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New Mexico Home Foreclosure is Final

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New Mexico home no more…

The original foreclosure sale was rescheduled due to a fairly rare snowstorm. I was happy to get extra time to get the short sale approved. The lender wasn’t willing to talk to us though. So the home went up for sale at the foreclosure auction yesterday.

Today I found out the results. It’s official. I lost my 4th home to foreclosure. The opening bid was $407,719.20. Nobody bid so it went back to the bank as an REO.

I was told that after the sale is finalized and recorded (1-2 weeks) then I have 30 days to redeem the property for the above amount (That doesn’t seem right, what about paying the 2nd??). Well, it doesn’t really matter. I already sold my redemption rights and besides I don’t have a way to get that kind of financing at this point with my awesome FICO scores. If the current holder of my redemption rights exercises their right and buys the property then I will get $1500 based on our agreement.

I feel a mixture of sadness, regret and relief. I feel sadness that I couldn’t stop the foreclosure.

I feel a little bit of regret because I should have attempted a short sale right away instead of wasting months having it listed at too high of a price. Though it’s not all my fault. There are no guarantees with short sales. Sometimes the lender will go for it and sometimes they won’t. There are so many factors that go into a short sale approval: the offer amount, how often you bug them, how much bad inventory they have on the books, their mood, weather, etc.

I feel relief that there is now one less house to worry about. Only one house left that I am still facing foreclosure on. This whole foreclosure story is taking a such loooong time…

Man… it has been 8 months or so since I stopped making payments on the 6 properties. This chapter of the foreclosure story is almost over: I wrapped one, lost 4 to foreclosure, and still have one facing foreclosure. Maybe I can still save that one. If not, it’s all good either way.

At least I can make somebody’s day today, here is an email I got today:

Casey,

My friend James Sivco is a huge fan of yours and spends a great deal of time on your website (sending me updates throughout the day). You can add this to your strange request file, but any chance you can send him a note wishing him a happy birthday today – March 29th? I am assuming it’s too much of a stretch to ask you to put his name up on your site as one of your # 1 fans which would be pretty cool, too.

Keep up the good work. Brian

Happy birthday James Sivco! You are one of my #1 fans! Thank you for your support.

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