Posts Tagged ‘Bankruptcy’

I put this on Facebook just a few minutes ago

“Severance Letter coming today…this is really happening…ugh I don’t know why but I was kind of hoping my company would realize the error of their ways and ditch this chick who is totally UNFIT for the job and keep me…but alas, not happening…it’s all for the better right?
Let’s just hope we don’t end up homeless and living on the streets with 5-furbabies…that scares me more than anything.”

The amount of fear building up inside of me is insurmountable…I am so worried about what’s going to happen with us, our kids, our furbabies, and everything in between.  With Friday being my last day – and my replacement being completely inept I am just hopeful that there’s a bigger reason behind all of this.

My husband hasn’t had an interview or a bite on his resume in a couple of weeks.

I am going to a staffing agency next week…but the likelihood of something coming out of that is nll…my pay scale is a lot higher than what they’d be able to offer me, right now my minimum is $17.00/hr.  And anyone who is hiring for an Admin in my area is going to be offering a minimum of $8.00/hr capping out at $12.00/hr, which with the amount of experience I have is an absolute INSULT! Ugh…

So with that being said…let’s let the anxiety attack happen!

We’re behind on EVERYTHING except Banfield for Sadie, Gold’s Gym, and State Farm which are all on Auto-Draft from our bank account – we’re on shut-off from the electric company, we paid 1/2 of our past due balance for AT&T yesterday, sure CFPUA will be sending us a shut-off notice at some junction too…we have to eat as well…ugh ugh ugh…

ANXIETY

ANXIETY

ANXIETY

We had a very long conversation last night – one we’ve had time and time again since my hubby lost his job – but we had the same one last night…what do we do going forward and how can we continue moving forward?

He heard back from the place that sent him for the Drug Screen and was running his background – they turned him down because something “dinged” on his background check and the Regional Manager said No…I know what it was, he was arrested in 2008 for Embezzlement while working at a hardware store – he was given (3) Mis-demeanors, restitution and 2-years probation – we paid the restitution to the courts and he served his probation – has kept his nose clean since with no problems AT ALL and it’s been what 7 years? How long does one have to carry this around?

So we’re back at square one…

We’re waiting for his Unemployment Benefits…which according to the state could be another 2-3 Weeks before we get those

We’re waiting for Food Stamps…and DSS said that too could be another 2-3 Weeks…

What do we do in the interim?

Oh yeah balanced the checkbook just now and see we’re down $62.42 going into pay day tomorrow…so with that and my check being less than $300 for health insurance we’re screwed…my car insurance is supposed to draft next week on the 28th to the tune of $212.00 (I just sent a note to my agent’s office requesting the payment be cancelled for the month as I can’t make it this week or next until we get the unemployment benefits)…

So we’re trying to figure this all out – options are thus:

1. We try and find a place to live here in Wilmington to lessen the interruption to the kids’ schedules and lives

2. We drop everything here, sell as much as we can and possibly move back in with our parents in MD – yes taking all five of our furbabies with us – we made a commitment to them when we took them in – a lifetime commitment…pray I can keep my job and work remote…pray

3. We file bankruptcy and pray we can keep Silver

As much as I don’t want to leave Wilmington I will if push come shove – we’ve not had good luck since we got here…the move itself was smooth, but we’ve had a seriously rocky road since we got here…

Hubby made an observation last night that’s stuck out with me – whenever we get somewhat stable, inevitably something gets pitched into the mix that seriously throws us off course…and this is so true…I don’t know what we did in a past life to piss off the fates but my Kids deserve better, they deserve stability and we need to be able to give that to them!

Ugh

Angry Emoticon Frustration

Yup those are where I’m at right now

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…

Have any of you watched the ABC Show Extreme Weight Loss?  If not you really should check it out, here’s their Facebook Page

Extreme Weight Loss Cover

 

As someone who has been on a personal journey towards weight loss I can connect with the contestants and know what they are going through, I can sympathize with each of them, and can feel their pain – their motivation becomes my inspiration to continue despite being stuck in a Plateau at present!

Last night I caught the last and final episode that was loaded onto Hulu‘s website, this episode was ‘Bruce’ a 29-year old high school football coach who weight in at 382 lbs when he started his journey – despite being that immensely overweight he had such a positive attitude and a joy for life that it was hard not to grab onto that and just enjoy it with him!  It was contagious I have to say, I kept saying over and over to my husband last night while watching his episode that I loved this kid’s attitude and positivity!

So what does that have to do with my finances?  Well as all of you know I’ve been in a lurch lately about what to do, and how to move forward with our mortgage situation, we’ve decided on three steps to take:

  1. Do the mortgage restructure paperwork, turn it in and see what happens – this is all on my hubby’s shoulders, I am not going to deal with them again
  2. At the same time we’re going to continue to look for ways to bring in more income – I have registered, as previously stated, with two Freelance websites for some kind of Freelance work; I have also set-up a HubPages account to do freelance writing, however I am stumped for something to write about (go figure); and my hubby has talked more about getting a 2nd job
  3. If Step #1 fails, then we’re looking at probably filing with the courts for a 5-year leeway plan the State of NC has that will prevent Citi from filing foreclosure for 5-years while we work to get our finances in order

Just knowing these steps has helped some – having a plan of action has helped some – but I was still feeling less that motivated to move forward – NOT anymore!

Bruce has helped push me back on my path and now I can say that along with his inspiration to push through my plateau with my weight loss – I am also pushing through with getting my financial life back in order!  I have already begun that process by tracking our spending again to keep a closer eye on what we’re spending and where (yes even the cash expenditures) so I can make adjustments if need be.  I am also applying for more and more jobs on a daily basis – at LEASE one a day – here lately though ironically enough most of the jobs I’ve applied for have been with either the State of NC or New Hanover County Governments – which as we all know means State/County Benefits and some level of stability and maybe even some upward mobility!

Whoop Whoop! So keep us in mind and in your prayers/thoughts/spells what have you! We have a long road ahead and will most definitely have speed bumps along the way, but we overcome!

Thoughts?!?!

record-palyer-broken-record

I am so totally starting to feel like a broke record here…the email I sent to HR (find it in this post) and then the subsequent follow-ups (find those here) have rendered NATCH, not a damn thing has come as a result;  I did go digging for the HR Manager’s boss’s email address and information – giving her until the end of the day today to get back to me then all of my communication is going to her boss.  I WILL NOT be ignored, NOR will I back down.  This is one of those situations I feel that the fight needs to continue and this needs to be dealt with.

On a side note though, I have registered with Indeed.com for my job search – while I am not sure, well not 100% sure my current employer is going to do a THING about the email I sent, nor are they going to take ownership of the crap situation I am in, I have decided that maybe its better to just look for a new job.  As I have said in the past I am not looking for just any job, being pickier, figure that as long as I am employed currently I can be.

Next, we have had some discussion at home about our financial situation, we have some larger decisions to make:

  1. How to bring in more income – should my hubby take on a 2nd job? Would it be work it financially? Would my stress/anxiety levels allow for me to basically be a single Mom?
  2. Should I go ahead and try to find some freelance work? I have registered with two Freelance websites (http://www.odesk.com, and http://www.elance.com) to try and find some work that way
  3. Should we pursue another Mortgage Modification? I am about 90% sure we wouldn’t be approved for it because our interest rate in ALREADY way below current market rates @ 4.5%
  4. If no modification what are our options? Bankruptcy? Ditching the house and moving? With rental rates as high as they are in our current city, the likelihood we could stay here in slim…so then what?
  5. If we have to move, then where to?

I can’t restructure our budget any further, I’ve cut back as much as I can on just about everything, I am NOT willing to cut more from our grocery budget ($200.00/wk) because I want to continue to eat healthy and eating healthier is more expensive than not (I know such a contrary situation)…the only upswing right now is that the kids get Breakfast & Lunch @ camp w/Brigades, so I am only providing a morning “snack” to take their ADHD meds with (otherwise they get nauseous)

So anyone – thoughts? Suggestions?

Image Borrowed From: blog.ezinearticles.com