Well its been a roller coaster of a week. We made an offer on the fixer upper in New Orleans and it was accepted. I found out this week that no banking instituion will do a mortgage on a house that isn't "move in" ready. Especially if the roof is tarped over. Fuck 90% of the roofs in New Orleans are tarped right now. Several of the banking institutions didn't even return my calls.
I thought that I could borrow against my retirement.....Nadda Even if I lost my job I couldn't touch my retirement until I'm 55 and then I could only access 10% made in payments over 9 yrs.... I don't have enough equity to borrow it off the house in Michigan either.
So basically we're fucked. Trying to have an American dream is too frusterating, I don't know why I bother. I might as well get used to the fact that I will probably be stuck here forever. The thought of it makes me sick to my stomach, but what choice do I have. Thought about just renting down there but rent in the non effected areas has tripled since Katrina.
I have a few more calls to make but I'm not holding my breath.
2 comments:
Ugh - what a mess! Sorry you guys are having such a rough time getting financing. I hope you're able to work something out.
Ditto. Is it possible to get your house in MI reappraised for a higher amount?
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