January 2012 was the last time I paid my mortgage in full.
Like many unemployed or underemployed Americans, I had some tough decisions to make regarding my finances. If I paid the mortgage, how was I going to eat? How was I going to keep the utilities on? How was the phone bill going to get paid?
My unemployment could literally only cover my mortgage. I would of had less than $100 a month to live off of had I gone that route.
And as much as I'm for fiscal responsibility and keeping a roof over my head, I also really like the creature comforts of toilet paper and toothpaste.
Also like many of my fellow unemployed or underemployed Americans I called and asked for my mortgage servicer to reduce my payments or work with me in some capacity until I became employed again. The only difference in this situation is that I already knew their answer.
I had been down this road before but was hoping that some rule may have changed that would allow the servicer to help.
Unfortunately, that was not the case. Without steady employment, my mortgage service could not reduce my principal as I had no source of income.
Quite the catch 22?
So I stopped paying my mortgage and waited for the boom to drop.
I waited for the thick envelope of foreclosure papers to arrive at my doorstep.
I pondered who would take my cat and where I would store my stuff.
I pondered where I would go and how I would live with no source of income.
It was with all of these thoughts swimming in my brain, that the first of several miracles---as there is no other way to describe them---started happening.
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