Tuesday, December 7, 2010

A Long Night Ahead

So, I think most of you know our current crazy plan since our house didn't sell last summer. Re-finance and rent our place until the market improves and we had not one, but three lenders pre-approve us, final approve us and then change their terms or programs midway through which had us going back and forth for a few weeks last October. But, we ultimately settled on one and everything was scheduled to close by the end of November so I finally gave my 6-week notice last month so that my company could hire my replacement (and Caleigh could start school when it resumed on January 3). Week after week, we have been delayed in signing final documents for some reason or another. We also went through this surreal appraisal process with a second appraiser coming in $80k less than an appraisal made just 3 weeks prior from the first lender we were entertaining on using. In retrospect I guess I should have seen the red flag when the bank didn't seriously reconsider how incompetent and unfamiliar their appraiser was. We confirmed that he must have used zillow.com vs. honestly assessing recent sales and our particular market because his assessment made no logical sense, but it matched perfectly with the day's zillow assessment. Unfortunately, I probably wasted a week trying to convince the bank with detailed spreadsheets of the latest comps, our recent appraisal as well as average cost per square footage in the market in order for us to be able to cash out more money, as well as the principal of the thing. But the bank did not budge and I found that odd because all of the data supported us and a much higher appraisal. But, because we needed to wrap this up quickly, I finally caved in and for the past three weeks, I have been assured that everything was on a super, "expedited rush" and docs were almost ready to be signed. Well, the end of November came and went until last night when I was informed that they were "missing" my verification of employment (something that should have been obtained over 6 weeks ago). Out of the blue, when I have been assured that they had everything they needed weeks ago, they were now saying that they never received this. So, we are potentially kind of screwed. I spoke to my boss and informed her of this latest snag and the only thing we can hope for is that my company's payroll department does not flag my upcoming departure, but we will not be assured of anything until tomorrow. Of course my company cannot be deceptive, so the issue is if payroll has actually received the order of my last day. If they have not, we'll be okay. If they have, we will not get the loan.
Again, if you know me, you can imagine just how well I have taken this. I swear, I'm just not built for this stress and I constantly wonder what the hell have we done and I'm already incredibly embarrassed of the possibility of complete failure. So I cried nonstop for about an hour and than cursed myself because there are so many people much worse off than I. Hank tried to stay strong and not let me lose it, but even he realized the magnitude of this latest turn of events and there wasn't much he could do. Caleigh, who just received over $500 in gifts for her birthday, offered to give us her money in order to help. "How much do you need Mom?" she asked as she gave me a big hug.
So, what to do. We keep having these obstacles thrown at us and up until now, we have continuously come up with new, albeit wacky, creative plans to combat them. My main fear is that I don't think I have anything left up my sleeve, so tomorrow is critically important and will determine if we can do this thing. Like I said earlier, it's going to be a long night and I just hope I will be able to get some sleep so I can temporarily escape from this latest new reality.

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