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Friday, January 20, 2012

STOMP..STOMP..STOMP...

I feel so stomped on :-(

Short sale attempt #2 ... no fun!!!  No fun at all ... the second attempt to sell our home has now fallen through.  I am so disgusted about it ... I just do not know what to do.

We have been staying on top of our mortgage, keeping current on everything even though we are no longer living in the house.  Since we moved for Rio's job, we have been hopeful for a satisfactory resolution to selling our home, which due to the lovely market conditions, has dropped significantly in value (read 40+% from valuation report post completion and landscaping of the home just 4 years ago to the most recent market evaluation in December) .... this sucks!!!!

We knew full well that it was going to be a challenge to sell our home.  We knew full well that the outcome was NOT going to be favorable.  We "could" have chosen to say "what the heck with it"  ... and let the bank take the home in foreclosure when we left the coast.  BUT we are not that kind of people.  We build the house, we put our savings into it, we undertook the mortgage - all done willingly and happily - and we loved that house.  We have done everything we could to keep our mortgage current and the house in excellent shape in spite of no longer living there.

Before the house was listed, I called the mortgage company and discussed out situation ... they did not want to hear it.  We were not behind = no help available.  I consulted with an attorney before listing the home, making sure that we were taking all the right steps to get to a successful sale.  And then we waited and prayed and payed.  Every month we have been right on time - paying our obligation even when it has been hard.

September/October rolled around and we got an offer on the home.  The bank was slow slow slow in going through the process.  They ordered a property evaluation which clearly did not reflect current market value.  We disputed the evaluation and they went on to reorder a new one based on our dispute....only they did not order it.  Then there were excuses and finally it was reordered and came in below what offer #1 on our property was ... too bad the buyers decided to walk because of the lack of timely response from the bank.

On to relisting our property at the new "bank value" as requested by the bank.  A new offer comes in and all looks ok and dandy ... well that is aside from the price :-(  The bank is very efficient up front and then it all comes to a sloooooooooowwwww halt..... weeks go by, our finances are being poured over from every conceivable angle ... our savings are dvindeling and our hope that this will end somewhat successful is disminishing.

Yesterday was the final blow ... the bank will only approve the short sale with us putting an obscene amount of cash down at closing.  Where exactly do they think we are going to get that cash from? .. beats me.  If the bank had done their what they say they would do when offer #1 was on the table, not only would we have had a higher purchase price but also we would be have been in a much better cash position....but alas that did not happen. 

Now the bank have all our financial records and know exactly what we have left ... still they asked for more than double that amount in cash upon closing.   Plus for us to sign a significant note for repayment ... and then the kicker ... they still will not release us from the remaining liability in writing (which the attorney stressed in great detail that we are to get).  This means that at any point in time they can come back for more..... when I questioned it the lady at the bank responded that she had never seen them go after anyone for that.  Right lady ... just like in December when you told me that our deficiency was really not that much compared to other going through the same scenario, and she did not really feel like we should worry about getting approval for the sale ... right!!!

So by now between, taking out a loan to "pay" the cash at downpayment; plus the new loan from them on the remainder balance; plus the added stress of not knowing when they want more .... not to mention the sucky impact on our currently perfect and unblemished (yes my pride and joy!) credit record ... I am just flat out broke.  My bank account is drained and my trust in the system has just flown out the window.

This is the real face of the drop in home prices in America people .... this SUCKS!!!!!

We have done everything we could ... and still I feel like we are being punished.  I bet if we had just decided to stop payment on our mortgage back last summer ... they would have been happy to work a deal with us.  But because we continued to pay all our obligations on time ... we are not a risk to them and they know. 

All I can say is I hope you do not have to sell your home.  I hope you do not get in the position where you have to move in order to secure employment.  And now I am left pondering what to do ... what to do... someone please hand over the magic wand!

1 comments:

RebekahRose said...

I just wanted to send a big HUG!! :( I am so sorry - I can only imagine how stressful this is for you right now!!

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