eftychia: Me in kilt and poofy shirt, facing away, playing acoustic guitar behind head (Default)
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So there's this house that I'm trying to buy. It's the one I'm living in. It's being sold "short", because my landlord desperately needs to get rid of it. I don't want to move, and I want a living situation that I know isn't going to abruptly change on me every couple of years for a change. Now the house costs less than many cars, and even though it's not the best investment the monthly payment would be about half of the rent I'd pay on an apartment too small for me to set up my office in, but I can't qualify for financing on my own because I don't earn a whole lot of money. My credit's good, but there's not much income. Mom said she'd co-sign, but we had some entertaining scheduling problems trying to set up a meeting with the mortgage banker, starting with Mom being in Cyprus and then my being at Pennsic. We finally did arrange to be in the same place at the same time, ran some numbers, looked at possibilities, and left with a to-do list and some decisions to make.

Yesterday I got email from the realtor saying that the bank that holds my landlord's mortgage has decided that unless there's a signed contract by Friday, the house is being taken off the market and going to foreclosure. So now we've got a deadling, and it's close. And I'm having trouble getting ahold of Mom, and I cannot be reached by phone, and I haven't been able to get ahold of the contractors the realtor suggested for estimates on FHA 203K repair work, and I'm nervous enough about all the ways this could fail to work by Friday that I've gone into run-on-sentences mode. Now this could all still work, but right now I feel like we just got the two minute warning and we're down by eight.

Homeowner or homeless? Guess I'll find out in two and a half days.


A propos of nothing, the song currently stuck in my brain is "Big Bottom" by Spinal Tap. Also, I've been having a lot of trouble breathing for the past three days or so (thank goodness for Albuterol -- it helped enough that I could play woodwinds last night -- but I'm using it a lot more often than I'd like). Anyone else in Baltimore (or basically middle-Maryland) having unusual amounts of athsma trouble this week?

Mood:: 'worried' worried
There are 3 comments on this entry. (Reply.)
 
posted by [identity profile] anusara.livejournal.com at 04:45pm on 2002-09-18
Ask the bank if they would allow a renter until the house is purchased. Basically, in a foreclosure the bank takes possession of the house and sells it for the amount due on the mortgage or more if they can get it. So the bank may take your offer to purchase the house after it has forclosed and taken possession - however, you'll need their permission to stay (probably) - it's possible, depending on landlord/tenent laws in Baltimore, that they have to let you stay for a while because they might have to honor your rental contract. In any case, if the bank says the renter can stay (or may be required to allow you to stay because you have a lease), since no one bought it successfully earlier, chances are you'll have some time to get your stuff together later to try to purchase it. I'll ask my brother (who know these things and can manipulate them). Goof luck!
Ru aka. anusara
 
posted by [identity profile] dglenn.livejournal.com at 08:45pm on 2002-09-18
The bank has basically been trying to sell it -- if they give up on that (which is what they're saying will happen Friday), they're going to give it to HUD. And for that to happen, it has to be empty. So in this particular case, foreclosure == eviction for me. :-(
 
posted by [identity profile] anusara.livejournal.com at 11:20pm on 2002-09-18
Hey, wait a minute. Just sign a contract - all the sales contracts are contingent on getting a mortgage, anyway. Any contract they ever have will be contingent on getting a mortgage in say 30 days or so.

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