lt seems you got lucky. Typical freshly divorced guys one hears about, own half of a house that they can’t use any more, but still a mountain of loans to pay, while in parallel having to pay monthly alliments to their ex-wifes.
No kids was the key factor. It was amicable and neither of us wanted to fight. Think the whole divorce ran us like $2k or less. Which is more than the wedding. We were also about on par with wages.
I did eventually lose the house because of the 2008 crash, but 2007 was good.
Sort of complex. House values went down so people lost the ability to get credit and a lot of folks lost their ability to sustain their lifestyles. Spending went down. People lost jobs. It was a big downward spiral.
People were unable to move to seek better opportunities because they were underwater on house loans. Ultimately, banks were affected because their customers were hurting.
Edit: oh and I forgot variable rate mortgages. As the economy got worse, payments went up. And this primarily affected folks who could barely make their payments as it was.
lt seems you got lucky. Typical freshly divorced guys one hears about, own half of a house that they can’t use any more, but still a mountain of loans to pay, while in parallel having to pay monthly alliments to their ex-wifes.
Happy it worked out for you so well!
No kids was the key factor. It was amicable and neither of us wanted to fight. Think the whole divorce ran us like $2k or less. Which is more than the wedding. We were also about on par with wages.
I did eventually lose the house because of the 2008 crash, but 2007 was good.
I would be interested about the mechanisms behind that, as I only observed it from afar out of Europe.
I then had the impression that for existing houses it was mainly a problem for the banks?
Didn’t know that owners like you also were directly affected.
Sort of complex. House values went down so people lost the ability to get credit and a lot of folks lost their ability to sustain their lifestyles. Spending went down. People lost jobs. It was a big downward spiral.
People were unable to move to seek better opportunities because they were underwater on house loans. Ultimately, banks were affected because their customers were hurting.
Edit: oh and I forgot variable rate mortgages. As the economy got worse, payments went up. And this primarily affected folks who could barely make their payments as it was.