Home buyer situation after job loss

[Moon_Walker]

Story on expats from a Austinite

Looking for honest advice

Both me and wife were laid off. We have approved i140s. She is currently in India and now can't travel back due to appointments mess, and now 100K rule will be applicable on her. We are already ~15 days in our 60 days grace period. It is likely going to be end of US journey in this tough enviornment. 

We bought a house in Austin in 2022 (big mistake) and it is down 20% in value. Even if we try to sell today, we have to pay 35-40k out of pocket. Renting it would cost us $1300 per month since rent won't cover mortgage+escrow.  We’re not sure if hanging onto it and hoping the market improves is smart, but paying $40K right now severely hurts our savings.

We ideally want to keep the option to return to the US open in the future, so we’d like to avoid choices that could severely impact our credit score long-term.

Has anyone been in a similar situation? What realistic options exist if we don’t want to pay $40K out of pocket today? Any experience or advice would really help.

[Moon_Walker]

@Sonu_Patel@Sucker

Youth emaipovaali

[Tellugodu]

10 minutes ago, Moon_Walker said:

Story on expats from a Austinite

Looking for honest advice

Both me and wife were laid off. We have approved i140s. She is currently in India and now can't travel back due to appointments mess, and now 100K rule will be applicable on her. We are already ~15 days in our 60 days grace period. It is likely going to be end of US journey in this tough enviornment. 

We bought a house in Austin in 2022 (big mistake) and it is down 20% in value. Even if we try to sell today, we have to pay 35-40k out of pocket. Renting it would cost us $1300 per month since rent won't cover mortgage+escrow.  We’re not sure if hanging onto it and hoping the market improves is smart, but paying $40K right now severely hurts our savings.

We ideally want to keep the option to return to the US open in the future, so we’d like to avoid choices that could severely impact our credit score long-term.

Has anyone been in a similar situation? What realistic options exist if we don’t want to pay $40K out of pocket today? Any experience or advice would really help.

Foreclosure, walk out of the home and default on the mortgage. Anyway they want to go back India, why bother about paying 40k out of pocket. No sympathy on them. Why take loans and buy home, if they don’t have enough skills? Chesedi emo thokkalo admin level system support work and they feel they are already shitzens here. Texas mottam alane undi emo.

[jpismahatma]

27 minutes ago, Moon_Walker said:

Story on expats from a Austinite

Looking for honest advice

Both me and wife were laid off. We have approved i140s. She is currently in India and now can't travel back due to appointments mess, and now 100K rule will be applicable on her. We are already ~15 days in our 60 days grace period. It is likely going to be end of US journey in this tough enviornment. 

We bought a house in Austin in 2022 (big mistake) and it is down 20% in value. Even if we try to sell today, we have to pay 35-40k out of pocket. Renting it would cost us $1300 per month since rent won't cover mortgage+escrow.  We’re not sure if hanging onto it and hoping the market improves is smart, but paying $40K right now severely hurts our savings.

We ideally want to keep the option to return to the US open in the future, so we’d like to avoid choices that could severely impact our credit score long-term.

Has anyone been in a similar situation? What realistic options exist if we don’t want to pay $40K out of pocket today? Any experience or advice would really help.

Buying home remotely is big thing. He should have thought about it. Now sell home and try new job

[Aquaman]

2 minutes ago, jpismahatma said:

Buying home remotely is big thing. He should have thought about it. Now sell home and try new job

FOMO lo konesaru most of them.

Apt Rent money waste avuthundhi ani homes konna valu chala unnaru peak time lo with higher interest rate

[Tellugodu]

1 hour ago, Aquaman said:

FOMO lo konesaru most of them.

Apt Rent money waste avuthundhi ani homes konna valu chala unnaru peak time lo with higher interest rate

Common sense em ayindi?? Tokalo system support admin work chestu, adikuda H1b pina, how can they bid over the price and buy home ? Basic economics teliyada?? Good that now reality hit them hard. Indulo kontha mandi ayina back poina, atleast locals ki help aytundi. No sympathy for arrogant and show off desi batch 

[Jatka Bandi]

4 hours ago, Moon_Walker said:

Story on expats from a Austinite

Looking for honest advice

Both me and wife were laid off. We have approved i140s. She is currently in India and now can't travel back due to appointments mess, and now 100K rule will be applicable on her. We are already ~15 days in our 60 days grace period. It is likely going to be end of US journey in this tough enviornment. 

We bought a house in Austin in 2022 (big mistake) and it is down 20% in value. Even if we try to sell today, we have to pay 35-40k out of pocket. Renting it would cost us $1300 per month since rent won't cover mortgage+escrow.  We’re not sure if hanging onto it and hoping the market improves is smart, but paying $40K right now severely hurts our savings.

We ideally want to keep the option to return to the US open in the future, so we’d like to avoid choices that could severely impact our credit score long-term.

Has anyone been in a similar situation? What realistic options exist if we don’t want to pay $40K out of pocket today? Any experience or advice would really help.

mundu aa @Sonu_Patel annani peekaali. Eppudu cheppanodu illulu konamani encourage chesadu. Tana maata vini konnaru. Ippudu chudandi.

[Coconut]

Find some h1b or opt bakaras and rent it out. 

[Paamu]

1 hour ago, Coconut said:

Find some h1b or opt bakaras and rent it out. 

Vallaki jobs levvu — illu kampu kampu chestaru

[Thokkalee]

2 hours ago, Tellugodu said:

Common sense em ayindi?? Tokalo system support admin work chestu, adikuda H1b pina, how can they bid over the price and buy home ? Basic economics teliyada?? Good that now reality hit them hard. Indulo kontha mandi ayina back poina, atleast locals ki help aytundi. No sympathy for arrogant and show off desi batch 

Have some empathy… who knows what will happen tomorrow… you never know what difficulty you will face in the future..

[Thokkalee]

3 hours ago, Aquaman said:

FOMO lo konesaru most of them.

Apt Rent money waste avuthundhi ani homes konna valu chala unnaru peak time lo with higher interest rate

Not really.. many households became double earners during Covid.. stock investments double and triple ayyayi.. RSU’s unte they became millionaires.. andaru 20-30% down chesi konnaru... you buy homes based on your current income and hope/expect that the prices will either go up or at least be stable..

2024/25 lo konnavallu risk lo untaaru bcoz they bought their homes at above 6% APR.. and at full high prices 

[Tellugodu]

5 minutes ago, Thokkalee said:

Have some empathy… who knows what will happen tomorrow… you never know what difficulty you will face in the future..

Naa difficulty pakka na pettu vayya. Kanisam how basic economics works and debt to income ratio telusukoni purchase cheyali kada ?? How come , one with not strong technical skills/ on visa dependency, can buy home by overbidding cheppu that too for million dollar homes ?? Mee lanti sanubuthi parula vallane gofundme nadustundi. 
“ముర్కత్వాన్ని చూసి సానుభూతి చూపితే నష్టపోయేది మనమే — దూరంగా ఉండడమే మంచిది”

[Thokkalee]

3 minutes ago, Tellugodu said:

Naa difficulty pakka na pettu vayya. Kanisam how basic economics works and debt to income ratio telusukoni purchase cheyali kada ?? How come , one with not strong technical skills/ on visa dependency, can buy home by overbidding cheppu that too for million dollar homes ?? Mee lanti sanubuthi parula vallane gofundme nadustundi. 
“ముర్కత్వాన్ని చూసి సానుభూతి చూపితే నష్టపోయేది మనమే — దూరంగా ఉండడమే మంచిది”

Nowhere in the post he says he is in debt or he has no money…he is looking for some suggestions to minimize his losses… manollu chala mandi 20-30% down chesi houses kontaaru and they are scared of losing their credit history or close the door for coming back… foreclose chesthe aa 20% down payment, any renovations money kuda lose avtaaru.. 

iddaru working ante earning and savings bagane untayi.. they will be fine.. they will get out with some loss.. 

you cannot say that everyone who bought homes in the last 4-5 years are either arrogant or stupid.. 😁

[Jatka Bandi]

56 minutes ago, Thokkalee said:

Not really.. many households became double earners during Covid.. stock investments double and triple ayyayi.. RSU’s unte they became millionaires.. andaru 20-30% down chesi konnaru... you buy homes based on your current income and hope/expect that the prices will either go up or at least be stable..

2024/25 lo konnavallu risk lo untaaru bcoz they bought their homes at above 6% APR.. and at full high prices 

full high ledule mama. Builders incentives icharuga. APR antava refinance chesukovadaniki ready ga vunnaru.

[Konebhar6]

5 hours ago, Moon_Walker said:

Story on expats from a Austinite

Looking for honest advice

Both me and wife were laid off. We have approved i140s. She is currently in India and now can't travel back due to appointments mess, and now 100K rule will be applicable on her. We are already ~15 days in our 60 days grace period. It is likely going to be end of US journey in this tough enviornment. 

We bought a house in Austin in 2022 (big mistake) and it is down 20% in value. Even if we try to sell today, we have to pay 35-40k out of pocket. Renting it would cost us $1300 per month since rent won't cover mortgage+escrow.  We’re not sure if hanging onto it and hoping the market improves is smart, but paying $40K right now severely hurts our savings.

We ideally want to keep the option to return to the US open in the future, so we’d like to avoid choices that could severely impact our credit score long-term.

Has anyone been in a similar situation? What realistic options exist if we don’t want to pay $40K out of pocket today? Any experience or advice would really help.

Sell it and book loss. Housing is not looking good going forward. Powell answered a question yesterday after feds meeting. Very obvious.