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Stress, it’s never too far away

Maybe you’re curious about our housing situation.. or maybe you’re tired of reading about it- I can imagine there would be people on both sides of the fence. I’d hope anyone that actually cares, even just the slightest bit, would want to know what’s going on.. even if they find the bitching somewhat tiresome.

So this is where we’re at: We don’t know what happened with house at the auction this morning. We don’t know whether it sold to a person, or whether the bank bought it back. It’s more likely the latter- but either way it doesn’t really matter.
We already know, with our credit score, we can’t buy this house at the high price they want.

Worst case scenario is we have to move out in 90 days. That is the government mandated “eviction” time for a tenant in a house that’s been foreclosed. In that case, we wouldn’t get the “cash for keys” program, but we’d be able to save up 3 months worth of rent payments to put down elsewhere.. on a rental. We can’t buy in 90 days. It’s just not possible. I’m not happy about having to move and rent and then working on our credit score and having to move again into a house we can actually BUY.. but it is what it is.

Another option is that either the bank or new owner offers us cash to move out in whatever time frame they suggest.. in order to move in or put the house on the market.. and in order for us to not destroy the house when we go. We don’t know for sure IF that will happen, or if they’ll offer us enough to make it worthwhile.. since if we squat here until the “eviction” process is up, we’d make 3k. Anything under that is not acceptable. I think in order for me to accept the money they’d have to offer us 7k. I’m fully willing to take everything from this house and sell it.. plus take everything WE put into it and take it along with us to wherever we happen to go.

Last option? The bank wants to put the house up for auction again. Which gives us even more time to play with. Who knows how long.. but it would give us more time to save money, and more time to find a suitable rental, or possibly even a house to purchase if we have the time to improve our credit and for it to take effect (which is 90 days from when something is paid down, like a credit card).

Every option includes moving. I just hope we move in a better standing than we are now. I can’t see walking away from this house with nothing. It doesn’t seem fair, or right, or good.
We’re also going to talk to someone who knows what they’re doing about the agreement we signed that made us lose 10k when the (now previous) owner of this house backed out of the agreement. If we can get that back, IF, it would be amazing. That’s an instant down payment. We might have to rent for a year, but we’d have an easy in once that year is up to a new house that’s all our own.

Currently, everything is an IF. We don’t know 100% for sure what’s going to happen, how much time we’ll have.. or if we’ll be getting any money back. I think we’ll know a little more tomorrow when the real estate agent (who used to work for the owner of the house, and is now helping us.. probably because he feels so terrible about what we’ve been put through) talks to the bank. Once we know that, we’ll know how to proceed.

I can tell you this, I am SERIOUSLY stressed out. I can’t think about anything else, or concentrate on anything else. I’m worried about the boys birthday party.. if we’ll be here for it.. I hate packing.. I hate looking at rentals and not seeing anything decent.
It’s a shitty situation all around and it shouldn’t be happening, but what can we do about it? It’s out of our hands now.


Posted on August 24, 2010 by Holdin' Holden 1 Comment
Holdin' Holden

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1 Comment

  • IMO, I think you should take whatever you put into the house no matter what. For you to get screwed over like this and then the owner/bank making more money from the changes that YOU made to the house to make it better…it’s just not right