Blog of a Million Dreams

Friday, May 21, 2010

Friday Fun Day

Last night I attended an event hosted by Great Expectations, Table for Six and Society of Single Professionals.

It was fun, with more men than women and I really enjoyed the mixer.

We gave cards, cut in half, with one half for a gentleman and the matching half for a lady. Instructions were to match the cards.

The restaurant/bar was very nice. I'd never been there and I plan on going again, on another night. There was a lovely piano and a beautiful patio.

One of the guys at the event told me that he's going to be moving to Colorado. He can't find a job here. He's got a job through August (lucky guy) but his contract isn't being renewed and he wasn't finding anything here. So, when he was offered a position in Colorado, he went for it.

The thing is, he's bummed because his house is upside down. That means, he owes the bank more than what the house is worth. He told me that he's owned this place for five years, one year less than I've owned my place.

So he's going to short sell. He's stopped paying his mortgage and he's putting his house on the market. He wants out.

I asked him how much he was upside down. Get this, he said he was only down $25,000. Now, in any other part of the country that's probably a big deal. Here? Not so much. He probably only needs to hang on through the end of the year (if that) and he'll recover. But he's decided to short sell. I asked him why he didn't just rent it out and he said he'd be short $1300 and didn't want to bleed money.

I think he's being foolish for a couple of reasons.

1) $25,000 for a house in California is 'nuthin. He's really talking chump change around here. You can't buy a house for under a million and he's upset about $25,000? Get real.

2) Paying $1300 in difference towards the mortgage for the rest of the year could be looked at as an investment. He will end up losing much more than that should he sell early.

3) Once you sell and move out of California, rarely (if ever) can you afford to move back. It's a very expensive state (at least anywhere near the coast line, if you move inland, perhaps it's a little less expensive).

4) Short selling is only if you have no other options. He does (see above).

5) He HAS A JOB. That means he has options, choices, chances. Why is it that people I know, who actually have work, are getting away with short selling, foreclosures, etc.? And the people I know without work are doing everything they can, from taking out loans to selling off personal items to putting their house on the market before it loses money, without getting bailouts.

So, I have a bad taste in my mouth about all of this.

But it's Friday Fun Day, so I must have fun. I'm going to fire up that Netflix video, get some writing done (I MUST I MUST) and apply to more temp agencies.

'Ain't life grand?

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