Posts Tagged ‘Mortgage Restructure’

I seriously feel like I need to play the role of Ebenezer Scrooge when it comes to our finances – hold every penny earned close to my heart and not let it go unless ABSOLUTELY necessary – never having fun – always pushing friends/family and events off to the side.  We’ve been hit from every angle as of late and frankly it’s getting old!

So since my last post let’s see what’s happened:

Silver’s repairs FINALLY wrapped up with a $250.00 deductible being paid out of our Merrill Account, and the rental cost was $754.53 for the 37-Days it took to get the repairs completed.  Ugh. I did send a copy of the receipt with an email style invoice to the repair shop requesting reimbursement for the rental cost as it exceeded the estimated number of days they told me repairs would take.

So that left us with none of our tax refund left – the remaining balance went to buying groceries/gas and basically supporting us for the last month while I looked for work.  I did manage to find a part-time position at a major department store retailer in the South and East working in Fine Jewelry, so not terrible. But it pays $9.00/hr maxing out at 24.0 hours a week until a full-time position opens.  Joy!

In the meantime we’ve re-done our food stamps and now have more money in Food Stamps every month to help us pay for groceries – the mortgage is still in process, need to check-in there and find out what the status of that is. Hubby went back to DSS yesterday to apply for Medicare to be told that the state no longer covers adults like they do children, SO he was directed to Soc. Security to apply for disability in hopes they can get him the coverage he needs for his heart issues.

Otherwise, we’re down to our last $100 until I get paid Friday…fun right?!

So that’s that ya’ll!

Advertisements

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.

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?!?!

Ok so remember how we said we were going to try and figure out a way to still be able to purchase a new vehicle through our existing finance company – well we did talk with them and as it turns out they suggested we go to one of the dealerships they work with directly as we’d have better luck  with one of them if they used Credit Acceptance.  So that’s exactly what we did, we nailed it down to one particular dealership, Jeff Gordon Chevrolet, here in town – initially we started with the Pre-Owned group – test drove a nice Subaru Outback and looked at another HHR – we decided ultimately the HHR would suit our needs better than the Subaru – so we run the application for financing and BAM declined.  Well no real surprise there as we owed $3600 worth of negative equity on the Focus.  So then our salesman suggested we look at a new model vehicle as the incentives they had running would cover the negative equity and we’d have better luck getting into one of those.  Ok so they have us test drive a 2013 Chevy Malibu – to say we fell in love with the vehicle is a VAST understatement.  Run the financing and BAM we’re approved! Holy CROW are you friggin serious? Yup! Ok so we go through the process of some back & forth negotiations and ultimately agree on a $494.75/mos payment @ 8.99% interest rate with $900.00 down payment! We sit down with the finance guy, sign all the papers and they give us a dealer tag on the condition we get something from Citi showing we’re either approved for the restructure (which we weren’t) or we’re current on the mortgage (which we’re not) – so we take them a letter yesterday we rec’d at the same time as the reject letter stating they’ve received our paperwork and it’s in processing for the next 30-Days….well that’s a no go with the bank…DAMN! We drove around that wonderful new model car for four days only to have to give it back last night…I am so ticked! We knew what was going to happen but we prayed for a miracle.  The finance team told us our credit alone was what got us the approval but the bank dug a lot deeper and decided the restructure was a no go…so we’re back in the Focus.

Now I am one to believe in Fate and Destiny so much that I know without a doubt that there’s something bigger or better for our situation out there – something else is going to land in our laps and this was just Fate’s way of saying – Nope there’s no way you’d have been able to afford that monthly payment with the increased Insurance Payment (which would have been $106/mos) so that’s what an additional $199.00 a month we would have had to try and squeak out of our already tight budget?  Yeah probably for the best.

So where are we now? Well Jimmy’s applied for an employee hardship assistance through his employer to help us with the back due on the Mortgage, if that goes through we’ll be even with Citi.  If not, then we’re talking Chapter 13 bankruptcy…not ideal but it is what it is.

With all of that being said here’s last week’s budget – you’ll see the transfer in from savings for the down payment and then the payment out to the dealership for the down payment – I am picking up the check to refund our down payment this evening after work and that’s going back in the budget for Week Ending 06.21.13…

 $54.86 Remaining from W/E 07/07/13  $493.48 Lara W/E 07/14/13 Salary
 $40.40 Amt. Spent  $251.79 Jimmy W/E 07/14/13 Salary
 $14.46 Avail. Starting  $745.27
 $11.30 McDonald’s  $14.46 Avail. Starting
 $3.51 McDonald’s  $745.27 Total Pay
 $1.61 PetsMart  $759.73 Avail. For Bills
 $3.02 KTC  $730.00  Transfer in from Savings
 $6.39 OnStar  $1,489.73
 $5.00 Coastal Behavioral  $6.53 Adj
 $3.18 PetsMart  $1,483.20
 $6.39 OnStar
 $40.40

 

 $1,483.20
 $25.00 DB Plumbing
 $1,458.20
 $80.00 Brigades Boys & Girls Club
 $1,378.20
 $5.00 OT Solutions
 $1,373.20
 $7.99 Hulu.com, 7/21 Auto-Draft
 $1,365.21
 $5.00 CCA, 7/22 Auto-Draft
 $1,360.21
 $21.39 Blockbuster, 7/23 Auto-Draft
 $1,338.82
 $170.00 Groceries
 $1,168.82
 $25.00 Jimmy’s Money
 $1,143.82
 $25.00 Dinner, 7/19
 $1,118.82
 $40.00 Gas
 $1,078.82
 $25.00 Cat & Dog Food
 $1,053.82
 $20.00 Lara Co-Pay
 $1,033.82
 $900.00 Jeff Gordon Chevrolet
 $133.82
 $75.00 Progress Energy
 $58.82

And now with the cash withdrawal:

 $1,483.20
 $25.00 DB Plumbing
 $1,458.20
 $80.00 Brigades Boys & Girls Club
 $1,378.20
 $5.00 OT Solutions
 $1,373.20
 $7.99 Hulu.com, 7/21 Auto-Draft
 $1,365.21
 $5.00 CCA, 7/22 Auto-Draft
 $1,360.21
 $21.39 Blockbuster, 7/23 Auto-Draft
 $1,338.82
 $320.00 Cash for the Week
 $1,018.82
 $900.00 Jeff Gordon Chevrolet
 $118.82
 $75.00 Progress Energy
 $43.82

Seriously the whole situation makes me want to throw up – so I am going to try and not think about it

Lesson Learned: Don’t count your chickens until your eggs hatch – meaning make sure you have absolutely everything in line before you even think about trying to finance a new car…we always seem to make the same mistake when car shopping…we have less than a year left on this loan and with the increased payments I am hopeful we can pay it off sooner or be within 2-3 payments before payoff come tax time next year…crossing my fingers!

Seriously??!?! So here’s a mid-week update to keep my Friday budget post from becoming too long –

After FOUR (4) yes I said FOUR Months of waiting we FINALLY heard back from Citi about our restructure and what do you know??? It was DECLINED citing spending habits vs. actual need – so then I guess that the fact that several unexpected expenses bulked together with lost working hours was the only cause for getting (5) months behind on our mortgage??? Seriously…I understand that’s what the issue was but when we added it all up the total amount going out was more than our income and it was BAM BAM BAM one expense right after the other we couldn’t catch a break until almost Halloween…and then when we ask for help from the one place that coule provide it, yup DENIED!  I am so frustrated I don’t know where to begin.  So what do they tell us??? Pay what you can and try each month to make a full payment – um what about that $5K+ that is  back due on the loan – no answer…gee Thanks!

So now that’s finished we figure ok since one situation didn’t work out, perhaps our second one would…replacing the money pit that our car has become, a 2000 Ford Focus with 130,000 miles on it – the “new” alternator that was put in last Fall may not have been installed correctly or might not have been the only issue, I have ZERO Clue – all I do know is this – I have to ‘prime’ the engine when I stop for a red light – meaning I have to apply the brake and lightly apply the gas in order to keep the car from stalling.  And yes I still have to do this even after replacing the battery (after my 4th stall out waiting to get off property from my job)…in April…we’ve had tune-ups and oil changes done to no avail it still does it.  Then recently my brakes have decided to ‘grind’ which I know means one thing and one thing only – Roters need replacing – those suckers are pricey as all get out – fun right?? NOPE!

Now we’re going to try a 2nd route with maybe replacing it – my hubby thinks he might be able to talk to our finance company and see about them pointing us in the direction of a replacement/new loan through them so we can get out of the money pit it’s become…that call is being made tomorrow morning…let’s hope it works…

The only bright light that came from the last 48-hours – my Wedding Song was playing on the radio today, going to post a video here for everyone to enjoy!

 

Lessons Learned: Don’t rely on just one route to correct a problem…always map out more than solution to an issue and prioritize your housing over every other expense! Build your emergency relief fund as it’s the only way to keep yourself out of hot water later down the line!

Not feeling it this week…the budget is strained once again and I am in a place where I wonder what happened to that lovely map I set-up…seems to me that when I do develop stuff like that I am thrown for a loop and items unexpected come up – then again this time it was lack of income to expenses…sorely missing my overtime right now, we really need it as I try my damndest to keep up with the utilities and the mortgage and keeping food on the table…that’s been my biggest struggle…the mortgage is seriously more than we can swing right now and I am just trying to figure out how I can make it all work.  Seriously hoping the restructure comes through soon so we can get situated in a budget and keep it stable and balanced.  That is the hope at least!

The car situation is on hold for now until the mortgage comes through – as I said in my post mid-week last week they requested duplicates of paperwork previously submitted – turns out it was paperwork that was supposed to be sent to us, but our idiot ‘counselor’ never sent it and that was what was holding up the process…go figure…so now we’ve sent in that paperwork and I am waiting on a response from the underwriters, seriously hope we have one this week.  I am very anxious to get to a resolution very soon!

Alright here goes – the budget for the week – we’re actually going to be left with $28 cash from the cash withdrawal and surprisingly we got a check from our health insurance provider refunding the co-pay I paid for my check-in/new patient visit a couple of weeks ago, so that $20.00 was put back into the general funds account and will be used next week…that and another check for $5.00 from LCA (guess it was a payment that drafted before I stopped payments from our account) – so hey an extra $25.00! I’ll take that!

 $45.41 Remaining from W/E 06/16/13  $496.56 Lara W/E 06/23/13 Salary
 $50.32 Amt. Spent  $216.42 Jimmy W/E 06/23/13 Salary
 $(4.91) Avail. Starting  $712.98
 $10.37 Wal-Mart  $(4.91) Avail. Starting
 $9.60 Michaels  $712.98 Total Pay
 $6.13 PetsMart  $708.07 Avail. For Bills
 $2.54 KTC  $5.00  Addt’l Refund from LabCorp
 $6.00 Tommy’s  $713.07
 $15.68 Smithfields  $9.00 Transfer in from Savings
 $50.32  $722.07

While I have wanted in the past to have the ability to go out with my hubby alone more than we do – I will say this – we’ve had two lunch dates this week, which has made me very happy!  We hit Chipotle for lunch on Tuesday and used what leftover cash we had on hand to split a burrito bowl, chips and drinks and then on Friday we went to Smithfields for lunch! We managed to keep the costs under $20.00 both times and I got to have a long-needed date with my hubby! So it can be done, just have to get creative!

 $722.07
 $25.00 DB Plumbing
 $697.07
 $80.00 Brigades Boys & Girls Club
 $617.07
 $5.00 OT Solutions
 $612.07
 $48.00 Great Lakes, Auto Draft 7/3
 $564.07
 $170.00 Groceries
 $394.07
 $25.00 Cat & Dog Food
 $369.07
 $25.00 Dinner, 6/28
 $344.07
 $25.00 Jimmy’s Money
 $319.07
 $40.00 Gas
 $279.07
 $225.00 Citi
 $54.07  $54.07
7%  $3.78
 $3.78  $50.29

We have actually managed to stay out of our checking account this weekend – with the exception of a movie rental yesterday we haven’t spent a dime, which is a good start for the week!  Here’s our budget now with the cash withdrawal – like I said we’re left with $28.00 which is going into the pot to purchase Ashley a new bike and then the next things we’ll  be saving for is some new clothes for my hubby and I then Austin would like a computer game…so we’re using the money to save and purchase needed/wanted items and what’s left will go into the emergency fund.

 $722.07
 $25.00 DB Plumbing
 $697.07
 $80.00 Brigades Boys & Girls Club
 $617.07
 $5.00 OT Solutions
 $612.07
 $48.00 Great Lakes, Auto Draft 7/3
 $564.07
 $300.00 Cash for the Week
 $264.07
 $225.00 CitiMortgage
 $39.07
 $3.78 Merrill Transfer
 $35.29

So that’s all folks! Once we’ve made the purchases we need, we’ll work on re-building the emergency funds account…for now though we continue on the path we’re on!

Say what??? I thought, and I was pretty sure we were ok, with our current budget process and bill pay model – however, that has not turned out to be the case.  I was finding, over the last 6-weeks or so, that our Mortgage and Car Payment were not getting the funds they required in order to a) be current and b) make a serious effort to pay off those items.  After reading several other blogs, namely this one inspired me to change our payment schedule.  So I did some heavy duty thinking and even more manipulation of the numbers and figured out how much needed to be added to my monthly car payment in order to pay it off sooner, as it appears Citi is going to continue to park themselves on our restructure with no real direction for the time being – more on this later, and so we can keep that $750 we had allocated for the down payment (and maybe even work to help that to grow some) or at least get the payoff lower before going shopping for a replacement.  

Below is the payoff map that illustrates how much will be needed each bi-week to pay off the loan before next Summer:

 $7,751.00 Total Paid    
 $4,044.00 Bal. Due      
 $11,795.00        
         
 $367.64 Monthly Payment x 11 Mos  $183.82
 $404.40 Monthly Payment x 10 Mos  $202.20
 $449.33 Monthly Payment x 9 Mos  $224.67
 $505.50 Monthly Payment x 8 Mos  $252.75
 $577.71 Monthly Payment x 7 Mos  $288.86
 $674.00 Monthly Payment x 6 Mos  $337.00
 $808.80 Monthly Payment x 5 Mos  $404.40
 $1,011.00 Monthly Payment x 4 Mos  $505.50
 $1,348.00 Monthly Payment x 3 Mos  $674.00
 $2,022.00 Monthly Payment x 2 Mos  $1,011.00

The 1st Column of Numbers  is the Bal. Due divided by the #of possible payments (middle section) with the last column being the first divided by 2 for the number of monthly payments (does that make sense?)  I’ve opted, for now, for the 11 mos payment plan, and rounded that $183.82 up to $185.00, as I work in whole numbers, and incorporated that into the budget.

So then I figured out our bi-weekly payment on our mortgage, $824.00/mos divided by 2 payments/month = $412.00/bi-week

Secondly, I plugged in the numbers for our monthly expenses/auto-draft payments for other bills and developed the best working scenario I can come up with.

Lastly, I averaged over 6-Weeks the amounts of our Misc. Expenditures – or rather non-budget purchases and plugged that number into the equation to account for that spending every two weeks as well, the actual number was $62.55 and again I rounded up as I work with whole numbers to $65.00

These numbers are examples – not actuals:

Week 1 – Week Ending 06.09.13

 $766.24    
 $89.00 APM Int’l  
 $677.24    
 $185.00 Credit Acceptance
 $492.24    
 $80.00 Brigades  
 $412.24    
 $170.00 Groceries  
 $242.24    
 $40.00 Jimmy’s Money
 $202.24    
 $25.00 Dinner, 6/14
 $177.24    
 $25.00 Cat & Dog Food
 $152.24    
 $25.00 DB Plumbing
 $127.24    
 $65.00 Misc. Spending
 $62.24    
 $20.00  Lara’s Co-Pay 
 $42.24  $42.24  
7%  $2.96  
 $2.96  $39.28  

Next is Week Ending 06.16.13

 $805.52      
 $412.00 CitiMorgage  
 $393.52      
 $80.00 Brigades Boys & Girls Club
 $313.52      
 $5.00 OT Solutions  
 $308.52      
 $5.00 Coastal Behavioral  
 $303.52      
 $40.00 Gas    
 $263.52      
 $25.00 Dinner, 6/21  
 $238.52      
 $25.00 Jimmy’s Money  
 $213.52      
 $25.00 Cat & Dog Food  
 $188.52      
 $150.00 Utility    
 $38.52      
 $25.00  DB Plumbing   
 $13.52      

On the weeks the Mortgage is paid money will be very tight depending on how much we’re paid and how much rolls into this week from the previous week – as you can see there’s like ZERO wiggle room!

Week Ending 06.23.13

 $779.76    
 $185.00 Credit Acceptance
 $594.76    
 $80.00 Brigades  
 $514.76    
 $170.00 Groceries  
 $344.76    
 $25.00 Jimmy’s Money
 $304.76    
 $25.00 Dinner, 6/28
 $279.76    
 $25.00 Cat & Dog Food
 $254.76    
 $25.00 DB Plumbing
 $229.76    
 $5.00 WHA  
 $224.76    
 $21.39  Blockbuster 
 $203.37    
 $5.00 CCA  
 $198.37    
 $64.47 State Farm
 $133.90    
 $65.00  Mis. Spending 
 $83.90  $83.90  
7%  $5.87  
 $5.87  $78.03  

Week Ending 06.30.13

 $844.27    
 $412.00 CitiMorgage
 $432.27    
 $80.00 Brigades Boys & Girls Club
 $352.27    
 $5.00 OT Solutions
 $347.27    
 $48.00 Great Lakes
 $299.27    
 $40.00 Gas  
 $259.27    
 $25.00 Dinner, 7/5
 $234.27    
 $25.00 Jimmy’s Money
 $209.27    
 $25.00 Cat & Dog Food
 $184.27    
 $150.00 Utility  
 $34.27    
 $25.00  DB Plumbing 
 $9.27    

I certainly hope that this scenario doesn’t play out and we’re left with more than $9.30 at the end of the week! We’ll see though…so we’re crossing our fingers this actually works out.

As for Citi – um yeah still ZERO movement there – late fees are piling up and our ‘counselor’ has been LESS than responsive – that idiot scheduled a call-back with Jimmy for Tuesday morning before he went to work and he didn’t call – all we’re getting are those canned form letter emails telling us the same thing – it’s with the final underwriters for review. I’ve responded asking for more than just the canned letter with no response – might be time to call this idiots manager…this is getting insane!

So yup – this is where we’re at right now!

Until tomorrow kids!