So I quit my job in May 09. Life is good. Ellie and I started off our kick-A summer... and then Greg got some time off at work for a stupid email we sent between the 2 of us and about 100 other people. It was hilariously perverted and whatever... but someone was offended. So that was a kick in the pants. Time off work - unpaid - when I wasn't working either. Not a good start.
We made it thru the summer with Greg working and me selling lia sophia. As the end of my pregnancy neared Greg was involved in another incident at work involving a well being check that didn't get completed even though it was entered into the computer as being done. Apparently though there was some chaos at the time with a detainee attempting to hang himself and he had to be cut down, etc. I wasn't there so I don't know what happened. But this resulted in Greg having a meeting scheduled with the Sheriff and other higher ups. He was told to bring in all county property. So we just knew he was going to be fired. We prepared ourselves for it. It was literally days before I was to deliver. We were scared and stressed. I was so worried we wouldn't have health insurance when it came time to deliver.
The day came and literally an hour before it was time for him to go in my dad called and told him to stay calm and not have an attitude. What we didn't know at that time was that my dad had gone in and spoke to the Sheriff and the other higher ups and pretty much asked that they give Greg another chance. That I was prego and that his income was our only income. (My dad worked with most of these men for some 30 years so he knew them well.) My dad pretty much saved our arse. For that we are so grateful. But the result was that he still received 20 shifts off unpaid. 20 shifts is just under 2 months off in his job as they work 12 hour shift work. So we had little to no income from mid-September to mid-November. We had some help from Greg's dad and my grandpa. What we didn't have was enough money to pay our mortgage.
After talking to our mortgage company 3, 4, 5 times they finally agreed to give us a 6 month deferment. We thought, SWEET! We are going to be fine! We got our first paycheck in mid-November and then had to pay double the health insurance since we hadn't paid it for those 2 months. We also had to catch up on plenty of other bills I'd let slide during that time. Then it was Christmas time and you know that pressure to buy gifts for everyone is there. Then Greg has to have surgery and they want $1700 down and we EVEN HAVE INSURANCE!
So that brings us to now. The 6 months is up and what does our mortgage bill say? $950 for one months payment? Oh no, over $7000 is due. They want the ENTIRE 6 months of payments. NOW. Explain this one to me. If we didn't have it over those 6 months why would we have it now? So they tell us to fill out some paper work for some plan Obama has put into action... I do just that. Well this past Saturday they send us a letter saying they are unable to help us and we should put our house up for sale (it has been since December) and to contact them when we receive an offer and they'll consider a short sale. Shhaaaaaaa right. We live in the middle of no where. We are not going to get any offers on or house any time soon.
So we are considering just walking away. Is this what is happening across this country today? It is just so dang sad.
To be continued...
9 comments:
Thanks Jenn. I had a feeling that a few people out there would have some idea what we are going thru. It is just sucky. I'm so angry now that I just want to say piss on the mortgage co and throw my keys at 'em. A fresh start just might be what we need.
What about your tax refund? Do you guys get a decent enough one to use that to pay all or part of your mortgage due? Our tax refund was large this year and it helped us out.
I dont have answers for you- but "fresh start" is not really what you would be getting if you just walked away. You would lose any credit you have, you wouldnt be able to buy again for many years, and often times employers (espec those working for the state like your husband) ask for credit reports or wheither or not you have ever filed for bankruptcy when applying for a new job. If you walk away from the house, you are still fincially responsible and it will follow you around, legal notices, bankruptcy, foreclosure proceedings. Nasty stuff. Plus you'll still need a home to live in, and rental agencies generally check your credit. Of course, maybe your parents could co-sign a rental agreement.
Maybe try again with the mortgage company? And look into doing your taxes now and seeing what your refund would be (I file on Turbotax.com and already got our refund).
I am not meaning to stress you out more. We were in a very very similar situation when I was pregnant with Jackson. We definetly were lucky in the end because our house did sell before we had to consider foreclosure/bankruptcy etc. But we had to pay $3k at closing because we sold it for less than we owed. We borrowed that 3k and paid J's parents back with our tax refund that year.
What about your cars? Do you have 2? Is one paid off? I KNOW it would suck to just have one car, but maybe selling a car to help raise funds?
Ugh. AM. I know, I know. We live in the boonies so only one car isn't an option now. We talked to our mortgage co again today. Selling where we live is highly unlikely and if we did it would be like $25,000 less that what our loan is for now which we could never afford to pay and my family doesn't have that kind of money to borrow me. I honestly wouldn't want that debt hanging over my head either. We don't use credit cards so bankruptcy isn't necessary because it's only the house and one car loan that we have. I wonder if things are different in each state. It seems so much simpler than all you mentioned. Or I'm hoping so anyway. Maybe I'm being naive... but I do have more to post so stay tuned.
Maybe it IS simplier! I really dont know. I've had one friend go thru a real bankruptcy, but I dont know anyone personally that has gone thru foreclosure. Its definetly a rock and hard place, and your priority is your family and keeping them warm and covered. I hope it doesnt come down to something drastic, but maybe that's just the best plan! I'm really sorry. Sigh. Why does life have to be so hard!!
I am so, so, so sorry you're going through this right now. I pray that things get better for you guys asap!
this is pretty much exactly what happened to me, only instead of asking for the deferment i just said fuck it from the start and we walked away. we had two homes and in this economy there was no way out. in the end we had to file bk just to get out of the 845.00 car pmt my husband had and the $20,000 in cc debt.
we started the dave ramsey program and were doing great. paying things on time, actually building a savings, and being a team with the money instead of just me. we stopped fighting about money because it was all going well.
the worst part is i thought it was all behind us and then alst week my accountant told me that even though we could wash away our primary residence in the bk we could not for our rental which left us with a 90k capital gain. she got rid of some, and said she would work on the rest and basically left saying well, either you get 3k back or you owe a loooot of money to the irs. its like one foot forward 23 back.
also, to AM if you make it, it is a fresh start. I filed a full on BK and my credit went in the shitter and then you know what i realized? i dont need credit for anything in my life right now. i dont want credit cards so i can stay debt free, i dont want any buy now pay later, i'm renting a huose right now so we can save up enough money to put down on a decent house in a few years (when our credit will be normal again). i have a car so i dont need credit to go buy that. i guess if you look at it the right way, if you are really trying to make a change, walking away can be the new start you want as long as you are willing to make it that. Nellie, you really should buy the Dave Ramsey book The Total Money Makeover. It changed my life, my husband even read it, and wow, in 8 months he hasn't asked for anything not in the budget, cut out fast food, and like i said we get along better. i think you will do what ever is best for you!
WOW! I need to say bottom line..you and Greg...your marriage and team effort BLOWS ME AWAY!
I am waaay behind on blog reading. We lost our house too. Our mortgage company was all over the news going on and on about wanting to help people stay in their homes. We called them before we ever missed a payment. The writing was on the wall, we knew what was coming and we asked for help. They would not help us either. We quit paying the mortgage in January of 2009. They have yet to foreclose. I am not sure how much you know of what went on over the last year... but the house is now vacant. Hubby filed for bankruptcy and included the house. I know that foreclosure leaves one with huge tax implications. We were told that we would have to pay taxes on the difference between the value of the house and what we owe.. which thanks to the whole housing fiasco is about $100k. UGH. I am glad we can at least avoid that.
It is happening everywhere. It is so very sad. I miss my home. *sigh*
Very sorry that you guys have to face this, but I feel the same way that you do. I am over owning a home. I am good with renting for the long hual.
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