The dear husband and I have been pondering our options. One option includes selling our home. We have been homeowners (well mortgage payers) since 2002 when we were married. Our mortgage is $984 each month. We have been debating on selling our home. We would likely make a good profit on it IF it sells. That could pay off all our debt. We could then rent a place in the town that I work and he attends school. This would in turn save on gas since we commute 40 miles round trip each.
I still have difficulties with the thought of changing from a home owner (well mortgage payer) to a renter for 2-3 years until my husband gets done with school.
Decisions Decisions Decisions.
I was thinking of going and speaking with my supportive banker on her thoughts of the idea as well as my mother and father in law. All three of these people have completed the financial peace university. My husband and I were planning on attending the classes next month. I'm curious to see what Dave would say about this.
Is this an easy and dumb way out of our debt? We would also plan to save at least $20,000 for the down payment on a future home and use the rest to pay off our debt which we would probably have enough.
I would do this. You are young, houses are going down in value. Could you rent your home? Thus saving on the commute?
ReplyDeleteIt's very wise to discuss this with trusted individuals who can help you make a very informed decision. It might help to make a list to weigh out the pros and cons as well. Heck, I'd even trying sending an email, facebook, or tweet to Dave and see if your question gets answered. You could even check questions he has answered before to see if someone else had a similiar situtation to yours and what his advise was. I have a peak and see if I can see anything that looks similar too. Oh and Gail Vaz-Oxlade has a new 'Til Debt Do Us Part show about home ownership/debt. Not sure if it is airing in the US or not. Might be available on the Slice.com website though.
ReplyDeleteHere's my new website info as well since my link in your blog roll is now a dead link. Thanks so much!
http://o2bdebtfree.blogspot.com/