Archive for the ‘Loan Modification’ Category

Good Evening Everyone!

It’s been roughly (3) Months since I last checked-in and WOW things have changed some – some for the good and some staying where they are…

Our tax return lasted us about 2.5 months this year – 90% of which was spent paying bills – we dedicated a large portion of it to help pay the mortgage, car payment, insurance, utilities, etc and it turned out to be a blessing for sure! Those months right after Christmas always tend to be a problem for us, but having the tax refund really helped smooth the road from that point forward.  The remaining 10% we spent on shopping – we took about $600 and hit Myrtle Beach, SC for a day of Outlet Shopping, cruising Broadway at the beach and then dinner at Red Lobster! It was a fun-filled day that we all needed!  And the rest went to little purchases here and there – movies, books, other clothing items, food, etc.

For the good, and I mentioned this on my NCReaderBlog the other day – I have taken on a 2nd job, part-time, working for an Indie Author named, Heather Hildenbrand, author of such books as ImitationDevitation, and the Dirty Blood Series, doing her administrative work – helping her with blog tours, cover reveals, working on her newsletter as she needs me do and just anything and everything she needs help with! The hours fluctuate based on her needs and schedule, but I love it! She’s an amazingly sweet lady who is just very cool!  I found this job via her Street Team facebook page and applied as soon as it hit my newsfeed – she was like whiplashed I hit her so fast w/my inquiry and resume LOL!!  This position adds an extra $40 – $80/month to our budget or $10.00/hr as her needs require, and has helped with some smaller expenses as they’ve come up – stuff like oil changes for the new van, or something as simple as putting gas in the car or paying for emergency groceries!

Another, for the good change as been a gym change for me – if you all remember roughly 15-Months ago I joined Planet Fitness to help with my weight loss goals – well I reached my goal weight and was looking to move more into weight lifting and decided to give the New Rules of Lifting for Women program a try – well to do the program in full I really needed more weight room flexibility so after a lot of soul searching I decided to leave PF and joined Gold’s Gym – and I also took on a personal training twice a month to help me reach my goals.  The costs of which were a $200.00 enrollment fee + $19.99 month for the membership and then $50.00/month for my PT – who has been well worth the expense! She’s just amazing – she’s a powerlifter and has been working with me to increase the weight I use while guiding me with proper form! I’ve been a member of Gold’s now for about a month and I feel so much more at home than I ever did at PF! Probably because I know my way around the weight room more 😉

Otherwise, we’re remaining static – the last restructure we did with Citi went through and as soon as the paperwork was returned to them they sold our loan to Midland Mortgage – who is just now receiving the paperwork from Citi – oy what a ride that’s been – but I spoke with them yesterday and all is good – our credit hasn’t been affected by the changeover and we’re paying the payments as scheduled, so we’re good!

Life continues to move forward and we’re just taking things one day at a time.

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Just to remind everyone – we were going through with our what? 4th Attempt at a Mortgage Re-modification, you can read about it in these posts:

Checking In…Where Are We…And Some Random Thoughts…
Thoughts on the Modification…
Well Here We Go Again…Into the Grinder of a Modification

So we got the letter from Citi yesterday and under the FHA Home Affordable possible (yes you read that right, possible) modification we have to first pay three (3) payments of $860.14/month with the first payment due 11/1 – YES in just two (2) weeks they want us to come up with $861.00! Um WHAT?!?!? I have other bills – including, oh I don’t know, EATING, due before that time…no I am not mis-prioritizing things, instead I have already scheduled our monthly car insurance, $81.72/mos drafting 10/24 first and then maybe, just maybe I could give up some funds toward this mortgage payment, BUT BUT wait for it – UTILITIES are due! Oh yeah those pesky monthly payments, right now we owe

Progress Energy (Electricity) $250.00

CFPUA (Water, Trash, & Sewer) $182.00

AT&T (Phone & Internet) $125.00

Grand Total Due: $557.00

Then you know the weekly expenses

Groceries – $200.00 x 2 = $400.00

Gas – $40.00 x 2 = $80.00

Cat & Dog Food – $40.00 x 2 = $80.00

Jimmy’s Money – $20.00 x 2 = $40.00

Friday Pizza Night (the cost of which is equal to groceries) $25.00 x 2 = $50.00

Brigades – $60.00 x 2 = $120.00

Mid-Atlantic Finance (Bessie’s Payment) – $75.00 x 2 = $150.00

Grand Total: $920.00

Between the Two: $1,477.00

Over the course of the next two weeks we’re estimating an income of roughly $1,630.48

That leaves what? $153.48

So where exactly can we afford $861.00??? Someone please tell me?!?!?!?

So here’s how this is playing out – today my Hubby is going to call Citi and see if in fact they need that initial $861.00 on 11/1 as the letter indicated, and if so then we have to figure out what our options are,

Option 1 hubby suggested taking out a small loan to cover the mortgage deficit over the next three months, so roughly $2,500.00 and that would only be done if the cost of the payments was reasonable – note this is NOT something I am on board with.

Option 2 would be the allow the foreclosure process to begin and pray we don’t get kicked out of our home for an extended period of time, allowing us to save money and rebuild our credit while remaining in our home.

Option 3 would be to walk away, find a cheap (ish) apartment here in town (so we could continue our current jobs) and move – this would mean a change in schools for the kids, which I don’t like but if push came to shove that’s where we’d go.

Option 4 would be file for Bankruptcy, he’s thinking Ch. 11 so that everything is put on hold for 5 or so years, but someone told me this morning that Chapter 11 is mostly for businesses…so not sure how this would play out.

Option 5 would be to bail on everything and head back to MD where we have family that can help us…

I don’t really believe we’re here…we try and we try to keep our head afloat, previously rent always took priority in our lives, but then again we’ve never been in a situation where we didn’t get paid time off and a stagnant salary…so now that’s changed some and I am hopeful that now we can work with the change in my income situation and prevent the losses of income.

On that note we did decide last night that we’re going to do what we can to bring in some overtime – for me I’ll log in an hour or two here and there on my rest and yoga nights and some on the weekends and he’s going to see about overtime in the salon at work just so we can bring in more income.

Thoughts?

UPDATE:

Spoke with my Hubby after he talked with Citi and as they’ve explained if, Yes the payments are due on the 15th of the Month like any normal payment plan for a mortgage, so that gives us 4-Weeks aka 4-Paychecks to come up with the $861.00 due or $215.25/week for this month and each subsequent month during the trial period.

At the end of the trial period HUD will step in an pony up our back-due amount, roughly $10K less the 3-Payments we’ve made and the monies currently sitting in our un-applied funds account.  IF we can make these three payments then and only then will the underwriters move forward with a HUD Home Affordable Modification with our final monthly payments yet TBD.

I’ve done out the budget for the first payment and I am not sure still about paying the utilities…but we’ll figure it out…

So where are with with the modification…as of right now STUCK…what I mean is simple, Citi sent us a letter stating they can’t approve us for a general modification due to our financial documents we’d never be able to re-pay the arrears, which are in the 5-Figures right now…yes we’re that far behind guys…and that we can be approved/set-up for a FHA Making Home Affordable something or other, but we’re waiting for a letter to arrive for that – when my hubby called last week or the week before about it our “counselor” told us that the letter hadn’t even been sent – there was a deadline date of 10-09-14 on the original letter…so where does that leave us? Currently in limbo.  I’ve been looking at rentals in our area, but there’s nothing we can reasonably afford that’ll accept our animals – and um yeah Giving them up is JUST NOT an Option! We’re not that kind of family…we’ll keep looking until we find somewhere where we can take them all (all SIX of them!) – the only remotely decent thing I’ve found is a 4-Bedroom house out in  town called Delco, which is about 30-Mins West of where we are currently located and about 45-Mins from where I work…while not ideal, if push came to shove that would be an option…then again I am willing to bet it’s been rented by now – so we keep our eyes out and see what life brings our way…

So what else?

Well a thought occurred to me over the weekend, and why I didn’t think of this sooner I’ll never know – but there’s all this news of pushing the minimum wage rate to $15.00/hour – which to me seems a bit extreme, but whatever – it finally dawned on me that $15.00/hour is MY SALARY! So if this minimum wage thing passes I’ll basically be making Minimum Wage…uh Hells NO! Ugh seriously need to fix this…YES I’ve been looking for work…NO I haven’t had a single interview…NO I have zero clue why…I am curious though as to what in the world we’re being set-up for.  My hubby just started working as a groomer (he’s still in his 8-Week 100-Dog Training Period) and will be making more money, but why in the world is it that I am “stuck” – I have a few ideas lined up in my head, it’s just a matter of making them become reality…so with that I am going to add in the below.

Now for anyone who has stuck around my blogs for any length of time will know that I am a TOTAL sucker for all things Nickelback – and when I heard they were releasing a new album, well you know I have been all over that…however, as per usual Chad’s got a message to share be it Political (as is evidenced in the 1st single off the album, Edge of a Revolution) or motivational, as is the case with the below, ‘What are You Waiting for?’ I hear this and think to myself that it’s time to move forward and time to get my arse moving!

So then this all begs the question of Where in the World did things go askew for me??? My financial life has been a royal friggin roller coaster since I moved out of my parents house back in the summer of 2000…what is it that I am missing? I have a wonderful husband whom I adore, two beautiful children and yet we continue to struggle – when are we going to get our release? When are we going to finally be in a settled situation?  Ugh frustration is running rampant here, can’t you tell?

So here I thought for sure that with the Mortgage Modification underway I’d only have that to worry about…see these two posts:

Well Here We Go Again…Into the Grinder of a Modification

and

Thoughts on the Modification…

I thought for sure that the Gods and Goddesses wouldn’t dump any more on my platter…but oh no, No No Nope No No Nope…we now have this to add to it, so here’s what happened on Tuesday morning on my way to work after I dropped my daughter off of work I got this bright red light on my dashboard telling me “Engine Coolant HOT” um Oh My Friggin GOD are you kidding me?!?!?! So I proceed onto work as per usual, however the road I am on is full of traffic, so I turn off to take an alternate route only to have the van decide not to run correctly, like I couldn’t accelerate properly.  So I turn off, make a U-Turn and head back to my house.  I open my engine hood and pull open the coolant area and BAM a chocolate colored goo spouts out and gets everywhere…ugh…ugh…ugh…it’s in my coolant area, in the transmission area, and just all over.  So I clean it up as much as I can, and call my mechanic.  He comes over and it’s the Radiator/Water Pump = $380.00 with labor…ugh…so I have to put it on the back burner until Friday when we get paid…send text to my boss telling her I am having car problems and I wouldn’t be in for the rest of the week.

The bright side here is two sided:

1. One of my amazing co-workers was willing to bring me my computer while she was out on a company-related errand!

2.  My hubby was home from Grooming school for two of the three days I was working at home, so I was able to spend the time with him.

I’ve lost more hours of pay, but tried to make them up as the week went, though I was only able to make-up some 3.0 hrs. of the 7.0 hrs. I missed on Tuesday…ugh…

So now the mechanic took the van on Friday morning, got the parts necessary, flushed the tranny fluid and replaced the parts needing replacing and brought it back to me.  So I took it and did our normal Friday evening stuff, the engine temp. stayed normal, then as we were heading back home from our Pizza place she started this shake-shake-shake thing shifting to 1st gear…ugh…ugh…ugh.  So he called me to check on the additional money he needed for the transmission fluid, $30.00, and asked how she did,  told him what happened and he said he’d get with me this morning, Saturday, and we’d figure it out.  Had to drain my Merrill Savings account to pay this to him…and keep funds in the account for my Hubby to use for groceries for the week.  I only budgeted the $380.00 he initially quoted me.  So then this morning, it was another $22.00 gone he used it to put this transmission stop-leak thing in the fluid and it should work.  Well it did for the errands I had to run:

1.  Pick-up a Trumpet Rental for my Son, $74.00 ($14.00 more than budgeted)

2.  Costco for some groceries, $25.00

3.  Wal-Mart for Groceries, $101.00

When we got back our neighborhood BAM she started the shake-shake-shake thing coming off the many stop-signs I have to go through…ugh…ugh…ugh…

I seriously wish I knew what the heck was going on and why now that my hubby is out of town this is suddenly happening…ugh!

I am out of money

I am out of time

I am out of energy to handle this right now

I am DONE!

Worry

And More Worry

And Even More Worry

We’ve sent back the paperwork, however, there’s two more items they want, a hardship letter and a letter stating we don’t pay HOA fees – like I’ve told them a thousand times our neighborhood was built LONG before the very idea for HOA’s was even a concept!  Ugh frustrating much?

So what is my worry?

Well truly its twofold:

1. They’ll deny it saying it’s all a spending issue again – and that because our interest rate is already below market, 4%, that they can’t help us – so that’ll leave us in a lurch.

2. If they do accept it, I worry that in a year we’ll be back in the same position – escrow statement comes in and we are short AGAIN and unable to pay that balance and they tack it onto our payment every month…and BAM we’re back at square one…

Unless something changes I don’t know what to do or where to turn…I’m looking for work, been looking for work, but the market here in pretty saturated and jobs are scarce…my co-workers been applying for jobs for going on the last two years or so now and nothing, she’s had a handful of interviews but nothing…so I keep on keeping on…the resume is posted to Monster & Indeed and I am hopeful to find something at this point.

I still want to work in publishing – but unable to make the move anywhere…

I worry that if we do have to move that my poor furbabies are going to have to be re-homed…no rental is going to take 2 Dogs, 3 Cats + 1 Bearded Dragon…so then what?  I don’t want to uproot the kids, but I don’t know if we can continue on the path we’re on…

Just don’t know where to turn – what to do – or where I’m going.

Just needed to VENT…

Someone answer me this?

Why do mortgage companies feign to want to help you, then when you say “Ok yeah you can try to help me” do they then turn around and make the processes so complex and complicated that you just want to throw your hands up and say “You know what? Never you mind, we’ll just walk away!” Ugh, we’ve started for what now the fourth time the process of a modification on our loan, at present we’re something like 7-Months behind on the mortgage, owing somewhere in the neighborhood of $7,400.00 to the mortgage company.  Yeah they called last night and were like “Your balance tonight is $7,450.00, what can you do to bring this balance current?” Seriously? I just laughed at the guy and hung up the phone…I mean if I am THAT far behind what in the WORLD makes you think I have the funds to bring that current?  IF I had that money I wouldn’t behind…I mean seriously?!?!?

This, my friends is a case of the right hand (collections) NOT talking to the left hand (homeowner support services)…I literally had JUST talked to our “Counselor” hours prior (literally something like 3 hours before) and did the phone interview for a modification giving her all the reasons why we’re behind (which will be listed below), our financial picture (again will be listed below), and discussing the options.

Ugh…so this nice woman sends me the email with the required paperwork to be collected and documents from them I need to fill-out, sign and send back – man alive what lawyer writes this shit? I mean c’mon, why in the world does the wording have to be so daggon complex??  It literally reads in such a way that anyone with less than a college education wouldn’t be able to begin to understand it, I think they do this so you won’t file for a modification…ugh.

Ok so our reasons for being behind:

1. My salary has stayed stagnate.  That lovely email I sent to our HR team did NOTHING, I seriously haven’t heard anything back from them, nor do I expect to at this point.  Boss lady told me that the HR Manager for the area is working diligently to get me and the other woman in my position hired on full-time staff, I don’t believe her AT ALL!

2.  The cost of living has gone UP! My grocery budget once upon a time was $115.00/week – went up to $125.00/week – $130.00/week and so on up until now we’re at $200.00/week averaging $195.00/week.  Seriously the cost of a gallon of milk @ WAL-MART, WAL-MART PEOPLE is $4.59/gallon! That’s more than a gallon of gas.

3.  With having to buy Bessie (our Chevy Venture) our loan payments may have gone down by $36.00/month to $300.00/month BUT our gas cost has risen from $35.00/week for the Focus’ 13-Gallon tank to $60.00/week for Bessie’s 26-gallon tank – which she burns through every week just doing our usual back & forth to camp-work-camp-home-gym-home!

4. I STILL don’t get paid days off/time off, and my kids have had more than their normal number of doctor’s appointments this summer, so I’ve missed more hours of work each week this summer than last summer…which equals NO PAY! There’s not enough work for me to get my 40.0 hours/week, never mind overtime!

5.  See #1  – due to that situation I’ve no desire to burn myself out on overtime hours to try and keep ahead of the 8-ball so to speak in terms of my weekly work, so I’ve not gotten the usual 8-10 hours/week of overtime I’d have gotten in the past…oh well.

6.  With my traffic ticket I now have a $318.00 defensive driving class I have to take in order to avoid the hike in my insurance – lovely right? ($263.00 of this is COURT COSTS ALONE!)

7.  With my hubby getting into grooming school, I now have to purchase his toolkit, which means a $100.00 deposit and roughly $54.00/month for awhile until it’s paid off.  YES he’s going to see an uptick in his pay, BUT I won’t see the full value of this until sometime in 2015.

So with everything that’s been happening in terms of the finances and this re-mod.  I’ve been tracking our spending, so here’s the breakdown for July 2014 as I haven’t set-up the spreadsheet for August yet:

Budget Spent – W/E 07/06/14 Spent – W/E 07/13/14 Spent – W/E 07/20/14 Spent – W/E 07/27/14
Mortgage + Utilities
CitiMortgage  $    900.16  $                   225.00  $                           –    $                           –    $                           –  
Progress Energy  $    123.00  $                           –    $                           –    $                           –    $                   123.00
CFPUA  $    329.00  $                           –    $                   150.00  $                           –    $                           –  
AT&T  $    123.00  $                   123.00  $                           –    $                           –    $                           –  
State Farm  $      83.71  $                           –    $                     83.71  $                           –    $                           –  
Tate & Kirlin  $        5.00  $                       5.00  $                           –    $                           –    $                           –  
Banfield  $      24.95  $                           –    $                           –    $                           –    $                     24.95
Planet Fitness  $      19.99  $                     19.99  $                           –    $                           –    $                           –  
Brigades Boys & Girls Club  $    400.00  $                     80.00  $                     80.00  $                     80.00  $                     80.00
Groceries  $ 1,000.00  $                   194.36  $                   146.66  $                   223.75  $                   194.72
Gas  $    300.00  $                     59.15  $                     70.00  $                     50.25  $                     60.00
Pizza Night  $    125.00  $                     28.85  $                     24.07  $                     23.33  $                     23.35
Jimmy’s Money  $    100.00  $                     20.00  $                     20.00  $                     20.00  $                     20.00
Cat & Dog Food  $    200.00  $                     29.62  $                     17.99  $                     31.44  $                       5.98
LAS Financial  $    375.00  $                           –    $                     75.00  $                     75.00  $                     75.00
Great Lakes 1  $            –    $                           –    $                           –    $                           –    $                           –  
Great Lakes 1  $            –    $                           –    $                           –    $                           –    $                           –  
Hulu.com  $        7.99  $                           –    $                           –    $                       7.99  $                           –  
Merrill Transfers  $      25.80  $                       2.46  $                       3.30  $                       7.77  $                       4.17
Misc. Spending  $      80.00  $                     31.76  $                     17.95  $                     43.75  $                     23.21

We’ve been right @ our weekly cash withdrawal all month, and therefore not depositing as much into the savings box…

So you can see we need this re-mod, I’d love it if they’d extend the term of the loan to a 40-year and tack on what we owe to the end of the loan – if this doesn’t work our next option is Chapter 13…wish us luck ya’ll!