Desert frustrations

How many of you assumed I meant “dessert” because I’m a lil’ chunky? Shame on you.

No, I’m frustrated by the craziness happening out in Las Cruces, NM. I used to live there, for those that don’t know, and bought a home while living out west. When I moved back to Florida to finish school, I ended up hanging on to it and renting it out to my friends who lived there. Long story short — I had some frustrating times with people and lost a bunch of money and furniture.

Fast forward to last year — I listed the house for sale, found a guy who wants to buy it, and who agreed to rent it from me in the mean time. He even asked permission to do a bunch of improvements to the house at his own expense, and without expecting any compensation! All of my problems were solved.

And then… the bottom dropped out of the housing market, and all Hell broke loose.

The guy has been having trouble getting financing, as lenders have been much more conservative in their credit criteria. And to make matters worse, when he didn’t pay rent on time last month, my Realtor tracked him down for me and found out that he’d been laid off. And that now he’s starting his own business instead.

God help me.

Found out today he’s getting his tax refund check in two weeks — just like me! — and will be catching up on January and February rent then. And apparently his expectations for his new business are high — he’s projecting all kindsa money coming his way very soon. I’m TERRIFIED, but if he catches up on Jan/Feb rent I will certainly give him the benefit of the doubt.  

And allegedly he’s found a broker that will be able to get him a mortgage even as a self-employed small business owner with less than 2 years of history. (Less than ONE year of history, even — he’s supposedly going to be able to try again mid-year…) I find this hard to believe, but at this point, I don’t have much option.  

He’s already agreed to a purchase price that meets my needs (covers paying off the mortgage, the home equity debt, the taxes, and the Realtor) and lets me walk away debt free… and chances are, I wouldn’t be able to get that same price on the open market right now.

So I’m stuck.  

I just hope he gets back on course and can start paying the rent again without problems. That’s step one — I’ll worry about getting rid of the house once I know it’s not sucking a mortgage payment out of me every month with no rent to help.

There are times that bankruptcy seems SO appealing.

One Response to Desert frustrations

  1. Steven says:

    I love the LC! At least the people there are smarter than in El Paso!

    If you need help finding Bankruptcy Court, I can direct … it’s in my courthouse…

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