortgage dilemma Glbl. I know the feeling I had when I was knee deep in credit card debt and it sucked. I was always stressing out and had problems sleeping at night. Once all of the credit card debt was gone, it seemed like a huge weight had been lifted off my shoulders. Good Luck and hopefully you can get your old home sold soon. Sorry to hear about the two mortgage dilemma Glbl. I know the feeling I had when I was knee deep in credit card debt and it sucked. I was always stressing out and had problems sleeping at night. Once all of the credit card debt was gone, it seemed like a huge weight had been lifted off my shoulders. Good Luck and hopefully you can get your old home sold soon.

]]> By: Phil http://www.gatherlittlebylittle.com/2008/12/the-stress-of-two-mortages/comment-page-1/#comment-8345 Phil Thu, 04 Dec 2008 02:38:59 +0000 http://www.gatherlittlebylittle.com/?p=1205#comment-8345 Always remember: "The borrower is slave to the lender" Debt is slavery. Always remember: “The borrower is slave to the lender”

Debt is slavery.

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