The bank agreed to make a go at a short-sale, however, they have only had two showings since they put it up on the market. They are thinking now that the big 'F' word is looming. I have not been able to decipher whether or not they have been skipping their payments at this point.
They have found a rental apartment to move into on October 3rd. My biggest concern is that although they are reducing their housing costs (Home is $2,600/month | Apartment is $1,675/month) I am almost certain that they have not reduced other costs that include a loan on a gas-guzzling pick-up truck, motorcycle and fifth-wheel camper. The camper, mind you, has not been moved in the last 13 months except to relocate it to their current property.
They are underwater in their home.. Paying unnecessary expenses.. Where will it end?
I don't really remember my mother being terribly bad with money. She always seemed to keep the family going when she was married to my father. It seems as though her financial accumen has gone slowly downhill since she remarried.
The worst part is that I think her current husband is trying to keep up with the Jones' (aka his brother, parents). The problem: his Jones' live in trailers.. there is no need to own a $250,000 piece of property in order to 'keep up' with them.
I'll be calling her tonight and update you on the actual details of the situation.
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