Monday, September 26, 2011

That's a wrap

Well its bittersweet but its time to sell the house. We got a denial letter from our loan company. No loan modification for us and instructions to stop asking. I only have submitted my packet to them 3 times over the last 2 years. Am I annoying them or something? The nerve!

We applied for a principal reduction through Keep Your Home California as instructed by Guild our loan company. We qualified for $50,000 (yes 50 g's) with the hopes that Guild would match the offer. Since they denied the $50 from KYHC and are not going to match or work with us at all I'm giving up. I think its because we have not defaulted on payments. I mean why would they reduce the principal amount of the loan when its not in default. They would be shooting themselves in the wallet.

So on the market it goes. If we honestly thought that this house would be worth anywhere near what we owed before this baby was in High School we would keep it. But since our neighbors are all bailing out I'm scared who is going to move in. Comparable houses are listed for $170,000 less that what we owe. There are vacancies and its starting to look pretty run down around here. We are in a nice little Historical District pocket but the gang activity surrounding us is too much to deal with. When the ghetto birds are hovering so low they wake up the baby I think its time to move.

Sad, we love this house. Blood, sweat and tears this house. But its older than shit and needs a lot more repairs than we ever did.

So long bloggers. I wish you luck. I hope the new owners get a smokin' deal and keep on fixing her up.

Pour one out for my homies.
peace out-


priscilla said...

So sorry for your predicament, Good luck!

Why S? said...

Best of luck. Such a loss for your neighborhood.

LBTudor said...

Thanks S. Our neighbors across the street left, vacant house and the ones 2 doors down took an offer on their place for $170,000 less than we owe. Not much we can do at this point.
It is sad though. In the 4 1/2 years we have been here we have restored this house, been involved in the community with the street scape improvement, built and maintained a community garden and on and on. This who mortgage thing is breaking apart neighborhoods. I hope in the end it all settles how it should.
But it makes me wonder who will be buying here if anyone.