Friday, October 10, 2008

Hopeful news

I wish I had wonderful news to report that all the problems related to the house were solved. Unfortunately, that's not really the case, though that doesn't mean all is lost at the moment. In terms of immediate problems, we seem to have the issue of paying the various bills (electricity, gas, groceries, etc.) taken care of as the three of us seem to be bringing in just enough money to cover that. I feel that as far as the bills go, we will be OK for now. As for the house, that's a different story. The good news is that it's unlikely we'll be forced to leave due to foreclosure anytime until about a year from now. I spoke with a man who responded to my request for information on a website that is part of some national association of foreclosure prevention or something like that. He said basically that as long as my dad owns the house there is little he (or we) can do to stop the foreclosure, especially since we have no way to even think about paying the monthly mortgage payments, which is around $1,700, not to mention insurance and property taxes. The glimmer of hope is that should I somehow get a job and be able to start making some sort of monthly payment on the house after I graduate in May, there could be a way we could still save the house. He also said that adjustable rate mortgages, which is what has played a huge role in the house becoming too expensive for my dad to handle, is a tool that was incorrectly used on this house. Adjustable rate mortgages are more for investors who take a mortgage out to fix a house (or houses) and raise the market value of the property and then have the rate lowered. He also said many mortgage companies began using this tool as a way to attract new customers with the false hope that they could have the rate reduced. Like here, most times it goes up.

Of course I would rather not take over a $1,700/month mortgage payment, so if we somehow keep the house I would definitely want to try and reduce that as much as possible. Many people, particularly those close to the situation who know the problems the house has in general keep wondering why we don't just walk away when we can. One thing people need to understand about me is I am someone who is not only fiercely loyal, but I also tend to get attached to things and places. We have lived in this house for 25 years, so basically my entire life (we moved here when I was 10 months old) this has been home, so my attachment to the house and the yard is pretty deep, almost like it's a member of the family. It would be different if I were moving out to my own place, but losing the house is just something I cannot even fathom right now; it's like thinking about losing a loved one as far as I feel. I realize I have personified the house, but can you blame me? It's played a huge role in my life. Just walking away or even stripping the house when we leave, to me, would be like betraying the house even though I know it's just a "thing" without emotions or feelings.

1 comment:

Mindeena said...

I know how you feel. I am pretty attatched to the house I grew up in two. My parents talked about selling it I was so SAD. But it does look like you have lots of pictues and good memories.... That is the important thing. Right?