It’s been an interesting day, full of ups and downs.
I had an interview this morning with the county school system for a programmer job. I rocked the interview – at least I think I did. I walked out of there feeling awesome. The job sounds exactly like what I am looking for and the team members I interviewed with were great. I want it bad, so I’m not getting my hopes up.
Came home and had to talk with a lawyer about the implications of doing a short sale on the beach house should I not be able to find a job. Was not good news. Although we knew a lot about it such as the hit on our credit score, the possibility of still having to pay the bank the shortage, and the taxes we would owe (the shortage counts as income for the year), what we didn’t know is that the bank can make you cash out some of your retirement funds (IRA and 401k) to come up with the difference.
That wasn’t really what we wanted to hear. We stopped maxing out our 401k’s when we bought the beach house, as we considered it not exactly part of our retirement portfolio, but as a retirement home we were paying on. We have a fair amount of money in our retirement accounts, but not nearly what we would need to retire, even if we maxed both out for the next 10-15 years.
We were really hoping that wasn’t an option, that if they decided to come after us for the shortage, we would be able to pay if off like a loan.
I can understand the banks point of view though. It’s an asset and we would owe them money, so…. That still doesn’t make us feel good about it. It has made us wait another month before we decide, even though that means another month worth of mortgage payments that may be fruitless. I am hoping that by this time next month I will have heard back, good or bad, on both jobs, and the decision will be easier to make.
Unfortunately, the bank will not tell you anything about what is going to happen until you have an offer on the house. They can accept the offer as is, tell the seller they have to bring the shortage or any amount up to the shortage to settlement, or even turn the offer down. It would be easier to know up front what they would do, but the banks seem to play games with the situation. As our real estate agent said, “It’s a crap shoot.”
Willow had to get her blood tests today. It’s rare for her to fuss at her regular vet’s office, but she did not want to go in the back with the vet technician that came to get her, so she struggled and slipped out of her collar! She had to be carried back. Once she got back there, she saw her favourite vet tech, Matt, and got to say hello to her vet, “Auntie Sarah”. When Matt brought her back out to me, she was fine and hanging all over him. That puppy knows who she likes and doesn’t like and isn’t afraid to show it.
And so goes the day. I wonder what the rest of the day will bring…???