Talk about a double whammy. One being more important than the other, ofcourse, but equally upsetting ;)
I didn’t know this neighbor, but she sure threw some awesome parties! It was like Cinco de Mayo there every other weekend – at least when peering through our window in jealousy. We were never invited, but now we share their pain….damn economy.
I’m not sure of her entire situation exactly, but from what our GOOD neighbors say (the ones who invited us to watch this so-called football “game” last night) it seemed as if their interest rates reset and they could no longer afford their corner-unit with a glam frontview of our LAKE!!! arghh….so they then tried to “short sell” it, only to find out their lender won’t except it!!!
Short Sale: A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.
So while this neighbor HAD an offer on the table to buy the property at a MUCH lower value (i think it was around $300k for a place that sold for $370 two years ago) she just said “F it” and it is now in foreclosure. ARghhhhhhhhhhhh…..
So now, the minute it sells for buttloads less, all of our places will drop in value!!! I don’t know the logistics of it all, but basically if her stupid corner townhouse with the f’ing fantastic view sells for, let’s say, $200k (God forbid), and our not-*as*-nice places used to be valued at $350k-$370k, then the next buyers coming into town could value our places around $250-$300k or something equally horrendous. I really don’t know how it all works out in reality, just in theory ;) What i DO know is that it hurts us either way…and it really pisses me off.
Again, i don’t know her specific situation, but it just sucks when you are a good little citizen and pay your dues on time and diligently, yet you lose thousands because of someone else’s mistakes! Why again did we have to buy a house so randomly at the peak of the market? oh yeah – to follow the American dream! F to the F to the F, F, F.
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!