Broke and considering selling the home
I bought my house in 2015 for $126k with an FHA loan. It’s now estimated around $213k, and I owe about $96k. I’m considering selling next year and renting for a while.
The insurers in this state are out of control and the corrupt clowns at the state capital aren't doing a damn thing about it. My hazard insurance bill came in at $3,960 last April compared to $2,946 the year before. You think I can absorb a $900 increase in less than a year?
I'm literally paying more in taxes and insurance than I'm paying on the mortgage itself:
| Component | Monthly | What it's for |
|---|---|---|
| Principal & Interest | $593.31 | The loan itself (fixed for the life of the loan) |
| Escrow — property taxes | $164.67 | $1,976/year to the county |
| Escrow — homeowner's insurance | $245.50 | $2,946/year hazard policy |
| Escrow — FHA mortgage insurance | $67.85 | $814/year MIP |
| Escrow shortage spread | $139.29 | Temporary — repaying the $1,671 escrow shortfall over 12 months |
| Forbearance repayment | ~$500.00 | Temporary — repaying ~$2,000 in deferred payments over ~5 months |
| Total monthly mortgage right now | ~$1,710.62 |
I know rent may cost more than my monthly mortgage, but hell, don't care. I’m house-poor, carrying too much debt, and my margins are too tight. I’m 40 and down to less than $100 in my bank account after an emergency vet visit last night. I have never taken a vacation in my professional life, can't afford one. That's not where I expected to be at this age.
My mother keeps telling me that if I sell, I’ll never own another home, and that renting will be a disaster because I’ll be at the mercy of a landlord. But she has an anxiety disorder and I think that's just her fear talking.
Why do people keep telling me this would be a huge mistake if the goal is to get out of debt and reset financially?
Posted Jun 6, 2026, 9:25 PM UTC