Sunday, March 16, 2008

Selling the Apartment Building

So... we're trying to sell the apartment now. If I had only listened to my wife in 2006 and sold then... *sigh*. But, I wouldn't have met my nice neighbors and I may not have as involved at our wonderful church, and we may not have gotten Boaz and Bubba. Anyway...

So, why? Last year we started refinancing with Purpose Funding. The guy we were working with, Jason, did four refinances in a row with us. In September we started a refinance and he told us to hold off on paying the mortgage as the refinance would take care of it. However, he was slow getting the loan to us and it was almost late by the time he showed up with the paperwork. The rate was much higher than we arranged over the phone, but he promised to refinance it to a lower rate in November and we were stupid/desperate, so we signed. Jason disappeared after that, and when we called Purpose Funding we found out that Jason didn't work there any more and nobody could get in touch with him. So, our mortgage shot up by $2000 and we were in deep trouble. I guess he made a lot of commission or something, but I have a hard time not thinking bad thoughts about him.

We tried to refinance elsewhere, but very few people are able to refinance apartments. Besides, mortgage companies started getting scared about that time. I had called our mortgage company several times since November in order to restructure the loan. So far, no joy. (I didn't realize this, but I must have picked up the phrase from my father.)

The last few time I called, the mortgage company said they just could not restructure the loan. I told the loan company that we are having a hard time paying that much more and we won't be able to make the whole payment; we've used up our savings and even paid a couple mortgages on credit. If it weren't for the extra side jobs I get from time to time, we'd be in really serious trouble. Still, they say they cannot change the loan as it was originated by Fannie Mae and they won't allow a restructure.

So, we have the apartment up for sale with a note indicating it is a short sale. We post what we would like, but the "short sale" note tells potential buyers that we'll take much lower offers. Once the bank approves an offer, we sell and move. If the short sale does not happen, we'll be unable to keep up and we'd face foreclosure. *sigh*


  1. I feel your pain brother - without the roomates I would have foreclosed a few years ago.

    Nicole recomennded Financial Peace University to me and I am really enjoying the program and learning a lot - somthing to think about when the dust settles...

  2. Nicole has mentioned that in the past, as well. When the dust finally settles, I'll be revisiting this FPU.