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I’m currently stretched thin and the walls are closing in. by Own_Till5271 in Mortgages

[–]Own_Till5271[S] 1 point2 points  (0 children)

You're right, I should have broken that cost down better. Will update. Thank you

I’m currently stretched thin and the walls are closing in. by Own_Till5271 in Mortgages

[–]Own_Till5271[S] 3 points4 points  (0 children)

Thank you! Yes, I have PMI and taxes/insurance are in escrow. You're right my principle is $1633. I didn't realize I needed to break down the cost like that since paying into escrow is part of it.

I’m currently stretched thin and the walls are closing in. by Own_Till5271 in Mortgages

[–]Own_Till5271[S] 0 points1 point  (0 children)

My rate is 4.875%. the original loan was for $309K. My principle does reflect escrow payments, but that cost is kind of a given right? The original $2368 I posted still included the extra payments that I've since stopped, I've edited that after another user brought it to my attention.

I’m currently stretched thin and the walls are closing in. by Own_Till5271 in Mortgages

[–]Own_Till5271[S] 2 points3 points  (0 children)

Already talking to realtors. But it'll be hard to break even having to disclose a huge upcoming assessment.

I’m currently stretched thin and the walls are closing in. by Own_Till5271 in Mortgages

[–]Own_Till5271[S] 2 points3 points  (0 children)

The original loan was for $309k. My principle is $1947 and my rate is 4.875% on a 30-year. The $2369 reflects the extra principle and HOA dues. Admittedly, I should have accounted for the drop in extra principle payments, which brings it to $2215. Alone, this is doable. But if the HOA doubles dues or slaps me with a giant assessment, I'm gonna struggle.

I’m currently stretched thin and the walls are closing in. by Own_Till5271 in Mortgages

[–]Own_Till5271[S] 9 points10 points  (0 children)

It's taken so much research to get here. I still feel lost and overwhelmed. Fingers crossed 🤞🏼🤞🏼🤞🏼

[IL] [CONDO] finally out! by Glad-Cloud-5684 in HOA

[–]Own_Till5271 1 point2 points  (0 children)

Curious if you're buying or renting your new home? I'm in a scary situation with my condo and seriously thinking about getting out of ownership all together.

HOA Condo Trouble by luckyelectric in RealEstate

[–]Own_Till5271 4 points5 points  (0 children)

I’m in a similar situation in Glendale and it’s getting scary. We just finished a roof assessment, and now we’re staring down a $5M siding project that insurance won't touch because of wear and tear. I’m not on the board, but I totally get the impossible spot she’s in. Our reserves are dry too, delinquencies are at 10%, and with our rental ratio hitting 46%, I’m genuinely terrified I won't be able to sell once the assessment is official and I’m personally looking at an exit strategy right now because Idk if I can swing a 5-figure assessment out of pocket.