So i go home from work yesterday and in the mail is the partial payment i had sent to the mortgage company 3 weeks ago. Calling our mortgage company is an endless nightmare of circling menus, but i did it anyway. After finally getting a hold of someone in the loss mitigation department and then being passed on to a few more people, i was finally able to talk to “Tom”, a surprisingly calm and polite man who actually listened when i talked. Why did we receive a foreclosure notice? We submitted hardship paperwork for a loan modification over a month ago. Don’t worry he says. You received a forclosure notice because you can be up to 3 months late, but not four. Once you hit 4 months they automatically send you to forclosure. He says we can work out a payment plan to help us get back on track, but you need at least one month’s payment to get that ball rolling. In the meantime, they are still processing our paperwork for a loan modification. Keep saving up money, he says, and call back when you can make a sizeable payment.
I’m not sure if it was the calming tone of his voice or the advice he gave me, but after i hung up the phone i felt much better about our situation. I just keep telling myself that they truly do not want my house. They are better off in the long run modifying our loan with a lower interest rate that will make the monthly payments affordable for us. Seriously, who can afford 11.45%? The loan started out at 8.45% which is still high, but our penalty for being entrepreneurs.
Maybe when this is all history and we are living comfortably again (and not moment to moment) i can write a book or publish an article helping the self-employed people of America. This country was founded by individuals who were innovative and had the entrepreneurial spirit. Somewhere along the way, we became a country of robots working for the man. Those who wish to seek out their own path are penalized with double taxation, higher interest rates, and even the self-help books deal strictly with debtors and savers who earn a paycheck from an employer. The envelope system, direct deposit saving, 401K’s, and HSA’s are all great, but doesn’t help me in the least. I have a very small network of friends who are self-employed and dealing with many of the same issues as i am. They do offer a lot of helpful advice, but they’re not financial advisors or law makers. i need real help!