My story of how we arrived at this fearful point is a long one. (Sorry!) I am sure that for many people, financial insecurity is not the result of one factor. In our case, it was a dreadful chain of events filled with bad luck and bad choices. I’ve chosen to tell it in chapters. Today (October 2009), we are in negotiations with Wells Fargo that began around October 2008, and progressed significantly around March 2009, yet today remain unresolved. Will the three of us be forced to leave our modest little fixer-upper home? Right now, no one knows.
Catch up to this part if you like, by reading Chapter 1, Chapter 2, and Chapter 3.
Unable to sell my Massachusetts home the Spring of 2007, I found a renter. I asked for a rent that was reasonable for the blue-collar community the house was in, but didn’t come close to matching the mortgage amount.
12) The problems with my renter began immediately. She was almost a month late for her FIRST month’s rent. After a few sporadic payments, she stopped paying altogether. She eventually stopped answering her phone, and when I called her workplace, they told me she was no longer working there. I began researching how to evict a tenant in Massachusetts.
We were living at The Uncles outside of Portland while we looked for work. Mark’s unemployment check went to rent at The Uncles, and the mortgage payment, and I continued to rob my 401K to make up the difference. We spent the summer of 2007 just trying to make ourselves get up and be productive each day, and not succumb to fright or despair. Mark couldn’t take the daily reminder of his perceived failure, and took off into the desert for awhile.
All summer I filled out applications till they made me numb. I was invited to only a couple of interviews, and was not offered a position.
13) In September I got a job with the VA. Not related to my degrees, but it was at least employment. In October, Mark got a job.
14) School loans came due. I went into forbearance on the greater sum, and began paying Sallie Mae. They required a huge fee for a short deferral, and it was simply cheaper to make my monthly payments.
With two incomes, we were in a position to have our own home. I was sent to Baltimore for training, and while I was there, Mark found a house he wanted to buy. (We love The Uncles, but after 8 months, were ready to be on our own)
15) We still had faith that the Mass house would sell someday, and made an offer on the Portland house in January 2008. By the last day of the month, we owned it. It was a 1925 home, basement crumbling, roof mossy, stained walls and stinking of dog pee on the carpet, but… it was large and we could afford it! Well, we could as soon as the Mass house sold, which had to be soon. In the meantime, we made two mortgage payments every month.
16) February 2008, my daughter’s father decided he wanted to move back to California and take her with him. I disagreed with the plan. Since we had no money left, Mark put the attorney’s retainer on his credit card.
17) Still no communication from my renter, so I hired a Realtor in Mass to put the home on the market in March, and plunked down the credit card once again for a cross-country flight and got the lady out of my house with relatively little pain. I spent a few days putting the property back in order. The electricity had been shut off. She had drained the heating oil and the pilot light went out. The water was off. The toilet leaked. There were mountains of construction rubbish in the back yard. I hired a guy to pick up everything inside and out, and haul it away. I hired a landscaping company to take care of the lawn. $$$$$$$ I went back home about a foot shorter, shrinking under the weight of the world.
18) June 2008, Mark lost his job. It was a shocking blow. Poverty hit hard. There was no way we could survive in the new home on my paycheck only. I was earning $42 K a year. We put up a clothesline. We washed and reused baggies.
19) The custody skirmish was over only a few months after it began. We only spent $5000. That was a MIRACLE compared to what had happened to us in California. AND, for the first time the courts ruled in my favor. Barney moved to Cali like he wanted to, but our daughter came to live with me finally. For good.
20) I asked my family law attorney to recommend a bankruptcy attorney. Both of them were fabulous and I would highly recommend either! I was advised that bankruptcy wouldn’t work for me. My major expenses included $60 thousand in student loans, which I would still have to pay. One of the only things that didn’t cost me much was my car, and they would take it from me. They wouldn’t even wipe out my credit card debt… just rearrange it and put me on a payment plan.
We put our heads down and pressed on. We focused on getting my girl into school for 6th grade, settling in the house. Mark looked for work and tried not to sink into depression. We called Wells Fargo and explained that we were not going to be able to make our payments much longer. They told us that as far as they were concerned, our account was in good standing. We had paid every month, and on time, and our credit was great. “We can only help those people who have been delinquent for three months in a row or more.”
We began giving that statement some serious thought.
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