Tuesday, November 9, 2010

The whole house story

I wanted to write this post mainly for those people who don't know all the details of the new house and everything that's been happening. Facebook doesn't allow for long stories and a lot of details so I felt I needed to get the full story out there so people weren't assuming things.

Let's begin at the beginning.

In 2001 Billy was 23 and single. He had been living out of home for a couple of years, sharing with friends when he decided he wanted his own place. With his parents help he went and looked at a few places but they were all out of his budget. Then he found this place. A 10 year old single-wide trailer on an acre of land out in gorgeous farm land. He fell in love with it.

So he approached a few banks and they turned him down as he didn't earn enough and he had no real credit history. So his parents put the mortgage in their name. However Billy has always paid the mortgage. At the time because it was a single-wide trailer the interest rate was pretty high.

Then in 2005 we met online. At first we decided he would live in Australia with me. He moved there and we lived there for 3 years. During this time Billy's parents rented the trailer out to 2 different tenants. The first person looked after it really well. The second couple did not. The state it was in when we moved back in 2008 was pitiful.

During this time also the real estate market crashed. Plus single-wide trailers loose value very quickly.

Fast forward to this year. We had been here for nearly 2 years and the small trailer was just becoming too crowded. Plus we really wanted to have a baby. I am 34 and Billy is 32 and so the time is getting short. There is no way we can have a baby in this trailer. There just is no room. Plus its hard having company over as there isn't anywhere for everyone to sit.

One day in August we just happened to drive past a Mobile Home Dealership and decided to call in. We didn't think we were even ready to start anything but there was no harm in looking. We looked at 2 display models that were on the lot and fell in love with one of them.

We explained to the dealer our situation and he told us that we could just see if the bank was willing to lend us the money to pay off our existing mortgage plus the cost of this new home.

The bank came back with YES! We were ecstatic! So we decided to go ahead. We filled out all the paperwork. This was back in September. So we paid the money for the appraisal and were told it would take up to 2 weeks to be done. We waited. And waited. And waited. We knew that it all had to appraise for at least what we were borrowing otherwise we would need a down payment, which we really didn't have.

The dealer and our loan officer kept reassuring us that it would all be fine. We got a letter of conditional approval and so we were good to go, just as long as the appraisal was for enough.

It took them almost 2 months to get the appraisal done. Mess up after mess up with the bank with our address then phone numbers made it so they never got back to us.

Anyway the appraisal was finally done and this morning we found out that it all appraised for $50 000 less than needed. We were devastated. It didn't even appraise for the ticket price of the double wide.

And the sad thing is, Billy bought this place 9 years ago and hardly anything has come off the loan. So we owe almost double what it's worth now. It's awful just thinking about it. Because we can't even sell it. No one would pay what we owe for it. Plus most banks won't finance singlewides and the lien won't allow the trailer to be removed unless the mortgage is fully paid.

So we are stuck here. Unless someone can think of some way for us to do this. We are stuck. In a trailer that is literally falling apart.

5 comments:

  1. Aw honey!!! Can't they redo the appraisal? Can someone else do it?

    I can't imgain the amount frustration you are having to deal with. *BIG HUGS*

    ReplyDelete
  2. I have no idea how it works with the appraisal. In the report he had no properties in the area to use to compare so he had to use ones from Salisbury which were 15 years and 25 years old!

    We aren't allowed to get our own appraisal done even if we could afford it.

    ReplyDelete
  3. Thanks for sharing that, Nikki! I am so sorry for what you are going through. I hope that letting out here helps a little bit. Hugs and smooches!

    ReplyDelete
  4. hey nikki, it's donna, i am at work right now so can't log in but wanted to say i have been reading what is going on and i wish i could lend you some money or my name to help you, but unfortunately i don't have anything to help.

    i will pray for you guys, and hope it works out. big hugs and keep your chin up, you need to right now.

    did you ever think of moving back to Aus? :P

    anyway, the only other thing i can suggest is that you ask for a loan from a friend or family member? or win lotto? i know that doesn't help but i want to make you smile

    xxxxxxxxxxxxxx

    ReplyDelete
  5. Hey Donna,

    Not a chance of moving back to Australia! No way! And even if we did we would still have this property to pay for. It won't sell for how much we owe on it. This was the only way we could get a new house and it didn't work out.

    There isn't anyone to borrow $50 000 dollars from. That's how much we need to do this.

    Sadly there really isn't anything we can do. We are stuck in this trailer.

    ReplyDelete

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