Perseverence
Lately I've been changing directions so often I think I have some sort of virtual whiplash. And here comes yet another sharp curve and the sharp bark of tires on a curb. Le sigh.
For those who have never heard my housing sob story, allow me to hand you a box of kleenix and turn on the violin music . . . In a nutshell, we paid around $124,000 for a cute little townhome six years ago with the concept that we would live in it for 2-3 years and flip it for a down payment on a larger family home. Then the economy went to hell in a handbasket - and I got pregnant - which were both entirely unpredictable events. Within that 2-3 year period, the value of our house dropped to $80,000 - leaving us roughly $45,000 upside down. I won't say that I haven't had a great deal of enjoyment laughing at every financial individual who suggested I look into home equity loans . . . , but it is a little frustrating that I have been a good girl and faithfully made all of my payments for the last six years, and at last . . . at long last . . . we are only $10-15,000 upside down.
But now my baby is 5 and is ready for school, and it turns out we are districted for the most troubled school in the neighborhood. Not just a bad school. The school that is whispered about in back alleys other parents threaten to send their children to if they misbehave. So now a gigantic clock is ticking, and I need to figure out how to unload my elephant of a house without destroying my credit. I was considering calling the We Buy Ugly Houses folks - but from all accounts on the Internet, it sounds like they'll offer me roughly 40% of the value of my home . . . which is not feasible. Renting is a frightening option . . . given the quality of folk in the neighborhood - I'm afraid they would trash the place and make my situation worse.
So now I think I need to contact a bi-lingual realtor who is willing to sell my place for enough to pay the bank and cover his/her realtor fees . . . and not a penny more. I don't want any profit. I just want to be out from under my mortgage with my credit intact.
Any ideas? Any resources you think I should try? Anything a cousin or a friend did that might work for me? I'm open to suggestion!
For those who have never heard my housing sob story, allow me to hand you a box of kleenix and turn on the violin music . . . In a nutshell, we paid around $124,000 for a cute little townhome six years ago with the concept that we would live in it for 2-3 years and flip it for a down payment on a larger family home. Then the economy went to hell in a handbasket - and I got pregnant - which were both entirely unpredictable events. Within that 2-3 year period, the value of our house dropped to $80,000 - leaving us roughly $45,000 upside down. I won't say that I haven't had a great deal of enjoyment laughing at every financial individual who suggested I look into home equity loans . . . , but it is a little frustrating that I have been a good girl and faithfully made all of my payments for the last six years, and at last . . . at long last . . . we are only $10-15,000 upside down.
But now my baby is 5 and is ready for school, and it turns out we are districted for the most troubled school in the neighborhood. Not just a bad school. The school that is whispered about in back alleys other parents threaten to send their children to if they misbehave. So now a gigantic clock is ticking, and I need to figure out how to unload my elephant of a house without destroying my credit. I was considering calling the We Buy Ugly Houses folks - but from all accounts on the Internet, it sounds like they'll offer me roughly 40% of the value of my home . . . which is not feasible. Renting is a frightening option . . . given the quality of folk in the neighborhood - I'm afraid they would trash the place and make my situation worse.
So now I think I need to contact a bi-lingual realtor who is willing to sell my place for enough to pay the bank and cover his/her realtor fees . . . and not a penny more. I don't want any profit. I just want to be out from under my mortgage with my credit intact.
Any ideas? Any resources you think I should try? Anything a cousin or a friend did that might work for me? I'm open to suggestion!
posted by Andrea Peach | 9:56 AM
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