Sept. 1, 2008
'nother quick update: We have taken our house off the market since our ARM (we thought it was such a good idea at the time; who knew?) has exploded in our faces. We are now going to try to refinance so at least we will have a fixed interest rate. Next step will be to see if we can find someone willing to "Rent to own." Our understanding of this is that we need to find someone who can (a) afford to pay a monthly rental large enough to offset the monthly mortgage payment, (b) is willing to sign a lease whereby they agree that their monthly rent payment will go against their eventual purchase of the home, (c) who can provide references, and (d) would actually follow through with the intention. Sounds like a very difficult person to find, but we are getting sort of desperate.
Ultimately, if we don't find someone willing/able to take over the payments, I can visualize walking away from the d**n thing......not something that I want to do, but we were supposed to be living in CR by this time, and we sure don't look any closer than we did six months ago!
Wish us luck.