The housing market has officially become a disaster for us. We've had our house on the market for a year now and we've only had one offer that was WAY TOO LOW! Andrew and I have been apart for about 8 months now and looking at being apart for at least another 3 months. So, in light of the fact that we aren't even getting showings anymore, we've decided to take it off the market.
We are working with an attorney friend of ours to negotiate a "Swap" with our mortgage company. What this means is that we ask Countrywide (our mortgage company) to trade us a house that they own in Salt Lake City for our house. Same price, of course. They would then "own" our home. This would be to their benefit, because right now they have a paying customer (us) and they only "own" 1 house. They can either keep us as customers or lose our business and have 2 houses they own. They'd have 2 homes because if they refuse to swap with us then we are just going to give our house back to the bank. We wouldn't be foreclosing, that would mean we were in default on our payments. We just can't wait around for another 2 years for the market to rebound. We need to be all together. This swap idea is a great alternative for people who are currently paying their mortgages every month, can't sell their home due to the influx of homes on the market and the current economic crisis and need to relocate quickly due to job change, etc.
We know that there could be repercussions in giving our house back to the bank, but our attorney friend said that we might be able to find a bank to give us a home loan. Crazy things are happening now with the economy and if we can prove an income and we haven't defaulted on a previous loan, then some might work with us. Otherwise, we might have to rent for a few years, but even that's better than where we are right now.
We're concerned with forward movement right now. We want to get settled somewhere by this summer. Aurora starts school this year so the need is becoming desperate. Hopefully everything will work out. We are luckier than most. Most people are losing their homes. I feel fortunate that we aren't in that position.
Christmas 2025!
8 months ago
7 comments:
At least you haven't run out of options yet. I hope you guys can be together soon, we're praying for you. How frustrating---dumb housing market!
Sounds like a wise decision, especially with all the abounding financial chaos. We are happy that you guys will be able to all be together again. Let me know if I can do anything to help you out!!
I hope it all works out for you too!! Sounds like you know what you're doing. I hope it's soon!!! Maybe I can see you this summer---we will be there in July.
How frustrating this all must be for you guys! I hope things go well and you'll be able to do the "swap" thing. It sounds like a good option and it makes sense. Besides, you might get a bigger house in Utah for the same price... :)
We (Annie and I) are all for getting you back together again, asap. The "swap" actually sounds like a strong option in your favor. Any idea on the length of time for the paperwork?
Hey I never did ask, how it happend that Andrew is in Utah and you are in Delaware. I realize that's probably where you guys wanna live? Just curious on the story, that's all....call it nosey..LOL
Andrew got a job out in SLC and since our house hadn't sold yet, I stayed out here to sell while he's been living out there working. It's been rough. He's been out there since last August. Hopefully, we'll all be out there by this August.
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