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BAD investment gone … I am Debt Free!
by Annie Christian
Jun 18, 2012 | 4160 views | 0 0 comments | 26 26 recommendations | email to a friend | print
Are you debt free? Do you know anyone that is debt free? How does it feel to be debt free? In the last few years, dozens and dozens of homeowners in Reno/Sparks have taken steps to become debt free. How does that feel to have no debt? It feels GREAT! Simply great! When you own a home that is $100,000 to $300,000 underwater, it feels great to get rid of a BAD investment. It feels great to start fresh with no debt. Here are some true testimonies of three of my most recent short sales:

Debt Free story #1: My wife and I are debt free because we dared to get rid of our house in a short sale. We dared to get rid of a bad investment, our beautiful 4-bedroom house in the Sky Vista area of Stead. We bought our house during the peak with an adjustable rate mortgage (ARM). Every year like clockwork, the mortgage would increase by $300 per month. Meanwhile, we are working the same job, making the same salary. So, paying $300 more year after year just did not make sense. All I can say is it feels great to be debt free. My family is free to take vacations, see movies and help out another family member. My wife’s migrane headache has miracously disappeared.

Debt Free Story #2: My wife and I bought a 4-bedroom house in Wingfield Springs. The kitchen has upgraded cabinets and granite counters and tile flooring. This is a stucco and tile roof house and it looks gorgeous. My four children visit the community pool and the Golden Eagle Park often. Three years after I bought it, two of my children started college at UNR. In 2012, all four of my children are in college at the same time. We are blessed with four smart children but having four children in college at the same time is a bankruptcy waiting to happen. As we cannot sell our children, we can sell our house. So, we sold our house and got 100% Debt Forgiveness. We are still able to live in the same neighborhood in a smaller rental. We are still able to help pay for tuition, books, health care, room and board for all children. Because we are debt free, we have money to spend on the things on our true priority – our children!

Debt Free Story #3: I bought my Kiley Ranch 3-bedroom when I was working two jobs. I had both these full-time jobs for over five years. My wife stays home to care for our three children. When I lost my better paying full-time job in 2011, I did not have enough money at the beginning of each month to pay the mortgage. Our home in Kiley Ranch in Sparks is our first home. My wife and I held a family meeting with our three children and told them that we have to give up something to keep living in our house. We decided to sell my wife’s car to pay the next few mortgage payments. When the car money was gone and I still had not found a replacement full-time job, we decided that it was time to sell the house. Of course, we were sad to let the house go. But, we did not have much choice. It was time to get rid of a house that I could not afford. The house sold at less than half of what I owe to the bank. I am debt free today and I have no credit card debts. My wife and I drive one car. My children all work around the neighborhood and they are learning to save money for cars that they want to buy. I have learned my lesson that I should not have over-extended myself working two jobs just to make the mortgage payment. I hope I am setting a good example for my children so they can live a life that is debt free.

It is possible for all of us to be debt free. First, dare to get rid of the bad investments that are sucking the life out of you; making you sick, giving you headaches, making you lose sleep. You know what I am talking about. Dare to get rid of the bad investments! Start fresh! A debt free life is waiting for you at the end of the rainbow!

Annie Christian is a real estate broker and owner of The Annie Christian Real Estate Group. She helps with everything from buying and selling to foreclosure and short sale. To submit a question, call 351-5117. Her website is www.anniechristian.com.
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