Monday, October 06, 2008

Short Sale Deficiency

Here I am. Just trying to make some sense out of the craziness that has come & taken over our lives. It's almost too much to even comprehend but I am sure that God has a plan & I just pray that I have the strength & courage to step up to the challenge.

I will try to make a quick update on the house selling situation. We are having to do a short sale ( sell the house for less than we owe on it) The Realtors' said that if it was a good enough offer the bank would accept it & call it even. We were very adamant about this because I could see how in the world the Realtors' were getting paid. They assured us it would all be taken care of by the bank. We got a number of offers, the bast one being almost $5K above the asking price. So we submitted this to the mortgage company & waited. And waited. Now they have come back with a counteroffer.: We sign a no interest promissory note of $18K, payable by $100 per month installments for the next 179 months (BTW that's for the next 15 years!!) Sorry guys, just can't do it. I can not lay my head down every night to go to sleep knowing that I am paying for a house that I no longer live in, until the year 2024!!!
After a few days of me worrying my self sick about this, we finally got an email that they could take $5,000 dollars, due at closing. Uhm, we don't have $5K. If we did, we wouldn't be so far behind on the mortage payments & two months late on my car. So, here we are, waiting again to see what their next offer is.

Charlie has had a few good interviews with two companies. One might be in Pensacola, FLorida & the other maybe Mobile, Alabama.

Dane is loving Kindergaten. He now knows 7 words to spell. And is getting excited about dressing up for Halloween.

Gracyn is getting big. Maybe teething. She has been awfully fussy the last few days & had a fever one day.

I have been trying to sell some stuff on Ebay, I even have a few books listed on Half.com and need to look into Amazon. I figured since I love to read & seem to always sniff out the books at any yard sale/ thrift store, why not see if I can make some money. I've also been trying to purge some things that we no longer need & box up stuff that we can live without for awhile.
I've also started making something for Dane for Christmas. It's a plastic canvas Nativity that I think he will enjoy. He's old enough now to have some understanding of the story & I feel that by having his own set, the story will have more meaning to him. I'll post pictures once I get some of the pieces made. I do need scrap yarn if anyone has any laying around.

I hope that all of my friends are doing good. I will try to make my way through everyone's blogs to see how everything is going. I have missed the interaction, but with all of this weighing on me, I just feel like we are in the Twilight Zone-I'm ready to wake up & have a normal life back LOL!!


Thanks to everyone who has remained with me. I'm sure God has some wonderful things planned ahead for me. I hope to share them with you soon.

3 comments:

Maija said...

I am so sorry for your difficulties- what a crazy world we live in. Good, hardworking people are faced with trying times.
I'm wishing you the best!

Laume said...

It so angers me how hard the banks make it for people to do the right thing and try to sell their homes. We had this problem with a house we owned long ago. The bank would not work with us at all and finally, at the advice of a real estate lawyer, he told us we would be better off simply giving the house back to the bank, so we did. We had it on our credit record for seven years which meant we had some limitations on what we could get loans on during that time and it was emotionally depressing. But now I'm just more angry that they are so greedy. It's not like they didn't get their money PLUS from all the interest we paid over the years - and they ultimately ended up selling it for no more than we were offered in short sales. Sigh. It's crazy times. It'll all work out eventually. Things have a way of doing that. The trick is to stay above it, breath in and out, and not take it all too personally.

Heidi said...

Kristal,
Hugs to you. Keep looking up, stay strong. Hugs.
Heidi