Monday, June 3, 2013

Confession #49 - A Real Test of Faith (Part I)

Our Home
Many months over the last five years, we have been in situations where we didn't know if we were going to be able to pay our bills.  And in many a post I have professed that God has made it possible to make all our payments each and every month since our financial crisis began.  So many times I thought our home would be added to the list of foreclosures.  But always God has remained faithful.  However, since last week I believe differently, I believe God is going to perform an outright miracle that no one will be able to refute God's hand in our situation...

First, I'd like to take you on a short journey...

Back in 1999 my husband and I purchased our home.  This is our first home and we thought we wouldn't be here more than 4-5 years.  Well 14 years, and lots of remodeling later and we are still here.  For this I thank God...

I really like my home, it's small but it's warm and welcoming, it looks great decorated for the holidays and it's be an epicenter of hospitably since we moved in.  We've enjoyed the love of wonderful pets welcomed new babies, rejoiced in the adoption of our daughter, survived numerous storms including somewhat devastating effects from Hurricane Wilma , the remodeling of every single room along with countless hours of laughter and tears over the years.  It's not just our house it's our home, our shelter.  I have put blood, sweat and tears into this house to make it beautiful and I'm not done yet.  I can picture myself watching my grandchildren, retiring, spending my last breathing moments here.  It's a great house and God knows how I feel about it.

Our remodeled kitchen
Back in 2006 when the housing market was booming my husband and I were in the process of adopting a daughter from China (that never happened) and we needed money.  Money to pay for the adoption and finish some of the remodeling projects that were a must.  So we made a poor financial decision; we refinanced.  Back then interest rates were pretty low, and home values were high and raising more by the day so like many others, we refinanced our mortgage to pay for our needs and wants. Although we signed the dotted line that read our interest rate was only fixed for five years and after that it would adjust anywhere from 2.25% to 11.5% depending on the index, we thought, "No problem, before the five years is up we will refinance again."  Well as most Americans know the housing markets crashed, homes prices plummeted and many people were left in crisis, becoming upside down in their mortgages, loosing jobs, becoming victims of foreclosures or forced short sales.  I don't need to go further because many of you are in or have been in similar situations.  We just didn't have the insight and forethought to avoid such a risky financial maneuver. 

Dining Room
 But like I said, since we hit bottom in 2009 we have been blessed to make our payments.  In fact two years ago marked the end of our fixed interest rate period.  Oddly enough our interest rate never adjusted and frankly I didn't give it much though, just counted our blessings and went about life, that is until last week.  A letter came from our mortgage company stating that our interest rate was due to adjust and we should be expecting an increase in our payment.  Immediately I panicked.  We can barley afford the payment as is and the thought of an increase set my heart a-racing.  I thought, "Oh boy, this is it, it's all over we're loosing our home."  I quickly called the bank to find out what to expect, but all they said was that 45 days prior they will notify of the new payment.  I tried to figure out the formula on my own to no avail, I called a friend in the mortgage business to see if she could help, I called a friend of the family who's son just modified his loan, all in an effort to tackle this eminent threat to our livelihood.  No one could help. 

The bank that owns my loan did not take bail-out funds so they do not have to work with any government programs for modification nor will they.  Additionally they will not typically refinance a home that is worth less than it's mortgage and add to that we are in bankruptcy so it seems that we are pretty much at the mercy of the current interest rates.   Or are we?....

To be continued...God Bless you and keep the faith...   Read Part II
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