So we've come to the final chapter in this saga. On June 29, 2005, we closed on this building lot which had a foundation. We started the process by sitting at the closing table and being utterly shocked by some hidden fees, then "losing" a huge chunk of cash because we had to use part of our equity to pay down our lot loan - totally unexpected!
After nearly four long years, we've closed out on our lot loan and wrapped all the crap into a 30 year loan. But, it came at a price. With the housing market in the absolute toilet, the only comps the appraiser could use was 4 foreclosures from the last year. Nothing has sold in our area that has 3+ acres or 3000+ sq ft in over a year. Fabulous! As a result, our appraisal came in much lower than expected, and resulted in us having to pay a bunch of money in points to close. $7500 to be exact. Throughout this whole process, it has felt like I had a huge, gaping whole in my pocket, and if anyone walked behind me close enough, eventually they'd pick up some of the thousands of dollars that continually fell out. Why should the final step be any different? And so it goes...
I was told, "At least you have a happy ending" - meaning we get to live in our house and not face foreclosure. But for the most part, people facing foreclosure, or at least that are upside-down on their mortgage, are those who bought at the peak, and simply moved in. I'm faced with the grim reality that I worked for 4 years, sold at the peak, scoured the ends of the earth for the greatest deals on materials, performed probably 80% of the labor, and came out in a hole. Huh? This wasn't the "happy ending" I looked forward to....
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