Round Two

Foreclosure Sign.jpg

I have been unemployed 20 out of the last 33 months.

As you can imagine, joblessness has taken it's financial and emotional toll.

Paying bills is always an exercise in creative financing.

I am behind on my assessments, have an unhappy and litigious credit card company all over my ass and let's not even bring up my credit record.

Yet believe it or not I could cope with all of that knowing that the roof over my head was somewhat secure.  Unfortunately, that may not be the case for very much longer.

I went through this same drama last October when Select Portfolio Servicing (SPS) informed me that I was not eligible for the Obama plan. 

In a complete twist of fate and dumb luck, I was able to obtain a six month forbearance on my mortgage while I continued to look for a job.

For those of you who aren't acquainted with the how bad it really is out here, let me assure you that six months is not a great deal of time when searching for employment.

And make no mistake----it's not a case of just finding any job that will pay a wage.  If the job can't pay enough to support my current debt load, I might as well not have one at all.

While flesh and blood people take your information, your fate is decided by a financial model computer program.  If the program decides that you don't make enough to support a mortgage restructure plan, any debt and daily living expenses, you're out of luck.

So the bottom line is this---I have not found a job, SPS doesn't consider unemployment as a source of income and my six month forbearance is up in 12 days.

Did I mention to $20,000 payment they'd like me to make?

So after a brief conversation with a customer service agent yesterday, one (or several) of the following scenarios may happen:

  • I will be foreclosed upon.
  • I will be forced into doing a short sale of my condo.
  • I will find a decent paying job at the last minute.
  • I can try to drag out the foreclosure process for as long as I can.
  • I may get a last minute reprieve.
  • A wealthy individual(s) will purchase my mortgage and allow me to pay what I can until I get back on my feet.

Note:  I highly doubt the last two will happen.

So yet again I find myself dealing with an inflexible system that isn't setup to meet the needs of those of us who are in the middle of this nightmare.

Yes, I'm familiar with the revisions of the HAMP plan.

Yet I find it ironic that unemployed are given six extra months to try and find a job while institutions that took TARP funds had at least five years to repay that money back.

It took me 11 months during my first layoff to find a position.

So I'm going in for round two with this bullshit. 

I know I'm not alone in this, many others are going through the same situation.

I'm just so tired of swimming against the tide.

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