Monday, November 24, 2008

The Agony of Uncertainty

Have you ever felt like your world is crashing down around you? Unfortunately, that's the way I've been feeling, which explains the decreased frequency of my posts here. My recovery from knee replacement surgery doesn't seem to be going especially well (too much pain, too little movement), but other matters are affecting me more.

I have a moving date: January 9. That's the day I'm supposed to move from my condo to The Clare at Water Tower lifetime care community. I have an estimate from a mover. I have tentative plans to get more help from an organizer and downsizer. So what's wrong? My condo has not sold, despite price reductions. If it doesn't sell by the end of the year, I will probably not have enough money to pay the entrance fee at the Clare. I have big decisions to make.

Do I give up my plan and dream of moving to The Clare? I hate that idea. Can I borrow money? Acccording to my financial planner, I can't get a home equity loan on a condo which is on the market, even though it's mortgage-free. Will the Clare help me with a payment plan, or arrange a loan? I haven't been able to get an answer to that question.

I have less than a month to solve these problems; then I'll be off to visit relatives for Christmas, so things must be settled by then. Help!

Copyright 2008 by Marlys Marshall Styne

9 comments:

Darlene said...

Life never runs smoothly, does it? Are you under contract with your Realtor? Perhaps you can take it off the market, get a loan, then put it back on the market. Sometimes having an assumable mortgage makes it easier to sell. Make sure the mortgage can be assumed by a qualified buyer.

I should think it would be to the Clare management's advantage to help you with this problem. Surely they have faced it before.

Hoping that this works out for you.

One Woman's Journey said...

The answer will come. It always does. Down the road of life when we look back we will see that what happens is good. Now that is what has happened to me. I am not far from your age and thinking of selling my city home and retiring to my woods property in a small home so I can continue to write and photograph nature. It will happen if it is meant to be.

Pat's Place said...

I just put your high up on my prayer list. And I am lighting a candle for you. Hope it helps.

Mildred Garfield said...

I think Darlene has a good point.

I'm sure there are a lot of people in somewhat similar circumstances to yours. They want to relocate but can not sell their homes.

That's what is going on in many areas. Try again to speak with a "Top" person at the Clare and see what suggestions they have.

They want a buyer, they need a buyer and you want to move there. See what suggestions they offer.

Hope it works out for the best.

Paul said...

Great advice from the commentors above. I just hope you don't stress out yourself too much.

Take some time to relax and do some activities you'd enjoy.

Marion Dent said...

I would suggest that you talk with someone about a "Reverse Morgage"...
Learn all you can before making a decision:
http://www.aarp.org/money/revmort/
It is an option worth considering.
Hope you are doing well in your recovery.

seniorwriter said...

Reverwse mortgages are only for those planning to stay in their home. They become due when the owner moves out. This wouldn't work for me, since I intend to move.

Tom Rotz, Executive Dir. at The Clare said...

The Clare does understand that these are much different times economically then just a few months ago and that many people are in the same situation as you – unable to sell a home and, with the financial crises of the past two months, needing to do so in order to make the move.
Knowing that, we would like to work with any depositor facing such a situation and ask that you call your marketing contact here at The Clare to discuss your specific situations so we can then craft a very specific set of potential solutions for you. We can be reached at 312-951-5690.

We are all in this together, and will do our best to help you get through.

Tom Rotz
Executive Director

seniorwriter said...

Thanks, Tom. One of my problems is that my marketing contact left The Clare long ago, and I haven't been sure whom to talk to.

Lately, I've had help from Stephanie, Rachel, and Frances, and I hope to meet soon with Laurie for more help.

I'm still planning to move in on January 9, even though my condo has not sold. Here's hoping that all this works out!

Marlys