posted on Feb, 19 2010 @ 02:08 PM
I am currently in similar situation..
My wife and I bought a house in the eastern Panhanlde of WV. We struggled and budgeted and made every payment on time. We made it work and it felt
completely worth it...
Then the Obama home-owner refi plan came to light. This was a joke. I wish I could have the hours back I spent on the phone with Bank of America
trying to see if we "qualified." We never did because we paid on time, were not deadbeats, and we had an 80/20 Mortgage..and most of all because our
Mortgage wasn't owned by "Freddy or Fanny."
All we wanted was a simple refi. We just wanted a smaller mortgage for some more financial breathing room. It never came to light.
So then my wife get's laid off...and didn't qualify for unemployement.
I find out a week later that my job is relocating...To Minneapolis. And i'd be laid off too if I didn't move.
Be unemployed- Lose the house
Move to MSP- Lose the house.
In both equations, the house wasn't in the picture.
So we contacted a realtor, set up a short sale on the house, took the company moving package, and now have a beautiful rental townhome in Minneapolis
(I F'n love this city!). Along with setting up the short sale, we contacted both banks and gave them a verbal, and written "letter of hardship,"
explaining that we are not deadbeats, but life took a crazy turn for us and we must abruptly sell this house...
In 2005, purchased for 180k- Appraised for 215k
In 2008, Appraised for 125
2010- On the market for 95k.
We haven't made any payments on it since we packed up and moved. Our realtor is trying desperately to get it sold. If someone offers 95k, will the
banks accept it? I say it's doubtful. They've already stated they cannot give us a number until an offer is made (so much for pre-planning)
In the meantime, if it forecloses due to lack of payments?
Hate to say it, but fine. I don't care. The banks have been extremely unwilling to help us. The 20 mortgage company was nice enough to send a letter
saying that pretty much any short sale would be declined, no matter the offer.
Both my wife and I cannot stop smiling about our decision to move and start renting again. It was one of the best decisions we ever made. So if our
credit get obliterated? I could give a rats ass, happyness > than a credit rating.
I feel for the people that are actually living in the homes that are in this situation. As for Mr. Bulldozer, I dont agree with what he did, but I
totally 1000000000% understand. Makes me understand why the guy up the street threw a roadflare into the living room of his foreclosure.