(no subject)
So I don't know if this is good or bad. But we might be moving.
My mom tried to refinance the house to lower the interest rate, but apparently the mortgage insurance she'd have to pay (because she doesn't have 20% equity in the house) would pretty much make up for anything she'd save by refinancing. Why doesn't she have 20% equity in the house, after a 20%+ down payment and 6 years of house payments, you ask? Because property values have collapsed. And apparently it isn't really "you've paid 20% of the value of the house." It's "You owe less than 80% of the value of the house." Which we haven't, at least not anymore.
So my mom's thinking that, since she's out of a job for the time being, she might just let the bank foreclose on our house. Well, you see, a lot of other people have done this too. So maybe we'll go and buy one of their houses! You know, something for like $100,000 less than what this one was when we got it (and the economy didn't suck), and is quite possibly a lot nicer. She's actually looking at one close to our current house, and another one that's a little down the road from Lisa.
But who knows. Maybe she'll get called back to work next week, and all of this won't matter at all. But if I end up posting about a change of home address in the future, you can't say I didn't warn you.
My mom tried to refinance the house to lower the interest rate, but apparently the mortgage insurance she'd have to pay (because she doesn't have 20% equity in the house) would pretty much make up for anything she'd save by refinancing. Why doesn't she have 20% equity in the house, after a 20%+ down payment and 6 years of house payments, you ask? Because property values have collapsed. And apparently it isn't really "you've paid 20% of the value of the house." It's "You owe less than 80% of the value of the house." Which we haven't, at least not anymore.
So my mom's thinking that, since she's out of a job for the time being, she might just let the bank foreclose on our house. Well, you see, a lot of other people have done this too. So maybe we'll go and buy one of their houses! You know, something for like $100,000 less than what this one was when we got it (and the economy didn't suck), and is quite possibly a lot nicer. She's actually looking at one close to our current house, and another one that's a little down the road from Lisa.
But who knows. Maybe she'll get called back to work next week, and all of this won't matter at all. But if I end up posting about a change of home address in the future, you can't say I didn't warn you.