It has been a few weeks since I shared my story–the story of being separated but living in the same dwelling because of the financial necessity. What has happened since that post? Financially, nothing has changed, but there are big changes happening.
Joe found an apartment! He will be moving out April 15th. Currently, he was paying 38% of the mortgage. Starting May 1st, he will only be paying 10% of the mortgage. I have no idea where I will get the balance from. I’m living check to check with nothing left over. I’m looking for a part-time job, but to find one that I can earn about $600 or so a month is difficult. I’m worried my children will lose out because I’ll be working so much. I have to do what I can to keep a roof over our heads.
I also found out that my home is now only worth about $4000 more than my mortgage, so I won’t be able to sell. I’d have to pay to have someone buy it! As far as President Obama’s stimulus plan for mortgages? Well, I filled out the necessary paperwork with my lender and now I wait. I’m not to call them, they will call me if they find a package that will assist me. It’s a waiting game, but I’m running out of time.
Joe told me about a friend’s business. They put together “hardship” packages on behalf of people like myself and present them to the lenders. Apparently, they have a 95% success rate in getting a new payment plan or interest rate for their clients. Hey, he’s willing to pay for it, so we might as well try it. I want to pay for my house, I simply need the payment/interest rate lower. I have a relatively high rate of 6.99% because we had to go “stated” due to Joe’s self-employment status. If I could get that lowered, that would be ideal. Again, this will be a waiting game.
So, I’ll keep waiting and waiting. I’ll call the bank in a week or so to let them know that I will not have the whole payment for May 1st. It will be better, emotionally, when Joe leaves, not only for me, but for my children. (Remember, they are from my first husband Mark) I’ll continue to look for a second job.
Thanks for reading…. I’ll be in touch, hopefully with some good financial news the next time.