Tuesday, February 23, 2010

Looking on the Bright Side

I'm trying to look on the bright side of life. Sometimes it's hard. Right now I'm facing the loss of my house, due to the economy. I'm talking to my mortgage servicing company (so annoying that I can't talk to the people who actually hold my mortgage, but have to go through some third party, whatever), about a possible loan modification. Honestly, I don't think I'm going to bother. I'll let that part of things run it's course, then talk to them about trying to do a short sale.

My neighbor has had his house on the market for several months now, and has had several people try and buy on his short sale, they've all gotten rejected. Guess no one can get a loan right now. I'm hoping we'll have a little more luck. Our place needs some TLC, we started some projects we ran out of money to finish, so it would be a good investment for someone who wanted to fix it up and re-sell it. The market is supposed to start picking up soon. It's just not worth it for us to stay in this place, we're so far upside down in the house that it will take forever to get back up to how much we owe and we'll never recover the lost equity. It's about time to wash my hands of it and just walk away. As much as that sucks.

But we've always talked about moving out of state, and heading somewhere that it snows. So I'm trying to look at this as a blessing in disguise. I just hope with the hit to our credit from the house that someone will still be willing to rent to us. We're good people, normally careful with our money, but with the nose dive the housing market took the year we were planning to sell, we got in over our heads with an adjustable rate. Never again will I fall for an adjustable rate mortgage, it's financial suicide! But, we'll soon be far away with a fresh start. Now I just need to tell my boss ad talk him into letting me telecommute...

Until next time,

The Blogoholic


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