Thursday, May 23, 2013


We were denied our request to close our escrow and release the funds. We now have a $2,100 a month mortgage payment for the foreseeable future. This number will go down once November rolls around, but for the next 5 months it is going to suck. There is really no other way to say it. Apparently if you have an FHA loan and do not put down 20% on a home, you are stuck with an escrow until you get 20% paid off. Take home story here, do not buy a home until you have 20%! Why didn't someone tell me that?

Our debt payments will obviously slow down and I do not think we will be able to hit that 25% mark. As bad as I want it, I just don't see how it will happen. 

I have some payments waiting to be cleared out. We paid about $800 to principal this month and once the accounts reflect that, I will update the totals again. 

I read the greatest article this morning about a family that paid off their mortgage in less than 5 years. Pretty incredible article that details how they did it. It provides me with some encouragement and new ideas. Maybe it will provide some of you the encouragement to kick that small credit card bill or put you on a path to being debt-free. Here is the article is you would like to read it

Hope everyone has a great day. Last day of school with the kids today! And, faculty bowling after work! Woo-hoo!! 

1 comment:

  1. Although I love those kinds of articles, they do forget to mention that their income is not all that average... If you follow their math carefully, unless I am misreading, they had a balance of 147k after 26mo. That means they had a mere 32mo to pay everything off. Divide that and you get a payment of almost 4.6k/mo just for mortgage. That's 4.6k net, so their monthly gross must've been in the 10k+ range. That's not all that average!

    Good tips and inspiring, for sure. But a bit disappointing for someone in or below their "average" income.