I’ve fucked up and I feel sick about it

Anonymous 1

Unread post Thu Jun 13, 2019 12:14 am

I don’t talk about finances. Ever. To anyone. The issue is that I don’t talk about it to DH, either. That’s a problem. When I was gifted the financial side of the house I got overwhelmed and asked DH for help. His words, “I don’t have time, I’m too busy.”
17+ years I have been “in charge”
We aren’t hurting, we make decent money, but I don’t tell DH what we spend and how we spend it. 17+ years of a bad habit and I can’t break it. I try, but obviously I don’t care enough to actually do anything about it or I would communicate better, or at all, really. I own it, I need to shit or get off the pot.
Last week we were wondering when the renter was gonna send her June rent. No response from texts or emails for days. Finally she responds that she’s left the house, filed for bankruptcy, turned off utilities and we can keep the deposit. There’s thousands of dollars in damages done to the house that weren’t there during the last walk thru. We are thousands of miles away, and that house went to shit and she never said a word. We don’t have the money on hand to cover the damages she did. Her rent covered the mortgage and that’s it. Poor financial decisions on our part. I wish I could go back in time so many F***ing times a day, it’s ridiculous. We’ll figure it out, but it’s gonna get ugly before it gets better. Just wanted to vent. FML.
KendallsMom
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Unread post Thu Jun 13, 2019 1:13 am

What's this habit?

And sue the tenant. Did you change the locks at the final walk through?
Anonymous 2

Unread post Thu Jun 13, 2019 8:10 am

This is the reason I will never understand why people use someone else's money to pay a mortgage. I had never heard of such a thing until I joined CM. It should be illegal to rent out a house that has a mortgage.
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Unread post Thu Jun 13, 2019 8:32 am

Anonymous 2 wrote:
Thu Jun 13, 2019 8:10 am
This is the reason I will never understand why people use someone else's money to pay a mortgage. I had never heard of such a thing until I joined CM. It should be illegal to rent out a house that has a mortgage.
People do this for many reasons. Sometimes you have to move and can’t sell it because of the market so you rent it. Other times you need to go out of the country for a year or two and rent it to cover costs until you get back. We live in a country where we can make our own financial decisions, good or bad.

If you are out of state it’s best to pay someone local to manage your property.
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Unread post Thu Jun 13, 2019 1:22 pm

Anonymous 1 wrote:
Thu Jun 13, 2019 12:14 am
I don’t talk about finances. Ever. To anyone. The issue is that I don’t talk about it to DH, either. That’s a problem. When I was gifted the financial side of the house I got overwhelmed and asked DH for help. His words, “I don’t have time, I’m too busy.”
17+ years I have been “in charge”
We aren’t hurting, we make decent money, but I don’t tell DH what we spend and how we spend it. 17+ years of a bad habit and I can’t break it. I try, but obviously I don’t care enough to actually do anything about it or I would communicate better, or at all, really. I own it, I need to shit or get off the pot.
Last week we were wondering when the renter was gonna send her June rent. No response from texts or emails for days. Finally she responds that she’s left the house, filed for bankruptcy, turned off utilities and we can keep the deposit. There’s thousands of dollars in damages done to the house that weren’t there during the last walk thru. We are thousands of miles away, and that house went to shit and she never said a word. We don’t have the money on hand to cover the damages she did. Her rent covered the mortgage and that’s it. Poor financial decisions on our part. I wish I could go back in time so many F***ing times a day, it’s ridiculous. We’ll figure it out, but it’s gonna get ugly before it gets better. Just wanted to vent. FML.
I am really sorry. I hope things don't get as ugly as you suspect. I hope something works out.
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Unread post Thu Jun 13, 2019 1:22 pm

KendallsMom wrote:
Thu Jun 13, 2019 1:13 am
What's this habit?

And sue the tenant. Did you change the locks at the final walk through?
How does suing the tenant that is filing bankruptcy work? Are you stuck with all the legal fees too?
Anonymous 1

Unread post Fri Jun 14, 2019 6:24 pm

Replying to everyone in one fell swoop.
The bad habit is not communicating with DH. I gotta fix that.
We bought the house before the housing bubble burst and couldn’t sell it when we had to move for work. Renting it out was the best option. For 4 years one family rented it and took wonderful care of it. They moved for work and the new tenant moved in.
Locks have been changed and contractors are giving estimates for repairs. Insurance adjuster is headed there next week to assess damages.
Suing someone who has filed bankruptcy will be more expensive for us and I am not sure that the damages will even be able to be tacked on to her case. Not wanting to spend more in legal fees to win a judgement that we’d never see.
I’m really hoping that insurance will be able to cover most, if not all, of the damages. Then we are selling. Never again will I be a landlord.
And I will talk to DH.
Blah. What a week.
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Unread post Fri Jun 14, 2019 7:00 pm

Anonymous 1 wrote:
Fri Jun 14, 2019 6:24 pm
Replying to everyone in one fell swoop.
The bad habit is not communicating with DH. I gotta fix that.
We bought the house before the housing bubble burst and couldn’t sell it when we had to move for work. Renting it out was the best option. For 4 years one family rented it and took wonderful care of it. They moved for work and the new tenant moved in.
Locks have been changed and contractors are giving estimates for repairs. Insurance adjuster is headed there next week to assess damages.
Suing someone who has filed bankruptcy will be more expensive for us and I am not sure that the damages will even be able to be tacked on to her case. Not wanting to spend more in legal fees to win a judgement that we’d never see.
I’m really hoping that insurance will be able to cover most, if not all, of the damages. Then we are selling. Never again will I be a landlord.
And I will talk to DH.
Blah. What a week.
I'd look into garnishing the bitch's wages. Not all debt gets forgiven in bankruptcy. Talk to a lawyer to see what your options are.
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Unread post Fri Jun 14, 2019 7:10 pm

Anonymous 2 wrote:
Thu Jun 13, 2019 8:10 am
This is the reason I will never understand why people use someone else's money to pay a mortgage. I had never heard of such a thing until I joined CM. It should be illegal to rent out a house that has a mortgage.
No, it shouldn't - but the mortgage holder should be able to require that if the house is rented, rent payments must be applied to the mortgage account after deduction of any property management fees.

And renting a house that you are buying isn't "using someone else's money to pay a mortgage" - the tenants are paying for the use of the house. What the landlord does with the money is completely and totally their own business.
Anonymous 3

Unread post Fri Jun 14, 2019 7:15 pm

Is it insured as a rental property?
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