The End of the Road

I realize its been FOREVER since I have posted an update. (This is East Coast Jenn, BTW). I think I told you that our short sale offer fell through because of BoA's ridiculously long short sale process. The buyers finally walked away...and 3 weeks later, the bank came back with a response. Of course, by then it was too late. We kept the house on the market, but never had any more offers. Finally around Christmas, feeling like we were out of options, we decided to start the process of getting approved for a Deed in Lieu of Foreclosure. For those of you who don't know, its where the bank will accept ownership of the house as payment for the mortgage. It is a little better (not much) on your credit, and keeps you (and the bank) from having to go through a long, drawn out foreclosure. There is a pretty involved approval process...we had to supply them with detailed financial information, a hardship letter explaining why we had to go this route, and other miscellaneous personal info. After a few weeks, we heard back. The bank said they would accept the offer, but they wanted us to sign a promissory note for $35,000 over 25 years. Basically, we would lose even MORE money on the house. I understand why they wanted us to do it...after all, they are taking a loss. However, if we did have the money, we would have given it to them long before!! We negotiated back and forth, and finally settled on a lower amount. I can tell you though....we did the giving and they did the taking! We finally got word last night that the deal would be approved, and guess what?? We have three weeks to get the heck out! They wanted to give us TWO WEEKS! I told them there was no way we could be out that fast, so they said three, max. So, now I am in panic/crisis mode. I have to get this house packed, find a place to live, and try to get our taxes done so that we have a rent deposit, all while being pregnant and raising 1 year old twins!!!! CRAZY!
I have to say though....as hard as this has been, and will be over the next few weeks, I am glad that the end is in sight. This has caused no shortage of stress around here. I will be glad to get moved and settled somewhere. I will do my best to try to keep you updated, even though my situation no longer pertains to a short sale!!