Got the new house.
Well today was the day to close on the new house. What a load off of my mind. It is still quite a load knowing that the house in SoCal is most probably not going to sell, and I will have to make a choice of rather to give it back to the mortgage company as so many people are doing, or to some how keep it and ride out the storm.
The problem is that the only houses in SoCal right now that are selling are the repos. Because they are repos, they are hardly bringing anything when they go up for auction. When they sell they set the comp price for the neighborhood and screw up even the people that have made all their payments on time, and are not in trouble of losing their home.
However if you just for some reason get transferred during this time, even with the relocation package, the offer for your home may not be anywhere near what you need to pay it off even. So there you go another choice to make.
Do you give it back? Or find a way to ride it out?
Sean @ January 15, 2008