Modification Woes

Way way wayyyyyy back in November I started the mortgage modification process with the bank. Okay, I guess it has only been 2 months. But i am PUMPED about reducing our overall monthly recurring bills so we can KICK ASS on paying off our debt. I am very anxious to get a lower mortgage payment since that is our single largest money suck. I HATE being in debt and for sooooo0o long it has felt like we were not getting anywhere. But now i can actually start to see the light. THE END IS NEAR!!! I do not have an exact date. Our cash flow is too tight to be able to commit to anything more than minimum payments at this point. Hence the eagerness to lower our mortgage payment so I can throw that money towards the credit card debt.

After paying off more than $50,000 in credit card debt, here is where we are 4 years later:

  • CC1:   14,350
  • CC2:   6,325
  • CC3:   1,025
  • CC4:   4,910
  • CC5:   390
  • CC6:   485
  • CC7:   515
  • CC8:   520
  • CC9:   5,225
  • CC10:   4,150
  • Total CC’s:   37,895
  • Family: 10,000

By the end of the year, 5 credit cards will be completely paid off and the cumulative remaining balance less than $25,000 if i continue making only minimum payments. Its astonishing to see how much debt remains after paying off so much for so long. Its quite a painful look at the reality of the mess we got ourselves into. Two of the credit cards were used exclusively to purchase equipment for the business, so at least there was a return value. Still…. yikes.

So when i called today to follow up on the progress of our loan modification, and was asked to provide YET MORE RECORDS, naturally i was deflated. I was hoping that i would finally hear that our file is in the final review. That they will be making a recommendation soon. But no. I’m not kidding folks; I have already faxed over 1,000 pages of records. I keep them all in a special pile (ya, i know) on the corner of the desk since it doesn’t fit in a folder anymore. I have sent them 4.5″ worth of my financial life. and they still request MORE. What more can there possibly be???

ugh. maybe this will be the final ticket…