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Whee! More Mortgage Fun!

Some of you know we've just entered escrow to sell the ranch (finally!).  The two banks owning our mortgages finally got their act together to agree that the people who put in an offer in January could buy the ranch for less than we owe on it (a "short sale").  They worked out the numbers and the first mortgage would be paid off entirely and the second would take less than is owed:  if they got $X, they'd allow the sale but we'd owe them the balance, and if they got $(X + 30K), they'd not only allow the sale, but would forgive the outstanding balance.  We're pretty sure we can scrape together the $30K.

Well, the universe seems to hate to see me happy.  The bank lending the buyers money did an appraisal of their own and got a value for the ranch that's about $45K less than what our banks got 2 weeks ago.  They're looking to rewrite the offer to be that much less.  MortgageBank#1 couldn't care less as they still get the full amount owed them.  MortgageBank#2 is holding firm to $X and $(X + 30K), meaning in order for us to even close the sale, we have to come up with $45K, and to close the sale and have the outstanding balance forgiven, we have to come up with $75K.  I just don't know if there's any way we can do that.

Man, so F-ing close!  The sale's supposed to be closed by October 14, ahead of the scheduled foreclosure sale (October 24, if I remember). 

I need to schedule a visit to a friend with a very absorbant shirt as I badly need to cry buckets.  Without the kids in tow.  I'm so very tired emotionally of holding everything together in front of them.


( 1 comment — Leave a comment )
Sep. 23rd, 2009 05:53 am (UTC)
Oh honey, I haven't had a terry cloth shirt in years but I can use a towel...
( 1 comment — Leave a comment )



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