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Update to the update

Things are not looking good on the real estate front in Illinois; our realtor gave us some depressing information.

We’ve decided that we’re going to try again to sell the place, and that means plundering our savings. At this point, we think it’ll be worth it to get out from under the place; we both make very good money, so rebuilding the savings shouldn’t be too painful.


As if the pile of stress and worry already on my shoulders wasn’t enough, my brother texted yesterday to tell me that my mother has been diagnosed with cellulitis, and it was severe enough that her doctor sent her to the ER for a 3 hour infusion of antibiotics.  They’ve been there for about 5 hours as of the time I’m writing this.

My mother is 72.  I realize she’s at an age where medical complications are going to start becoming more frequent, and that I need to ensure that I’m active in her life, but it’s still a bit of a punch to the gut.  I don’t want to think about the fact she might be gone in 10 years.

Sooo yeah.  Good thoughts, energy, whatever — greatly appreciated, thank you all.

Originally published at cheekitty.com. You can comment here or there.



( 16 comments — Leave a comment )
Jun. 11th, 2012 11:01 pm (UTC)
Much love to you and yours during this stressful time...

(((((big, comforting hugs)))))
Jun. 12th, 2012 02:34 pm (UTC)
Thank you sweets, back atcha. <3
Jun. 12th, 2012 12:53 am (UTC)
You're probably a good candidate for a strategic default.
Jun. 12th, 2012 12:49 pm (UTC)
You need to be careful with that, since depending on the state you live in, walking away from a mortgage doesn't erase the debt, if the bank can't sell the property for enough to cover it.

EDIT: I read on some blogs that in Illinois the lender can come after you if they can't sell the house for enough, but that few are doing so. I don't know if that latter is still accurate though. There are tax implications for debt forgiveness, btw.

I may end up dealing with real estate issues before too long, since my current job seems likely to wind down sometime this year, and I'm considering possibilities out of state. I think our house is above water, though (with down payment and longer occupancy, plus we finished the basement.)

Edited at 2012-06-12 01:22 pm (UTC)
Jun. 12th, 2012 02:34 pm (UTC)
We received an offer last year for 125k. (It fell through) Since then, we've replaced the dishwasher, AC/Furnace, done repairs to the fencing and deck.

Our realtor tells us we shouldn't expect to sell for more than 111k now.

That's almost 50k less than we bought the place for 8 years ago. We have a fully finished basement, new flooring throughout. It's a 3 bdrm, 2.5 bath, built in 1994.

I realize Antioch is a bit farther in the boonies than you are, but wanted you to know what we're looking at.

There are 4 other foreclosures on our old street alone; there was a newer subdivision behind us, I shudder to think of how many people have lost those more expensive homes.

Since we're hoping to buy in Boston eventually, I'm not sure if default is the way we want to go; 10 years is an awful long time for such a huge credit hit. Bren's ranted on the topic before; it's really disheartening that we did everything right... and we keep getting penalized. (Our taxes this year were a nightmare, first time in years we've ended up owing)
Jun. 12th, 2012 02:34 pm (UTC)
I'll mention it to Bren, but as I said below to Neowolf, I dunno if that's really an option we want to pursue.
Jun. 12th, 2012 02:54 pm (UTC)
All of what Neowolf said is correct (talk to a lawyer if you want to go down that path!). I don't think I'd want do it either - it just seems slimy - but the banks can (and have!) done that to all of us so to some extent turnabout is fair play.

I hope your mother is doing better.
Jun. 12th, 2012 05:08 pm (UTC)
That's kinda' been my take on the nightmare, especially when someone starts going off about how we have a moral obligation to stick to the agreement as signed. No we don't. We have a contractual obligation, and the contract quite clearly outlines what will happen in the case of us not upholding our end of the bargain.

Since the moneylenders have shown they have no moral investment in these housing contracts, and will do whatever's legal in the best interest for 'number one', I feel very little guilt at us doing the same for ourselves ;)
(Deleted comment)
Jun. 12th, 2012 02:34 pm (UTC)
Thank you very very much.
Jun. 12th, 2012 01:43 am (UTC)
Best wishes! Our house was on the market for 55 weeks. It was TOUGH, but once it finally sold, things started clicking. We put money away every month and a year later we were on top of the world. :)
Jun. 12th, 2012 02:35 pm (UTC)
Thankfully, I'm working, and if we have to maintain the mortgage and rent here... we CAN swing it, it's just going to suck.

I just really really hope ours isn't listed for 55 weeks. -.-
(Deleted comment)
Jun. 12th, 2012 02:36 pm (UTC)
Yes, yes he does. Both of us are having really stressful summers at work, and all this housing mess (as I mentioned in a previous entry, the house we're renting is being sold as well) is just making things worse.
Jun. 12th, 2012 02:00 pm (UTC)
Lots of good thoughts for you and your mother.
Jun. 12th, 2012 02:36 pm (UTC)
Thank you very very much.
Jun. 12th, 2012 05:21 pm (UTC)
Jun. 12th, 2012 06:20 pm (UTC)
I'm told the demand for rental property is high now, driving up rents. This shouldn't be too surprising -- those who have been foreclosed on have to live somewhere, and I guess not enough households have collapsed back together to soak up all of them.

But rental can be a nasty business, with maintenance and generally scuminess problems, so I can understand if you don't want to deal with that, particularly if you're in another state,
( 16 comments — Leave a comment )

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