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Mom Confessions Mom Confessions

Second update: Updated: We are being forced from our home

Anonymous
Posted by Anonymous
  • 64 Replies
Update: I've been doing some homework the last few days. I've compared two exit options (short sale vs deed in lieu of foreclosure) and its looking like, given our need for rapid exit and how far under we are, deed in lieu of foreclosure might be our best option. There are numerous houses for rent right in our comfortable price range, so if I can patch up a few things around the house, we can hopefully get this process started in the next couple months and be moved by the first of the year. Wish us luck. This is overwhelming but is going to be a fresh beginning.

We bought our home 7 years ago. DH previously rented a room in the same house for 5 years, so he has 13 years in the neighborhood. It was a nice townhouse community when we bought, mostly military and young professionals and the homes were mostly owner occupied.
About 5 years ago property values took about a $20k hit. Owners couldn't sell so they rented. Over the last 2 years the neighborhood has gone downhill with a rapid decline over the last year and values have tanked.
We now have a drug dealer living next door, have had 2 meth labs busted in the neighborhood, deal with frequent break ins on our street and random gun shots in the street. Tonight took the cake, 6 rounds fired in succession in the street and cops who completely blew off our concerns.
We owe $148k on a home worth about $80k but we don't care. We are short selling and gettin the hell out. I'm just so upset we are being forced from our home.

Update: Thank you everyone who had advice and well wishes. We will definitely work toward a neighborhood watch program and petition for a stronger police presence. We aren't entering the idea of a short sale rashly. We've been contemplating it for a couple years. We have just finally made the decision. We will be contacting legal and our mortgage company about what options we have. I've scouted a few potential rentals all ready and even found a nice gated community in our price range about 5 miles from us. So I need to get the ball rolling. We have a little to do around the house to get it sale ready.
Posted by Anonymous on Jul. 9, 2013 at 10:28 PM
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Replies (1-10):
Monkie-00
by on Jul. 9, 2013 at 10:33 PM
1 mom liked this
that sucks srry to hear but maybe the next place will be bigger and better
Zazayam
by Ruby Member on Jul. 9, 2013 at 10:35 PM
1 mom liked this

Oh my, very sorry to hear that! Good luck :(

Katalina650
by on Jul. 9, 2013 at 10:39 PM

Bummer I am sorry to hear that.

Anonymous
by Anonymous 1 - Original Poster on Jul. 9, 2013 at 10:41 PM
It's so upsetting. We have lived our entire married life here. I love my home. (DH doesn't, lol.)
We have to go outside of our comfortable price range to really open up rental options but I can't raise my son here. It's worsened by the fact he JUST met and made friends with some of the neighbor kids. :-(


Quoting Monkie-00:

that sucks srry to hear but maybe the next place will be bigger and better

hatinnd
by on Jul. 9, 2013 at 10:42 PM
6 moms liked this

Section 8 makes it possible for people like this to rent in neighborhoods they should never be able to afford.

Nicolekathryn12
by on Jul. 9, 2013 at 10:42 PM

That terrible I'm sorry. But I don't blame you, I couldn't live like that no matter what kind of a lose you have to take

andreamarie
by Gold Member on Jul. 9, 2013 at 10:42 PM
Sorry mama. Where do you live, chicago ?
notjstanothrmom
by Ruby Member on Jul. 9, 2013 at 10:43 PM
I'm sorry. :( I'd take the jit and get out too.
Sassy762
by CAFE SASSY HBIC on Jul. 9, 2013 at 10:43 PM

Sorry this is happening to y'all

Maevelyn
by Gold Member on Jul. 9, 2013 at 10:44 PM

Rent it?

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