OT - Ok time to quit dragging it out...

I need to DO something about this house situation. SIGH.

Ok so here's what's happened since last I spoke of it.

Not much.

I had a lot going on so I decided to basically sweat it out and see what the mortgage company would do. I think they are stuck between a rock and a hard place. They REALLY don't want the house (the house is sort of upside down right now) but they seem not to want to foreclose either. The fact that I'm moving on this is simply a result of me being tired of living in limbo.

They've repeatedly told me they'd entertain a short sale offer, so I've hired a realtor who is really good at them. I am going to work with him to time the whole thing so we are NOT moving on Christmas. I don't mind moving very soon after New Years, but not on Christmas. If I move within 30 days of the hosue selling, I get $3k. I have been researching houses.

That's the tricky part. I can't leave my current house until it is sold (they check every few weeks to see if the house is abandoned and since I haven't been paying the damn loan sharks they do actually have the right to require the house be occupied sayeth my realtor, else they can charge me fees to "secure" the house, whatever that means).

So I am marching along to my own speed. I can say, at this point, I will not miss my house as much as I originally thought I would. I'm sick of stuff breaking, sick of buying oil at high prices to have heat, sick of not being able to entertain. Just sick of that house! It will be a happy day when I am rid of it!!!

So there's an update. Thanks for everyone who has prayed, swung chickens and the like for me.

You sound like my mother. My parents let their house go into foreclosure too. My mother hated that house and she really did not like her next door neighbors at all. My parents are in their 70's so my brother purchased another house for them to live in. Their mortgage was previously 1200.00 a month which was a lot for people on social security. The house my brother bought them was a foreclosure also and he got it dirt cheap. Its a really nice house and they are paying a little under 600.00 a month for the mortgage. I know you will be relieved when you are out of that house. My mother is so glad to be out of her house too. She said it was too big and needed too much work. Its been like two years and the mortgage company still has not taken the house back. I dont know what they are waiting for.

Well I hope you can get out of it fast and get that $3K, that would be nice.  I am glad that you are at peace with leaving the house.  I too would like to walk out of my house some days, but that is mainly due to no one listening to me.


Sarah

What happened that you can't pay your mortgage?  It's never a good idea to foreclose.

See...the thing about the word never is that it usually is never applicable ;)

In my case either foreclosure or a short sale is the best option. I got in with a usurious mortgage company that promised me one thing in getting the mortgage and delivered another (a refinance to a lower interest rate after six months of good payments - at the time I was dealing with a needed household renovation [for safety reasons] and I needed that money so I probably moved forward unwisely). Now I pay much more than the house is worth, which I can't afford, and they won't let me out of the terms of the loan (there is a class action lawsuit pending because many others have had this same experience). This caused me to max out my credit just to live. That's not sustainable because, what happens when there is no more credit?

So I prayed about it and decided to stop paying the mortgage and pay down my debt. I knew the house needed to go and the situation would eventually end in my moving. I did not want to take debt with me. I resolved that whatever came along I could deal with. So far so good. Foreclosure doesn't scare me. My credit is already tanked from what I had to do to survive and make that house payment.

So in this case...yes, foreclosure is a good idea. They tricked me into a bad loan. Let them figure out what to do with this house.