I should have given the whole story:
I bought a 1 bedroom upstairs condo (really, an apt) when I was single with one child.
We then became me, dh, first child and 2nd baby.
We put it on the market when baby was a few months old (it was very very small for a family of 4). It SAT THERE for approx 6 months will no offers. We were told that perhaps it was not selling because it was so CROWDED with belongings of a family of 4. A friend of mine let us move into her house while she traveled for a few months. 3 months later, it STILL had not sold (value dropping all the while). Friend came home and I did not want to move back there, we really wanted it empty and clean (easier to sell). Since it was summertime (I live in CA), our friend was open to letting us pitch a tent in her backyard (big property) and stay there until it sold. We lived in a tent that whole summer and it STILL did not sell. The friend was now planning on moving for good and told us we could have a couple of months FREE rent before we rented from her.
By now it had been on the market for about a year. Our savings was gone. I had asked the lender for a Deed in Lieu of Foreclosure (voluntary forfeit) and they said no, try to sell it.
I told them that I couldn't make payments in two places...that if it didn't get any offers in the next couple of months, I would have to stop making payments. We dropped the price VERY VERY LOW (I'm sure our neighbors weren't happy about that). Still NO activity....finally we got an offer. 15 months on the market and we got an offer...$50 K below what I paid for it. I was already delinquent on payments at this point. The bank took several months to respond to the short sale offer. It was approved and we were almost through...and then, OH NO! The BUYER'S lender pointed out the market value had fallen an additional $40K! So we had to renegotiate with the lender AGAIN. This time they said NO. They seem to think we can get more although there are TWO other identical condos for the same price range...and they are just sitting there. They want me to sign a prom note with them for $30,000. I cannot afford that. If I had an extra $200 a month, I'd get us some health insurance/dental. We are paying rent/expenses for the place we live now (much better for us...a yard and some space for the kids to be kids).
My realtor has made them one last offer...if they say no, it will foreclose.
You know, I sleep well at night knowing that I did everything I could to sell this place and keep up with payments. I've upgraded the kitchen, I've lived in a tent, I've kept up my payments as long as I could...I got a buyer for a short-sale....this market has been RIDICULOUS!!
My other consumer debt is GREAT. I am a person who pays her bills.
This property has been a monkey that despite my best efforts, I cannot get off my back (it's been on the market for a total of 22 months now).
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