Saturday, May 5, 2012
Day 65: More Warnings
Credit Score: 710
Phone calls: 10
Emails: 2
Paper mail: 7
This month, I officially hit 4 years in the condo! That's not exactly a good thing. It marks the time we've all been in this housing crisis, really. I bought the condo just after prices started dropping and everyone was saying it was a good time to buy. This week in the news, they're actually saying prices are now as low as they're going to go, and they may start rising as early as next year. That foreclosures will be lessened as the banks start clearing out their backlogs. And that rent is the highest it's been in a long time. This is when I choose to default... I'm so clever.
At least I'm officially three missed payments in now. March, April, May. I figure my credit score will drop again mid-May when I pass the third grace period for payment.
No real progress since the last update, though. Actually, it's probably a little negative progress. We got another letter in the mail saying we have 30 days to resolve the past due payments or they'll send the notice of default. Which means at least 30 more days before we get the notice.
If I were in a situation where I didn't want to lose the condo, I guess I'd appreciate seeing that they're in no hurry to give notice. And it'd be nice to know that your timeline just got bumped out 30 days. But I'm not. It's just more delay, more time in the process, and more likely to cost me tens of thousands in taxes.
Better than 100 thousand selling it though. I've got to keep telling myself that.
Maybe this will go down in Schrodinger family history as Jane's 20,000 dollar mistake. :)
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Ouch, this seems so sad. I've heard in the news banks might start "renting" homes back to the owners after they foreclose. I guess that would keep lots of people from having to move out of homes they love. How would you feel about it?
ReplyDeleteI think it's a great idea and something that the industry experts have been suggesting. It would definitely help the economy to not have all the foreclosed homes on the market, help rent prices from spiking by lowering the number of renters back to normal, and would help the foreclosure from being so crushing on families.
DeleteI believe I've also heard that some deals are being struck where the homeowner keeps the house but any equity it gains over the next however-long is split evenly between the homeowner and the bank. Also not a bad idea, in my opinion.
Perhaps we're at a point where banks are looking for win-win situations.