…just leaves your butt in the air – waiting for a smack!
As I mentioned in my prior post, we planned to only live in our condo (5) years, and then sell higher and move into a house. We purchased at a great price of $375k. (and had to get two loans since we didn’t have cash or relatives to lend a hand – no hand outs we got this.)
During our 5 year plan, we immediately had our 2nd child. THEN, the real estate market tanked, as well as, employment. Like many across the nation, we both were laid off from our jobs. (well, that sucked a big, rotten egg.)
And like many of our neighbors, we found ourselves UPSIDE DOWN on our loan. (owing more than the property is worth by several thousands of dollars.) People were just walking away from their properties and relocating further out to Lake Elsinore or out-of-state, like Arizona.
Neither of those ideas appealed to us, and unlike our neighbors, we had two young kids (our son was 4 1/2 years-old and our daughter was 2 1/2 years old) and couldn’t just uproot ourselves and move away from everything. Besides we needed to be close to Orange County or Los Angeles as we needed employment.
We took a beat, and realized we had been there before when our son was first born, we both were laid off then, got back on our feet within a year and got this condo. We can do this and we’ll just ride it out (key words) and keep paying our mortgage until the market returns. We’ll refinance. Fortunately, we both had unemployment checks extended not once, but twice. AND since we were no longer paying for expensive preschool/daycare, I was actually bringing home more money. I didn’t have to work full-time for 2 years! Eventually, the unemployment checks did run out and I had to find a source of income.
To say the least, life certainly didn’t pan out the way we had hoped, from a financial stand point. We might be maxed on credit cards, (yes, plural) but we have a solid marriage. Although during this stressful time, there have been days we wanted to kill each other. BUT there’s no one else we’d rather drive crazy. That’s true love, baby. The kind that makes the heart go bang, bang, bang-bang. (oh, 80’s humor! Love it.)
…stay tuned for more on our relocation journey.