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Am I dreaming – do they really do this?

July 16, 2009
By

I thought I was dreaming yesterday when I picked up our mail. There was a letter from our mortgage company – a letter is never good – at least for me!

Well, after I read the letter, picked my jaw up off the floor, crawled to the couch, and re-read the letter again just to make sure I read it correctly, I cried.

Just when you think you have the budget figured out, you have your finances squared away, and you are able to take a breath, you get a letter that just turns everything upside down.

I didn’t think they even sent out letters of this nature and if they did they should have paramedics on stand-by to give the person oxygen when they hyperventilate!

Okay, I can’t hold it down any longer – OUR PAYMENT WENT DOWN BY $64.00 per month!!! I normally make a little bit more than the regular payment so I’m not changing my payments, I’m just going to add the additional to the principle!

The other choice I have is to reduce my payment down to the new payment amount (still paying the same overage) and put the extra money ($64.00) into Savings – I know that Suze would say put it against the principle but lately she has been all over funding the Emergency Fund so I think that I might set-up the overage to go to our ING Share account. That would build it up fairly nicely and they have a great interest rate for a savings account – higher than my credit union right now.

What do you think I should do? Decisions, decisions – and just when I thought I had the budget figured out – See SonyaAnn, I’m going to have to make some changes – which is okay if it gets me to my goal! If you haven’t visited SonyaAnn’s blog, be sure you have gone to the bathroom first and have tissues for crying because you will laugh so hard you pee your pants and cry at the same time – serious – read her pool part 1 and 2 escapades and you will see what I mean.

Okay, back to this decision – I would really like to hear from you as to what you would do with the extra money!

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Am I dreaming – do they really do this?

July 16, 2009
By

I thought I was dreaming yesterday when I picked up our mail. There was a letter from our mortgage company – a letter is never good – at least for me!

Well, after I read the letter, picked my jaw up off the floor, crawled to the couch, and re-read the letter again just to make sure I read it correctly, I cried.

Just when you think you have the budget figured out, you have your finances squared away, and you are able to take a breath, you get a letter that just turns everything upside down.

I didn’t think they even sent out letters of this nature and if they did they should have paramedics on stand-by to give the person oxygen when they hyperventilate!

Okay, I can’t hold it down any longer – OUR PAYMENT WENT DOWN BY $64.00 per month!!! I normally make a little bit more than the regular payment so I’m not changing my payments, I’m just going to add the additional to the principle!

The other choice I have is to reduce my payment down to the new payment amount (still paying the same overage) and put the extra money ($64.00) into Savings – I know that Suze would say put it against the principle but lately she has been all over funding the Emergency Fund so I think that I might set-up the overage to go to our ING Share account. That would build it up fairly nicely and they have a great interest rate for a savings account – higher than my credit union right now.

What do you think I should do? Decisions, decisions – and just when I thought I had the budget figured out – See SonyaAnn, I’m going to have to make some changes – which is okay if it gets me to my goal! If you haven’t visited SonyaAnn’s blog, be sure you have gone to the bathroom first and have tissues for crying because you will laugh so hard you pee your pants and cry at the same time – serious – read her pool part 1 and 2 escapades and you will see what I mean.

Okay, back to this decision – I would really like to hear from you as to what you would do with the extra money!

Share

8 Responses to Am I dreaming – do they really do this?

  1. . on July 17, 2009 at 1:06 am

    I would put the extra 64.00 into a savings account. You never know when it will come in handy. I am learning now, from our many mistakes, and wish I had put more money away.

  2. Nancy on July 17, 2009 at 12:40 pm

    Hi Brandy, Thanks for visitin' the ranch! Bear and I are considering just putting it away in savings since we already pay more on our payment. I'm looking at our ING account which has the higher interest rate. This would really help to grow our Emergency Fund back up. Thanks for sharing and stop by again – Love your blog!

  3. Jules @ Lovely Las Vegas on July 17, 2009 at 4:23 pm

    I'm still putting away extra towards the mortgage… but the emergency fund probably needs a considerable boost so I probably should adding a bit more to it… but I think either way, it is a good situation for you to be in : ). Any extra money for your discression (sp??) is a great thing!

  4. Nancy on July 17, 2009 at 5:45 pm

    Jules, thanks for stoppin' by the Ranch! We are leaning towards the savings account and will firm up the decision over the weekend. We have time since this won't start till August payment. Love your blog and I'm hoping I'll get to show Bear how fun Las Vegas is some day – I love people watching and it's a great place to do that!
    Thanks again and stop by often we always love visitors at the ranch!

  5. Frances on July 17, 2009 at 6:22 pm

    I would say add to the emergency fund. When you get it to a comfortable for you level, then you could add the amount back to your house note.

    You are SO right about SonyaAnn!!

  6. Nancy on July 17, 2009 at 6:31 pm

    Frances, Thanks for visitin' and I believe we are leaning towards the EF for now. Man, I can't read SonyaAnn's posts until I have gone to the potty and grabbed some tissues – it is dangerous if you don't! Thanks again and love your blog as well.

  7. SonyaAnn on July 17, 2009 at 7:06 pm

    You scared me so bad when I started to read this post. I thought it was bad news and you really shouldn't have to deal with anything else after your hubs heart and the garage. Don't do that again! But I'm glad that its good news!!! Don't ask me what to do with it, I'm always redoing my budget. But I'm a big mouth so probably keep plugging away at the mortgage for a while and if it doesn't work then switch it to the EF.
    And thank you for the link, that was very, very kind!!!! Lots of love.

  8. Marilyn's Money on July 17, 2009 at 11:05 pm

    I say, put it on your mortgage since you are used to spending that amount, no matter what in the end it will help. Sometimes unless you are very disciplined you tend to still spend that little bit of money. Trust me I know how it goes.

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