The good. The bad. and the down right UGLY....
The Good: Jeff is coming home this weekend.
The Bad: I have to drive 4.5 hours each way to get him b/c his car is dead!
There is a possibility that he could be released from Chicago on Friday, which is fantastic for him! Then he'll have a few days until he has to report to Virginia. So we get this weekend with him, but (well, sort of in my greedy way) we lose a additional weekend with him. Because had this weekend and his release weekend NOT corresponded, then we'd get another weekend with him as he traveled through to Virginia. Like I said, just me being greedy;)
The Ugly news: I met with the realtor today and despite her sweet charm and genuine optimistic outlook- we are screwed! I would use more profane language, but my grandparents read this, so we'll stick with screwed.
You see, we bought our house two years ago. At that time we got a "good deal" on it for all of the things it offered. Well in this terrible economic state of our country, over that two years house prices have steadily fallen 10% each year. And now we owe $19,000 MORE than our house is worth. That's right, more. (insert expletive after expletive). And even if you attempt to sell it for the increased amount, no mortgage company will finance anyone for more than the appraisal.
For the average person that's not a big deal. Things work themselves out, and the values will turn around in a few years.
But for the family that has to move across the country. Well you are just screwed! In our best case scenario it would cost us between $10k-$16K to get out of it. But I'm sorry, we don't have 'savings' like that to dump into a house just to get rid of it!
So what do we do now? ... Good question!
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2 comments:
I was listening to Clark Howard yesterday and he mentioned the Military Homeowner's Benefit that's part of the stimulus plan. Not sure when you bought your home, but if it was before July 1, 2006, you may be eligible for Federal assistance. There's an article about it on Clark's website: http://clarkhoward.com/liveweb/shownotes/2009/03/05/15259/
Hey;
We hope you all had some fun together. The weather was terrible on the weekend.
I know it will not make you feel any better, but I was suprised to hear 40% of the mortages in the State of MIchigan are in the same position as yours. Underwater. It is a mess the country is in. I hope Elizabeth's comment can be helpful.
Take Care
Kevin, Jeanne & Tara
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