Day 177: When to Leave

 

Credit Score: 657

My score is up two more points! I'm liking this direction much more than dropping by huge chunks each month. 

I did hear from the lawyer soon after my last post. He says my shot at foreclosing in 2012 in lots better now that we have the auction date, but it could still get postponed up to four months without me having any notice or say in it. I'm still betting that it'll happen in December based on the crazy punctuality and thoroughness of the law firm that's been sending all the documents. 

As far as when we can move out, he says pretty much any time, but we should still check with a tax professional. There are examples, even examples published by the IRS, that show that people can leave before the sale and still qualify for the tax credit. 

However, after some internet research, we've decided to stay till December. Some tax people, real estate agents, and home owners all recommend staying till the bitter end. For one, you get to keep pocketing your mortgage each month. But mostly, the liability of the condo would remain with us until the day of the sale. November and December are dangerous months to leave a home unattended. If our pipes burst and damage our unit, or the neighbor's units, we're still liable to pay. If people notice the place is vacant and move in or destroy something or get hurt, we're again liable. 

Thus, we'll be staying until the sale. We might even go attend the sale just to verify that it not only happened but to ensure the amount it sold for is the number that actually shows up in the tax documents. 

I'm still having fun looking at houses and apartments online though. We're thinking we'll move closer to Corey's job and I'm looking forward to a new area. I'm hoping to rent a house, just for lower density living and to test-drive home ownership versus condo ownership. House rentals seem pretty expensive though, much more than we'd pay in a mortgage if we bought an equivalent place. Perhaps that just means these owners are still paying their higher interest rate mortgages and need to refinance. Or that the demand is high enough they can ask that much.