I finally got around to calling a real estate agent on Tuesday (thanks Maddie!) and found out some bad news. I wasn't expecting good news- but it was worse than I thought. Houses in our neighborhood in AZ are selling for between $139,000- and $170,000. No, wait, I phrased that wrong, they are listing for that much and selling for even less.
So considering that we still owe a whopping $240,000 it's not looking so hot for us. Not at all. My first reaction was to think that we should just hang on to it until the market improves. But that could be YEARS and even with renters in it we are still paying out $900+ a month. So my second reaction was to just not think about it at all (which is kind of what I've been doing for the past few months). Jeff, on the other hand, called his dad for advice. He said that we should just let it go into foreclosure since the loan is only in my name (thank goodness!). His words were "quit feeding a dead horse." Initially I was really against the idea- I'm not a big fan of trashing my credit score. But being able to save that money every month would be fabulous and maybe it'll keep me and jeff from making some crazy quick decision to buy a house in the next little while because heaven knows we aren't great at holding off on things once we get the idea in our heads.
So who knows. Dumb house. BUT silver lining or whatever is that if we hadn't moved there we wouldn't have gone to the fertility doc and so we wouldn't have elea right now-- and she is definitely 100% no questions asked worth it.
11 years ago
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8 comments:
That sucks, but is great for people who want to buy a house there because those prices are amazing. Anyways, my sister does short sales which are supposed to save that credit score so if you are interested in talking to her to learn about it let me know.
hey, i'm not going anywhere for the next two weeks, so if you'd like me to watch elea, i'd be happy to :) just give me a call
Well, I'm sorry about the house. It does seem like a losing proposition, though--by the time the market might pick up again, you'd have spent enormous amounts paying on the house and being unable to save up for yourselves.
Any chance Clint might want to buy it?
Ouch! Dang it! I'm sorry to hear that. Move HERE! Oh wait that won't solve anything. ;) It would be fun having you here though.
Oh I am sorry to hear about the house. I guess you probably already thought of this, but... did you pray about which decision you should make? Trashing your credit takes years to overcome and a lot of hassles. Sometimes it seems worth it at first, but in the long run may not be. Of course you'll do what's best for you. Good luck. I'm thinking of you.
Also, would it be possible to do a short sale instead of an outright foreclosure? I'm not sure how they work, but someone suggested it to me when I was explaining your situation, and said they don't totally destroy your credit. Of course, you do still have to find a buyer.
Hey, we all have crappy times and not-so-crappy times. At least you're smart enough to look for the positive - and Elea was totally worth it, if you ask me. They always are. :) Love you guys - good luck!
it's a great idea-whether it's been prayed about or not. hanging onto it will simply drag you into a financial wasteland.
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