Friday, January 9, 2009

The old waiting game

Still haven't closed on the condo. The mortgage broker is saying that the as of January 1st 2009 there have been 500 changes to the guidelines of Fannie Mae and Freddie Mac. The mortgage lender we're going with is not approved by Fannie Mae, Freddie Mac or any government lenders and they are the only ones doing loans right now. Plus, the condo property we're looking at is in a declining market with 15 foreclosures within a 2 mile radius of the condo and there are also 25% of residence in that specific building that are defaulting on there HOA dues.

All kinds of happy news, eh? At least we do have a house already, and have no pressing need to move, so all in all, it's not a stressful situation. Unless you consider waiting stressful in and of itself.

What is stressful, on the other hand, is work. A funder is coming to do a monitoring visit at the end of the month and we have not been meeting our client numbers (duh, it's a recession! No one's starting businesses now). Plus I'm trying to balance our organization's budget and again, the recession is making it hard. I have nightmares that all our funding is pulled and we have no money and I have to lay everyone off and I'll lose my job. The impending visit from the funder is not helping my stress levels.

No comments: