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 Replies: 20 / Views: 2,668 |
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Moderator
 United States
56855 Posts |
mike31093, Sorry to hear this. Is there a local coin club near you? That might be a good choice  John1  |
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Valued Member
 United States
354 Posts |
Quote:
Hondo: You could get a better price than what the LCS offers by selling here on the CCF Unfortunately, I don't have much time. Foreclosure on her house is in 2 weeks. But if I don't get a reasonable offer, I'll try selling here as long as the moderator allows me. |
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Pillar of the Community
United States
4085 Posts |
You can also get a better price from a LCS if you catalog everything in advance and show up organized - here's what I've got, here's what I think it might be worth (at retail). That's far better than showing up with a box and expecting them to go through it and value it. Of course they are a dealer and are going want to make something on any resale, so you have to factor that in.
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Moderator
United States
188770 Posts |
Sorry to hear this.  |
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Pillar of the Community
United States
2237 Posts |
If foreclosure is likely anyway in a few months, might be better to let it happen and get it over with. They don't evict right away, takes two or three months in my state. She can rebuild her credit over time. Most of us fathers want to help our kids. But many of us cannot afford to keep making house payments for them.
My daughter had a jerk of a husband, he had an affair, stopped making the house payments, moved out. My daughter could not afford to keep the house. I helped her find a small apartment, helped with rent for a few months. The market had dropped. The house wasn't worth the mortgage amount. House was foreclosed, they divorced.
Edited by livingwater
11/14/2024 11:39 am
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Moderator
United States
188770 Posts |
Good advice. I hope you are not just trying to delay the inevitable. A coworker was in the spot a while back. Sold their house and took the equity they had to pay off other debt. With housing prices as high as they are now, I would hate to lose out on any potential profit.  |
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Pillar of the Community
United States
2237 Posts |
Yes if there is equity in the house, would be much better to sell than foreclose.
Edited by livingwater
11/14/2024 12:05 pm
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Pillar of the Community
 Canada
1766 Posts |
@mike31093 - Sorry to hear of your daughter's problems. The silver bullion shouldn't be hard to convert at a decent price.
Edited by Sharks
11/14/2024 4:05 pm
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Valued Member
United States
354 Posts |
This reply is mostly for my own therapy. But I appreciate everyone's thoughtful comments.
Foreclosure has two downsides. 1. when the house goes up for auction, any difference between the mortgage balance and selling price can be levied against my daughter. So not only has she lost the house but still has a debt maybe in the 10's of thousands. 2. Any equity she may have in the house goes up in smoke. Another slap in the face.
So my next advice to her will be: if you can't find good, stable employment soon, start the selling process NOW. This will have to be the last time I can pay her bills. I'm only buying her a little extra time to find the correct solution to her dilemma.
Without a good job she likely will have to move back in with me and the wife. Even that poses problems such as storing her stuff and moving our stuff out somewhere. Not to mention she has a dog and my dog is anti-social. He doesn't even like my wife being near me!
So much for enjoying retirement...
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Valued Member
United States
354 Posts |
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KenKat: catalog everything and show up organized good advice. I use excel to catalog the collection. It includes retail pricing (from the Guide or here or just the web), coin weight in grams with a computation based on current spot pricing. Selecting which columns to print still results in 28 pages. But it may be worthwhile anyway to print. |
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Pillar of the Community
Canada
5395 Posts |
My late father stated that best gift you can possibly give your children is not money .
It is teaching them financial responsibility and to be independent .
He told each of us , once you leave home ,do not even dream of
returning , you are on your own boys .
The result was five sons who did far better financially
than he ever dreamed of .
One question with a very hot housing market in most of North
America just how the heck do you get into a foreclosure situation .
Three grand isn't going to help this problem .
Sounds like there is a need for Dave Ramsey or financial education .
Far too many young people today try to play victim or take the easy way out.
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Pillar of the Community
United States
2237 Posts |
Mike31093, sorry you're going through this, it's hard. Yes selling the house much better than foreclosure if possible. The dogs thing would be a problem. I hope she finds a job or a couple part time jobs to get going again assuming she can work.
I forgot to mention in my prior post my daughter ended up filing for bankruptcy soon after her divorce. It wiped out all her debts so she didn't have to pay but she had bad credit for 5 years or so. She needed a used car, I helped with a thousand down, the rest she borrowed at 18% to help establish her credit again. She's now doing great with good job and no debt.
My brother became a meth addict about three years ago, lost his house, living in a dump apartment. He's almost out of retirement money, spends some of his social security money on online fantasy women then gets behind in rent. He has little contact with his kids or grand kids. A few months ago he got arrested for meth possession, trial next month. I hope the court orders rehab or jail, maybe that will help him quit. I've helped him buy food, helped buy his meds but I'm stopping, I've enabled him enough. The last time I gave him a ride he peed on my truck seat, didn't even tell me he had to go. If he ends up homeless, I won't let him stay with me.
Edited by livingwater
11/14/2024 9:03 pm
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Bedrock of the Community
United States
94367 Posts |
We've had a similar experience. It will never be right again. How sad.
Edited by Coinfrog
11/14/2024 8:41 pm
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Bedrock of the Community
United States
10566 Posts |
Quote:
I'm reluctant to dig into my retirement savings (again) to help her Best of luck but that word "again" is scary. Would selling your collection truly help the situation or just prolong the inevitable? |
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Valued Member
United States
345 Posts |
Sad to hear, life is a challenge.
Provide a comprehensive list of what you have ... share it with 3 local shops ... take the best.
Best of Luck !
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Posted 11/14/2024 10:42 am
