At least that is what our mortgage company/bank is calling us. Those of us that for one reason or another can't sell and end up renting our house instead.
Thank goodness, we do NOT leave in an HOA, the area rents quickly, we have already found a rental where we are going and the difference is doable.
My last thread was
here.
Turns out we HAD to be 30 days behind to get a short sale approved. I told them I didn't want to trash our credit just for that. Well, we may still end up a payment behind but one payment will be easier on our credit history than a short sale, a deed in lieu of or a foreclosure. So we rent for a year or so, wait for the market here to recover some and then try and sell the house.
According to my realtor, it's already starting to see a small bit of a turnaround. She even had a bidding war on a 150K house last week. Three people wanted the same house.
So we are frantically packing and heading to TN in a couple of weeks. Thanks for all the good wishes and support.
I just got tired of beating my head against a bureaucratic brick wall that was suppose to HELP those of us in need of help and doing it's best to make us nuts instead.
Renting out our house makes the most sense at this point in time...there will be a better time to sell later on.
Liz
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