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2hr phone call with the mortgage company

November 9th, 2012 at 12:53 am

Had a 2hr call with the mortgage company. I got transfered back and forth 5 times until I demaneded that we have a 3 way call. I am 2 months behind on my mortgage. I skipped 2 payments in the spring when I was between contracts. I have been paying regular monthly payments the past 4 months. Anyhow, I applied for the home owners relief program in Oct. Well my app was denied. Apparently I make too much money. But the bank has an internal program where they temporarly lower the interest rate. My forclosure prevention specialist applied for that program on my behalf without me knowing this. Well, apparently as soon as someone applies for this program, they automatically set up an escrow account (my mortgage never had one. I paid the taxes myself). So my property tax comes due in Oct and the mortgage company pays them without telling me. I found this out when I went to pay my property tax and saw that it was paid. So now I have a new escrow account and it is behind. So far this sounds bad but there is a silver lining. My homeowners insurance company dropped me a few months ago. So I found out that the mortgage company is also supplying insurance. The funny thing is that it is less then what I was paying. Now I am not stressing about finding new insurance like I was. So the bottom line is that my mortage payment will go up 200+ a month for a year to get the escrow caught up. After that, it will go down about 150. I used the money that I was going to pay the property tax to make up 1 of my 2 payments, so now I am only 1 payment behind. So overall, they will still get thier money, taxes and insurance are taken care of and at the moment with me and the wife working, we can pay they higher monthly payment. So, I guess overall this was a good thing. I will find out soon if I can get the interest rate deduction. Maybe that will offset some of the escrow account costs.

Talked to Mortgage company today

October 1st, 2012 at 10:18 pm

Got a certified letter from my mortgage company today. Never a good thing. After talking to the first girl, she suggested I go for a loan modification. So, I talked to that guy and we are seeing what we can do. In the mean time, they are holding off on demanding full back payment ( I am 2 payments behinds) which means that for now, I can just make a regular payment. If the loan mod falls though, they told me I can make 4 payments of 400 each to cover the payments I am behind on. With my wife working now, I am pretty sure I can swing that. The sad thing, is that I really don't want the house. The neighborhood went to hell and I have no desire to move back there. The only reason I haven't let it go is because I do alot of gov't contracts and a forclosure would kill my security clearance as well as prevent me from getting other contracts

Current debt

September 29th, 2012 at 11:19 pm

That attached spreadsheet shows my current debt as well as other things which I need to take care but haven't yet. I did not put my mortgage or my car paymewnt on here as they are both longer term debts which I am not focusing on at the moment.