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Effects of Missing a Mortgage Payment

The last post in this topic was posted 1559 days ago. 

 

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Did you cut the cable service?

 

Yes gone... :P Package downgraded.

Gone or just downgraded? Hopefully freed up at least a chunk of change every month?

I don't think it was answered from a couple pages back....401k?

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ask for a raise.

 

yard sale.

 

stop spending.

 

any kids at home? put them to work. over 18? charge rent.

 

did you read the links to the proper forum?

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net per month: 7,381.00

 

1st mortgage: 2,485.62

2nd mortgage: 336.30

Car1: 576.47

Car2: 236.36

Personal loan: 516.00

Student loans: 559.46

Utilities: 1,000.00

Credit cards: 700.00

Food/Necessities: 850.00

 

Total: 7,260.21

 

Left over: 121.00

 

So, I *can* pay all the bills... but nothing will ever go down. I also owe like 400 dollars on our personal property tax bill (which I charged a few payments to a credit card on) and I owe money to our HOA which I make 50 dollar monthly payments to out of our "necessities" money. And I can't save anything.

Updated list?

 

As it stood, as a percentage of income:

Housing: 38.2% plus HOA fees

Autos: 11%

Utilities: 13.5%

Food and "Necessities": 11.5%

 

I simply want to point these things out without your loans. Passing judgement isn't what we are here for so hopefully none of the advice is taken as such. There are things here to note for later, after the current crisis is managed so that future repeat scenarios do not occur.

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When you say plasma I'm assuming you mean blood? Where exactly does someone do that?

Plasma is a component of blood and many places pay you to donate. It's not a ton of money but it can be a couple hundred per month per adult, which in your situation can be a big impact if you and your spouse are both eligible. Do a search for "sell plasma YourCity, YourState" at your favorite search engine.

 

Your husband could also make money selling his baby batter. In college I knew many who made a few hundred dollars a month making those regular deposits at the clinic "bank"!

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LOL at everyone suggesting he cut insurance on a financed car.

 

OP needs a second job. Trimming $50 here and $20 here is great and all (and obviously should have been done before this post was even made but whatever), but being upside down in all debt obligations an increase in income if possible is the only sustainable solution.

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LOL at everyone suggesting he cut insurance on a financed car.

 

 

I know. I thought it was common knowledge that it is a no-no.

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Might have. When your situation is that dire, you cut EVERYTHING & eat pasta, rice and beans. NO dinners out, NO movies, NO vacations. You sell everything that isn't nailed down and necessary. Cut the cable completely out & sell the TVs. Seriously. You'll be able to buy another one in a year or so when things are better financially. Look at everyone's wardrobe. Sell at least half. Bunk the kids together and rent out the other rooms.

Edited by dansamy

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Might have. When your situation is that dire, you cut EVERYTHING & eat pasta, rice and beans. NO dinners out, NO movies, NO vacations. You sell everything that isn't nailed down and necessary. Cut the cable completely out & sell the TVs. Seriously. You'll be able to buy another one in a year or so when things are better financially. Look at everyone's wardrobe. Sell at least half. Bunk the kids together and rent out the other rooms.

Lots of Ramen and Spaghettios! Heh

 

You're totally right though, selling stuff now and recouping it later on when you're back on your feet is smart.

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Might have. When your situation is that dire, you cut EVERYTHING & eat pasta, rice and beans. NO dinners out, NO movies, NO vacations. You sell everything that isn't nailed down and necessary. Cut the cable completely out & sell the TVs. Seriously. You'll be able to buy another one in a year or so when things are better financially. Look at everyone's wardrobe. Sell at least half. Bunk the kids together and rent out the other rooms.

Unfortunately I get the sense that cutting expenses to the extreme, which is absolutely necessary right now, isn't what the OP is willing to do. I hope I'm wrong of course.

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Might have. When your situation is that dire, you cut EVERYTHING & eat pasta, rice and beans. NO dinners out, NO movies, NO vacations. You sell everything that isn't nailed down and necessary. Cut the cable completely out & sell the TVs. Seriously. You'll be able to buy another one in a year or so when things are better financially. Look at everyone's wardrobe. Sell at least half. Bunk the kids together and rent out the other rooms.

Lots of Ramen and Spaghettios! Heh

You're totally right though, selling stuff now and recouping it later on when you're back on your feet is smart.

And learning frugality and restricted spending habits along the way.

 

My wife and I have a similar income structure to that in this thread and a very different outflow. I hope OP can bounce back and end up in a better situation. Having more liquidity is one of the understated benefits I've picked up from CB.

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Might have. When your situation is that dire, you cut EVERYTHING & eat pasta, rice and beans. NO dinners out, NO movies, NO vacations. You sell everything that isn't nailed down and necessary. Cut the cable completely out & sell the TVs. Seriously. You'll be able to buy another one in a year or so when things are better financially. Look at everyone's wardrobe. Sell at least half. Bunk the kids together and rent out the other rooms.

Lots of Ramen and Spaghettios! Heh

You're totally right though, selling stuff now and recouping it later on when you're back on your feet is smart.

And learning frugality and restricted spending habits along the way.

 

My wife and I have a similar income structure to that in this thread and a very different outflow. I hope OP can bounce back and end up in a better situation. Having more liquidity is one of the understated benefits I've picked up from CB.

Correct, and OP that's why I mentioned how my income has varied over the years (going from being dirt poor to being able to afford whatever I wanted back to being alright in income to being high again, budgeting was key and not living beyond your means).

 

We are not here to judge anyone. We all got here one way or another and some of us have been in your situation before and have made it out alive.

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We are not here to judge anyone. We all got here one way or another and some of us have been in your situation before and have made it out alive.

I cannot express this enough. Everyone that has posted in this thread has the best intentions. Most of us have been there and learned from the mistakes. Hopefully those lessons can soften the current fall.

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It's my experience that some folks are willing to "do the work" to get where they should be and others are not..

 

until you are ready .. TRULY READY.. to make some changes, it will never happen.

 

There isn't any magic or shortcuts.

 

..and a lot of us have been there.

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We are not here to judge anyone. We all got here one way or another and some of us have been in your situation before and have made it out alive.

I cannot express this enough. Everyone that has posted in this thread has the best intentions. Most of us have been there and learned from the mistakes. Hopefully those lessons can soften the current fall.

 

 

+1

 

Nobody here is judging. The fact that many of us have been there is why we feel such a sense of urgency and are trying to get you to feel the same way. Especially without BK as an option, you need to get on the right track.

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What about if your wife takes up couponing since she can't work. When we were going thru a really difficult time years ago, I got our bill down to 250-300/mo for a family of five. With inflation, I think $600 max is doable today. Can we post websites here? Anyway, places like Totally Target, Slick Deals(grocery forum), Wild for WAGS(Walgreens), I heart publix, the couponing couple are all excellent sites for deals to cut your grocery and health and beauty items budget.

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OP has gone missing...

yes, whenever they don't get the answer they are looking for.......... they just pick up their toys and go home. They will find out the hard way the consequences of their actions.

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OP has gone missing..

I think the OP is still around....but they've gone back to posting under their original member name.

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OP has gone missing...

yes, whenever they don't get the answer they are looking for.......... they just pick up their toys and go home. They will find out the hard way the consequences of their actions.

 

That's my fear on this one.

 

Seemed to be seeking an easy way out instead of addressing the obvious spending issues.

 

*I hope to be proved wrong...

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as others said you can cut it down to one car. and put comprehensive on the others it will save you $$$ but you can't drive the car's while they are on comprehensive only. so pick the most efficient and reliable one and garage queen the rest.

 

otoh you stated 2 mortgages? is there any way you can axe the 2nd property?

 

and whichever car is only upside down 4k, sell it take a small loan to cover the difference. a personal loan that small will probably be a 3rd of your car Payment. plus one less car on the insurance will save you more there.

 

Or driving for Uber like was mentioned before. If your spouse is unable to work..... apparently they are able to drive since you have a second vehicle. Even if they only did a single short $12 trip a day that would be an extra $360 a month.

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