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Wednesday, August 16, 2006

Vacation and Foreclosure

We here at the house are in the process of moving and also on vacation this week. Post's may be intermitent and scattered.

Life here is rough with all that it has to throw at you. We are in the process of losing our home because of stupid financial decisions by yours truly for what ever reason there was. Rather than let the bank holding the mortgage tell us we have X amount of days to get out we are evacuating the premises on our own. That sounds sad and disheartened but we are looking at all the positive attributes to our given situation.

Renting saves us $700 a month and then we don't have to pay for water and sewer that comes to just about $500 a year. House insurance versus apartment insurance will save us $800 a year. All the expense of upkeep for an old house are gone too! To top it off our kids don't have to play on the street and will now have a huge yard to play in. A safe neighborhood and quiet end of the city to grow up in.

Don't get me wrong. It sucks losing your house to the bank but the alternative is far brighter for our five girls. Dad made some bad calls on the refinancing once too often but the banks took the risk as well. How the hell they looked at our situation and finances and said we could afford a $1700 mortgage is beyond me? How we managed to pay it for the last year or more is mind boggling but there was a lot of Macarroni and Cheese suppers.

We tried keeping up with it but you can only tap your 401K for so much before you have to face the facts. Two plus two for a paycheck is never going to equal ten no matter what the credit report says we can afford to pay for a mortgage. The new apartment is huge and it is a fresh start.

Basically, we are doing what we have to in order to survive in this nice financial world that has been handed to us. We can't declare bankruptcy to even save the house. According to them we make to much. Can't refinance with an interest only mortgage because our credit is shot with late payments everywhere you look on the credit report. We are in a catch 22 situation and that is fine.

The bank can have the walls that support the house but they will never have our home. That is something we are packing up in the last load to leave our former residence. I'll be sure to buckle the little ones in and the older girls will do their own seat belts. Home is where we make it. That is the future and I tend to like what it has to offer.

Home is wherever Mom and Dad are and the girls will be happy with that. Frankly, I'd rather have them raised with two less stressful parents than pay for some walls that just keep out the elements.

Back when I can...

Papamoka
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2 Comments:

Blogger Gun-Toting Liberal said...

Bro, I'm so sorry to hear it. My wife and I went through a similar thing not so long ago with the largest (and most important) exception of no children like you and your wife have. The good news is, we're back on our feet within three years and we're making it... barely, but making it. There IS life after bad credit and material losses, my friend :-)

Way to keep your head high... I'm proud to know ya :-)

11:04 PM  
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10:56 PM  

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