Posts Tagged ‘Foreclosure’

Ugh, the New Year – Everyone looks forward to a fresh new start but alas I look this year with disdain – we’re staring down the barrel of this foreclosure hearing in 20 days…and from everything I am reading online that gives us roughly a month (20-days until the hearing + the 10 days until the sale) before we’ll have to vacate.  Was hoping for more time – but it doesn’t seem like it’s going to happen…I could just cry and puke all at the same time…we worked hard to buy our home – spent 6 stressful months trying to find the home – get the offer in – and then finally close – only to have one piece of bad luck after another thrown our direction..and now its culminating in this.

We’ve outlined how much we can swing each month for rent, $750 – $775 no more, and that leaves us looking at a 2 Bedroom place with my husband and I sharing the living room as our bedroom…how much does that suck?!?!  We really want to stay in the kids’ school districts at least through the end of the school year – BUT the hearing isn’t before a Judge – nope it’s before a Clerk who is just checking paperwork to ensure everything is as it should be…great…

We’re looking for places to live – I found a handful – the problems are going to be:

a) coming up with a deposit – we outlined last night how much we need to set aside each week for the deposit until we have to sign a lease and move but if its getting pushed up I’m now going to have to squalor away every cent I can and

b) the animals – I’m NOT willing to re-home any of them – I can’t be convinced otherwise – and with two large breed dogs its not going to be easy…

So right now we’re a jumble of unknowns and anyone who knows me knows this is DRIVING ME INSANE!!!!

So then over Christmas we’re with our families and BOTH sets of parents are asking us the same questions about where are we going to live? If we couldn’t pay our mortgage how are we going to pay rent? And asking my husband how his job search is going – alright let me talk about this one for a moment – he’s looking, he even got asked to join a company and be a tax preparer for tax season – BUT the caveat would be he’d have to be in training ALL day starting tomorrow for 6-Days, then he’d probably be working full-time…wonderful, right? WRONG! We have no means for daycare – meaning I leave for work before any place opens so there’s no where for our daughter to go next week while she’s still on her intercession – our son returns to school Monday – AND there’d be no way for my hubby to pick them up in the afternoon – he still doesn’t drive and he doesn’t have a vehicle…so he had to turn it down.  As well meaning as some of the questions are we’ve looked at this from all angles and with my weird long days right now we just can’t do daycare/after school care etc.  It’s not the money – it’s the getting the kids to-and-from – so now my husband feels even more guilty because to him the messages came across that he was lazy and not willing to work – ugh – told him that I need him at home right now – his job is to take care of house/kids/animals – which he’s done with grace this week – even going so far as to learn how to cook some of our favorite meals!

Right now I have no answers – we’re trying to find a place to live – we don’t have a real timeline of anything at the moment – and until after that hearing we’re not going to know exactly what’s going to happen.

We do know that we aren’t going back to MD – I am not walking away from my new job – as it could lead me to other positions similar and allow me to provide for the family – as scary as a thought that is – this type of contract/field work doesn’t fall out of the sky and its something I have to jump on now vs. later.  I don’t know what my Contract Company is going to have me do once this project is up – I’ll start asking for a new position as close to the end of the project as I can – but again that unknown.

So I hope Everyone was Safe in their Celebrations Last Night – I am Still Feeling Very Overwhelmed and Wish I could Give the answers so many are looking for…but alas I don’t have them.

So the Sheriff’s office came by today with a court summons/notice informing us that the court date for the Foreclosure hearing has been set for 01/21/2016 at 11am…

So it begins – my hubby is going to go to the hearing to find out what the move-out date is…

In the meantime I am looking for housing for us…we’ve settled on the fact that we’ll need a 2-bedroom house with us using a fouton/daybed of sorts to sleep in the living room…I don’t know if I want to puke/cry/or scream bloody murder right now.

I am MAD – there I said it MAD – this is our own doing I know – we couldn’t keep up with the payments before my hubby lost his job – and then I lost mine too – thankfully I was able find a new job relatively quickly but STILL…we can’t keep up, the mortgage payment + utilities + groceries + the car payment + insurance plus plus plus…ugh.  I am sure some of it was a stagnant pay rate for YEARS.

I don’t know what else to say truthfully…I’ve put inquiries into several places for houses for rent – BUT I’m sure we’re going to run into the problem of our pets – 2 dogs + 3 cats with one dog being a Rottweiler Mix who weighs 85lbs and one being a Pitbull we’re going to run into brick walls left and right…and NO I am NOT willing to give any of them up…

Nor is moving back to MD an option – for several reasons

a) my new job – it’s a great opportunity and I don’t think it would be smart to walk away

b) we were miserable in MD – angry all the time, stressed to the max ALL the time

c) living with my parents would cause undo stress to all parties involved…

Ugh. I am talking in circles.

Gonna go sulk in a corner 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…