Update: Getting the snowball rolling
7. oktober 2011
After 15 wonderfull months in San Diego my family and I moved back to Denmark. We did this with huge regret, but the financial situation in California and the lack of jobs made it impossible to stay.
Coming back to Denmark we found out that the job situation was similiar to that of California. My wife had occasional consulting work and I managed to land a job at 7-Eleven and a grocery store. Times were tough.
I eventually landed a consulting gig in my field and things started looking better.
A new job allowing me to work geo-independantly caused us to move away from the city to live in the woods in a very rural area of Denmark.
Living in our summer cabin relieved us of the cost of rent or a new mortgage, but winter was challenging. Over a period of 2 weeks we were snowed in, and the kids were home schooled almost the entire month of December. We really enjoyed living in the woods, but in the end the municipality wrote us a note that zoning laws prohibited the use of a summer cabin for year round living. We therefor now live in a rented house.
|May 2009||October 2011|
|Mortgage I||286,667||Payed off|
|Mortgage II||178,333||Payed off|
|Bank loan I||101,000||119,500|
|Bank loan II||64,333||Payed off|
|Bank loan III||58,333||Payed off|
|Private loan I||1,833||5,000|
|Private loan II||33,333||2,500|
As a part of the sale of our home, the three bank loans were consolidated into one loan and partly repaid. For a period of time we made extra payments towards the principal and we hope to do that again. The loan is a 8 year loan, but during the first two years we have almost gained an extra year through those extra payments.
- We are considering selling the summer cabin to reduce our debt further
- We have decided to start saving for a down payment on a house.
- We will continue to pay all we can on the bank loan.
- The private loans will be payed in case of a windfall or when the bank loan is gone.