Tuesday, March 8, 2011

The house goes- gurgle

I suppose we are ready for baby. We still have a few more Bradley classes to attend and a car seat to buy but other than that I feel pretty ready. Ready to get this baby out of me. Everything was going alright until he started kicking me in the ribs. Not nice baby, not nice at all.

My friends threw me a wonderful baby shower. This kid has lots of love coming from everywhere. California love, Florida love, Hawaii love, this kid is destined to be a beach bum. I remember those days. I hope I get to spend the time on the beach like my mom did with us. I remember running around diaper free and loving it.

On the house front we are trying to decide what to do. Our cute little tudor that we love and work so hard on is not worth the paper the mortgage company uses to send us the bills. Its hard to pay so much for something every month that is so underwater. Do we short sale? Do we walk away? Do we buy something else and go through all the same hell we have been through with this house? I don't know.

My friend Tracy calls me a "planner", she is right. Its hard for me to live in limbo. The morally correct thing to do would be to stay and pay. We agreed on the price, we bought the house, done deal. Except when you look at all the options and what other people are doing its hard to be the one that does the right thing. I mean its not like I'm going to get a gold star by my name because we made all of our payments. It only makes us feel stupid for paying so much when other people are getting such good deals.

We have 1 year to figure it out. That's when our mortgage GOES UP even more. Thanks to the awesome loan that we were sold. Honesty though at the time it was a good price for the house, and the loan was not that bad either. But man times have changed. Any of you guys having the same problems?


Erica said...

Sorry lady. That sucks. Seriously really sucks. The house two doors down from us is on the market for $150,000. You'd have to burn an acre of sage in it to get the yuck out from the douche that's been living there, but we could see our lil nephew every day!!! Whatever you decide to do will be the right decision for you. It's good you've got some time to figure things out. F'n crap housing market. We're probably close to underwater up here in Portland, but it's not nearly as bad here as in So-Cal.

LeighC said...

Loan mod? We were one of the lucky (unlucky?) few to get one after 18 months(but still underwater until 2030-something). If you short sale you have until the end of December to not be dinged in taxes. Short sale to a family member and buy back in two years? We should have short sold but (a) we like our 1930 house and (b) it is hard to find a place to rent in this town to keep the kids in the same school system. I wish you luck!

LBTudor said...

Erica- Is that the guy you could see in the bathroom all the time? That would be nuts to live next door, but you know I'm not hip enough to live in P-town. :)

Leigh- I tried for 3 years to get a modification. Our loan is held by shareholders who don't give a crap. Plus I was told by one BoA lady that since our loan is so big we would not have qualified anyway. They were only doing loans under 417,000. I wish I knew that before I would not have wasted my time doing the modification.

I think we decided to keep our house. I looked around a little bit and there is nothing really available. Lots of places for sale but nothing like this house. We have a lot of original details that I would have to replace or whatever.

Still want to get an official appraisal just to see where we fall short.Good luck with your house.

LeighC said...

From all the blogs and websites and such I was under the impression if you have a private investor owning the loan they would be more inclined to work with a homeowner because they would lose money if you walked away or short sold, but...if it is owned by an investor and serviced by a Big Bank the Big Bank will only do so much...because they get their money upfront off-the-top from whatever happens (our situation).
But it sounds like yours is owned straight up by BofA. In some states they can foreclose and not only sell the property but also get (gov insured?) money for their loss and make up the loan amount. It's all so impersonal. I truly think that a ton of TARP money was squandered or simply never made it past the Big Bank CEOs private accounts.
On a less dire topic...I love the pics of your house. It is really beautiful. They really don't make them like these anymore :)

LBTudor said...

From what I can tell our loan is serviced by what I would consider a collection agency. There are only 3 people that work there. Its a total waste of time in dealing with them.

Thanks, our house is great. I love our neighborhood too. Its a lovely spot.

erica said...

Yes Sasha...it is indeed the serial exposer. *shudder* Although, the eucalyptus finally got big enough to mostly shield us from his toilet escapades. House directly next door is for sale too. Creepy guy house is down to $140. I'll bet the crap house next door could be had for $120? Less? It's a foreclosure.