Would You???

**iriegnome** · #1 10-11-2011, 01:07 PM

Well, 5 years ago I went though a divorce. Sold several of my basses and a bunch of equipment to pay for it. Now, 5 years of credit hell, 3 years into my second marriage and my in-laws took out a loan for my current house for my wife, my kids and myself. This, for my in-laws, is not uncommon since they also bought houses for my wife's other 2 sisters as well. I don't like owing them the money or them owning the house. Long story short, I have to come up about $5,000 in just a month or so and I can get my house financed under my name and take that debt off my soon to be retired in-laws.
To my original statement, what would you do?? I am selling anything and everything I can do without to help come up with the money. Since I do not make enough money to stash any, it is the logical thing right?
I am not selling the basses that I use most often or are "My Keepers", but selling off everything that I thought I needed, but really do not.
What do you think?? Would you???

Fretless1! · #2 10-11-2011, 02:30 PM

Yes. You're manning up and doing the right thing. Kudos.

But, I will ask one question, "Were you Ok with them taking out the loan in the first place or was that kind of forced on you?"

Jim Nazium · #3 10-11-2011, 02:36 PM

I am inclined to agree with Fretless1, you're taking responsibility for your family (wife & kids), which is a smart and admirable thing to do. Plus, I'm a fan of living light anyway, and if you have stuff you don't really need, go ahead and sell it. Don't beleive advertising, lots of stuff won't make you happy.

The only hesitation I would have is if you are going to have to sell stuff at fire-sale prices to meet the one month deadline. If waiting another 6 months or so might get you better prices, or if you can pick up some extra work for a few months, that might be a better way to go.

electracoyote · #4 10-11-2011, 02:42 PM

Come up with the money, sell off some assets, do what you need to do to get that house in your name, not your in-laws.

I hate to be all gloom and doom, but there are at least a half dozen great reasons why you want to be in charge and in control of that situation.

I have a couple of extremely valuable guitars in my collection. In your shoes, I would sell them immediately to raise the money.

**iriegnome** · #5 10-11-2011, 02:49 PM

I was 100% ok with them taking out the loan for us. I had not sold my house at the time and when I finally did, the housing market was in the toilet, so I got lucky we bought and financed the way we did. I was also lucky to sell my house when I did. Now, I am working to get my debt to be mine and not someone else's! I don't particullarly have anything that I would estimate as valuable, but I do have some that are unreplaceable to me. I am currently selling about 6 or 7 different things and the number will climb until I raise the funds to buy my house.
After all, they mostly are just things.

electracoyote · #6 10-11-2011, 03:51 PM

Quote:

Originally Posted by iriegnome

Now, I am working to get my debt to be mine and not someone else's!

That's the spirit, mate. You won't be sorry, whatever the sacrifice.

And my guitars are both valuable and irreplaceable. They would still be on the block before I became beholden to my in-laws, no matter how cool they (in-laws) seemed to be at the moment.

Firesalt · #7 10-11-2011, 03:58 PM

Quote:

Originally Posted by electracoyote

That's the spirit, mate. You won't be sorry, whatever the sacrifice.

I totally agree. I've been in your position and it's a tough thing to do but the right thing nonetheless...
Getting on to the more important matter at hand... Helping you out. Whatcha got for sale?

**iriegnome** · #8 10-11-2011, 07:05 PM

A bunch. Check for my most recent postings. A 10 string bass, Maple board fretless, 10 sp rack, Rogue beatle bass, Peavey XR500 head, GK 112 kickback combo, Boss RC-2, Ibanez ATK and I am sure I have a bunch more...