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Crisis explained… somewhat

Yesterday and pretty much all last night I was so upset I could hardly even think straight. Couldn’t wrap my mind enough around the situation at hand to even put it into words without stringing about 50 curse words in a row and having it not make any sense.

I wish I could say it was something like the fact that we had to buy 8 new fish because Nemo decided to go on another killing spree after his near-death experience and killed EVERY fish in the tank.. or the fact that although Parker finally cut the tip of one of his top teeth, he’s still incredibly fussy because he has 5 other bulging ones ready and raring to go.
On any normal day, those things would probably piss me off. At least somewhat.

Unfortunately this is nothing like that.

I’m still so angry and frustrated and sick about it that I almost don’t even want to write about it. I guess I figure MAYBE someone out there will be able to help, because I sure as shit don’t know what to do or where to go from here.

I’ll just go ahead and rip the bandaid off and get to the end of the story before I explain. Yesterday we found out we’ve most likely lost our $10,000 down payment for the house.. which means we’re probably going to lose the house.

How in the HELL did this happen?

To attempt to make a long story short:
We signed on to this house as a rent-to-own. We researched the company, they appeared to be legit, approved by the BBB, etc etc.
We didn’t have a large enough down payment in the beginning to make our monthly payments low enough for us to afford. Most of the time in a rent to own, people put down a SMALL down payment, and then pay a higher monthly rent payment to build up a down payment for when they go to actually purchase the house.
We paid a small one in the beginning ($2,000), and got to pay a smaller amount under the agreement that by a certain time i’d pay them another $8,000 to keep our payments at an affordable rate. Then when we went to purchase the house, we’d have $10,000 automatically saved for us to put down. (Keep in mind this is hard for me to explain but I promise it does all make sense)
We could take the time renting to make our credit NOT crappy and get a better mortgage rate. All was on the up and up.

From then to now there’s been a hell of a lot of shady things that have happened. The broker we went through (who saved the technical owner of this house from foreclosure) kept trying to push us into buying the house early and offering to pay off some of our debt.. which worked for us but didn’t make a lot of sense as to why and the reasons were never explained.

Recently we came to find out that the owner no longer wants to sell through the broker whom she signed the contract with, as did we. She is basically holding up the entire process. Why? We had no idea. Once again the reasons were never explained. I started to get the feeling that this house was NEVER going to get sold to us.

And it appears I was partly correct. The lady who owns the house.. the one who already came very close to losing it (more than once, and I will explain that later).. has been in legal battle with the broker for SO long over this stupid ass house- that now BOTH of our contracts with the broker are up tomorrow.
What does this mean? This means come tomorrow, we’re not living in OUR house anymore, since the land-purchase agreement is up. We’re living in someone else’s house. Our downpayment? Forfeited because that idiot refuses to sell. Thomas swears the contract says that “for any reason” the deal doesn’t go through- our money is gone. The broker walks away with EVERYTHING and we get nothing.

Why? Well, because the owner just isn’t happy with the price the broker was going to sell the house to us for. She wants a LOT more.
We’ve gotten the house appraised, we know what it’s worth.. and she wants 25k more than that. In THIS economy?? In THIS neighborhood? With ONE bathroom and a half-assed add on?? That lady is seriously delusional. Not to mention 7k of the value of the house are improvements WE made because the house was completely unlivable before we moved in.

So now what? Well, we’re fucked out of our entire downpayment, and she’s going to re-list the house in order to qualify for a short sale. OH, but she’ll give us first consideration.

None of this makes sense to me. She’s already lost a hell of a lot of money by holding onto this house for so long and not making any profit from our rent.. especially since the broker is NOT giving her all of the money we pay.
A short sale will totally screw her credit. Not to mention no one will EVER buy it at the price she wants.. so it will just sit on the market and the price will decrease 5% every single week until it’s worth practically nothing.
Why not just CUT her losses and take the price the broker is offering?

To add insult to injury: Did I mention we got a notice in the mail today that this house is going up for auction due to foreclosure at the end of August? And this is the SECOND time this has happened while we’ve lived here. So she’s taking our money and doing WHAT with it exactly?
And in the notice.. it states clearly her mortgage value when she bought the house. That amount is 50k less than what she wants.

How can someone who is in SUCH deep shit afford to be so greedy? So she’s just going to fuck our family and throw us out on our asses with our two small children because she’s a selfish delusional greedy bitch?

We got a call yesterday from not only the owner’s lawyer, but her real estate agent as well. Which i’m pretty sure is illegal since she’s technically still in contract with the broker and not allowed to contact the renters. Anyways.. they basically want us to buy the house from her. Screw our 10k.. have no down payment, crappy credit thanks to her, and attempt to get a loan for this house for 30k over the appraisal value. That is NEVER going to happen.

I don’t know where to go or what to do from here. We have to meet with her real estate agent on Monday.. and I have no idea what that guy is going to say.. but you’d better believe he’s going to get a piece of my mind. If they attempt to sell this house out from under us- i’m going to ruin every walk through they have. I will inform EVERY person looking at this house that they can kiss the bathroom updates goodbye, all the bedroom doors, all the paint on the walls I will strip off and color all over them again like they were before we moved in- no washer and dryer.. i’ll re-break the sink, so on and so forth.. and see if anyone will ever even CONSIDER purchasing this house.
If she expects me to just let me down payment go because she insists on being insane and greedy, she’d better cut us the deal of a lifetime.

And what the hell do we do if this moron REALLY lets this house go to auction? We sure as SHIT don’t have 10% of the house IN CASH to buy it with.

Now i’m seriously angry again. I can’t believe this is happening to us. I don’t think a call to the broker asking for our money back is going to do any good. It’s going to be “oh, too bad, contract is up, your money is ours”
I need a lawyer. For free. That’s what I need. Someone to help. Someone to do SOMETHING.

OH, AND.. we already got an 8k tax credit for technically owning the house for the past year and a half.. if we’re forced to move out, we’ll have to pay that back since the credit is contingent on the person living in that house for 3 years. We haven’t spent all of that money, but we did use it on bills and a few other things.

No matter how I look at it, we’re screwed. Our entire savings, everything I had left of what my mother left to me is gone. We have no down payment for another house. We have nothing. And nothing to show for it.


Posted on July 31, 2010 by Holdin' Holden 1 Comment
Holdin' Holden

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1 Comment

  • i believe there are some lawyers (or maybe all lawyers are by law required to…?) at least give you a certain amount of time to consult, and they can give you some ideas from there. maybe check the yellow pages, and see if there are any ads for lawyers with free consults. i had to do that with a situation i was in, and i at least got some free legal advice and knew where to go from there…