We need a bigger house!

Now we're to the summer of 2003, approximately one year after the 2nd mortgage. We wanted a bigger house! We looked and found a new 2200 square foot, 2 story, 4 bedroom, 2 1/2 bath and 2 car garage for $306,000. We literally sold our first home in 2 days for $247,000 which left us a profit of about $65,000! We had to rent back the starter home for about 3 months until our new home was finished.

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My House. We lived here from 2003 to 2010.

So we move into our new home in December 2003. From that $65,000, we put $20,000 down on the new home with a monthly mortgage payment of about $1,750. We bought $10,000 or so in furniture. $2,000 for the window coverings and even $2,000 to cover ONE WINDOW! Are you kidding me!?! We spent at least another $3,000 in landscaping. All was good. Still had over $20,000 in the bank and gainfully employed.

To this day, I'm still not sure where that $20,000 went? Ha! You dip into it here and therethe kids need this and that. You take a couple of family vacations, eat out as a family a few times a week and all the electronic goodies a family needs. I bet within a year, that $20,000 went to about $5,000! Ha!

Let's get to the spring of 2005. The home we just bought for $306,000 is now worth $450,00! We take out $100,000 line of credit with Countrywide. The process only took 5 days before we had access to our money. So what do we do? Bought a $33,000 Suv. Put hardwood throughout the house$14,000 and I put $10,000 on a new convertible Mustang! I have no idea what happened to the rest, I just know it was gone spent in a few months!

So now I'm paying a $1,750 monthly mortgage and a $900 monthly line of credit. That was too much. So we refinance our home into one mortgage, our home is now appraised at half a MILLION DOLLARS. We now have a $400,000 mortgage with a monthly payment of $2400 all by the end of 2005! All is good though because we're able to afford it.

Let's go to the spring of 2006 shall we. We're making the mortgage payments just fine, so we decide to take out a second mortgage$50,000! That's right, some bank out there said our home is worth $575,000! Ha! That 2nd mortgage was an extra $400 a month bringing a the grand monthly total to $2800!

My diesel truck and travel trailer near Lake Comanche in California2008

Couldn't tell you where that $50,000 went. I've blocked most of that decade out of my mind. In 2007, I went and bought a $45,000 diesel truck with no my down$700 a month. In 2008, I bought a $15,000 boat and a $18,000 travel trailer with a combined monthly payment of $450! But all is goodwe can afford it.

It gets even crazier and now than I'm writing about it, I can't believe it's accelerated to this ridiculous point! Along the way, from 2003 to 2009, I racked up $110,000 worth of credit card debt. No, I am not kidding!

So my monthly bills we're something like this.

  • Mortgage's$2,800
  • Truck$700
  • Boat$220
  • Travel Trailer$230
  • Credit Cards$1,000
  • Daycare$400

That's a grand total of $5,350 a month! That total doesn't include living expenses!!! What the he'll was I thinking?

So it all came to an end in August 2009. That was the last month I was able to pay all my bills on time and was the last month I made a mortgage payment. I was unemployed. My wife soon followed and became jobless in December. I will spare you the nitty-gritty details. We we're able to stay in the house another 13 months until September of 2010.

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Posted in Moving and Relocating Post Date 11/06/2015






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