As you are aware (if you have read previous blogs), I have been only partially employed since July 2009. I have been ardently seeking a full-time position and have supplemented my income with temporary jobs. I usually don’t qualify for unemployment benefits because I am working part-time.
I have drastically cut back expenses. I have delayed repairing my automobile, procuring new glasses, fixing plumbing and other items. I have reduced expenditures to the bare minimum but I still run a slight deficit each month. As a result of this situation, my savings-checking account declines a couple hundred dollars each month.
This old house is my home. It is nearly 100 years old and reminds me of a farmhouse. I have worked on many projects to fix, update, and paint the home during the past seven and a half years. I like it here. My cats like it here. This is my home, however, I actually own only a portion of the property (less than a third) and I owe about $113,000. It is a modest home on a small city lot. Nothing fancy.
I lost my full-time job in December 2002, two months after I purchased the home. I worked at temporary jobs for 14 months until I was able to locate another full-time job. However, I am much more anxious regarding the Great Recession because of the lack of open positions. I have never been late with a payment (thank you automatic withdrawal and frugality). Before my income dropped, I would submit an extra $100 per month toward the principle balance.
Last month I met with a loan adjustor specialist (loss mitigation) from the bank which serves as the processor for my loan. He assured me that it would be easy to refinance since I have never been late and am proactive. I met with a home ownership coordinator (nonprofit agency) and she assured me of the same. However, I just learned that I have been turned down for a renegotiation since I am in deficit each month. DUH! That is why I want to reconfigure my loan so that I am not in deficit. I do not want to be in default.
I met with the home ownership coordinator, again. I have redone my budget to show that I am not in deficit, though I know it isn’t completely honest. I have reapplied and hope to procure the modification so that I can stay in my home. Unfortunately, modification will hurt my credit rating for a while and that concerns me since so many employers review the job candidate’s credit rating. It is a vicious cycle. Sorry to vent but this is an incredibly frustrating process. I feel exposed and vulnerable.
Bank: Let me stay, please.
© 2010
Showing posts with label mortgage. Show all posts
Showing posts with label mortgage. Show all posts
Sunday, March 21, 2010
Wednesday, February 24, 2010
FRUGALITY ISN’T CHEAP
There are myriad methods to save funds. Namely, don’t buy anything beyond an absolute necessity. Per example, I used to treat myself to a take-away (to go) meal a couple times per week. My weakness is Asian cuisine. Even though I would eek out two or three meals from the dinner, it was expensive - $15.00+ so that got cut from my lean budget.
I buy food at Aldi’s, Target Supermarket, and Walmart (rarely). I participate in a nonprofit’s food program where you volunteer and can procure food at a reduced cost. During the summer I consume produce from my garden. Alas, the only item to consume fresh during the winter, which transplanted well this year, was parsley. Good greens but not enough nutrition.
Besides food, heat is another necessity. I opt for a cool house. The abode is kept at a brisk 58 degrees (F) when I am at home and it is permitted to drop to 50 while I am gone. The cats shed less, yeah. This temperature is tolerable when I am in physical motion. I do have to wear a warm sweater, heavy sweatpants, socks and slippers or tennis shoes. The only time I feel chilly is when I am sitting still while reading, watching tv, chatting on the phone or typing at the computer. I adapt by plugging in an electric blanket and wrapping it around myself. I put on a hat and wrap a scarf around my neck. It works well except for my fingers while typing. I need to procure some gloves with their fingertips exposed (ala Ebenezer Scrooge). I also use an electric blanket to warm the bed before I snuggle between the sheets and six layers of blankets. The blanket is on a timer as not to run all night or mess up my electro-magnetic field. Spring is still several months away…
I make minimum mortgage payment each month, zero out my credit card each month, and there are no other loans. My auto died during the spring of 2009 and I purchased a different used car (2000 Toyota Camry). It is the most complicated auto that I have other owned but it works well. Thankfully, it is not affected by acceleration problems – yet (holding of breath). I do worry about the cruise control, though. I was able to pay for the auto from savings. I always combine driving trips; such as today I visited the post-office, library and grocery store in one stop. I have convinced my friends to carpool as much as possible. Fuel prices are guaranteed to rise as the economy improves.
My savings account is being slowly depleted despite my best efforts. I work part-time and add to my funds through temporary assignments. I purchase only necessities but mortgage, phone, electricity-natural gas, and other fixed expenses consume all that I am able to earn and more. I recently met with a person from the bank about modifying my mortgage; I must examine how it will affect my credit rating before I accept their offer. I have been diligently seeking a full time job since June 2009. I shall now start selling some possessions that I do not require. Anyone collect comic books out there???
Perhaps the cats will get a job.
© 2010
I buy food at Aldi’s, Target Supermarket, and Walmart (rarely). I participate in a nonprofit’s food program where you volunteer and can procure food at a reduced cost. During the summer I consume produce from my garden. Alas, the only item to consume fresh during the winter, which transplanted well this year, was parsley. Good greens but not enough nutrition.
Besides food, heat is another necessity. I opt for a cool house. The abode is kept at a brisk 58 degrees (F) when I am at home and it is permitted to drop to 50 while I am gone. The cats shed less, yeah. This temperature is tolerable when I am in physical motion. I do have to wear a warm sweater, heavy sweatpants, socks and slippers or tennis shoes. The only time I feel chilly is when I am sitting still while reading, watching tv, chatting on the phone or typing at the computer. I adapt by plugging in an electric blanket and wrapping it around myself. I put on a hat and wrap a scarf around my neck. It works well except for my fingers while typing. I need to procure some gloves with their fingertips exposed (ala Ebenezer Scrooge). I also use an electric blanket to warm the bed before I snuggle between the sheets and six layers of blankets. The blanket is on a timer as not to run all night or mess up my electro-magnetic field. Spring is still several months away…
I make minimum mortgage payment each month, zero out my credit card each month, and there are no other loans. My auto died during the spring of 2009 and I purchased a different used car (2000 Toyota Camry). It is the most complicated auto that I have other owned but it works well. Thankfully, it is not affected by acceleration problems – yet (holding of breath). I do worry about the cruise control, though. I was able to pay for the auto from savings. I always combine driving trips; such as today I visited the post-office, library and grocery store in one stop. I have convinced my friends to carpool as much as possible. Fuel prices are guaranteed to rise as the economy improves.
My savings account is being slowly depleted despite my best efforts. I work part-time and add to my funds through temporary assignments. I purchase only necessities but mortgage, phone, electricity-natural gas, and other fixed expenses consume all that I am able to earn and more. I recently met with a person from the bank about modifying my mortgage; I must examine how it will affect my credit rating before I accept their offer. I have been diligently seeking a full time job since June 2009. I shall now start selling some possessions that I do not require. Anyone collect comic books out there???
Perhaps the cats will get a job.
© 2010
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