Whether investing in your 20s or 60s, you might make a regrettable decision or commit a newbie mistake – and thus suffer the consequences. After all, there is a lot to be nervous about: Investing feels complicated there are confusing acronyms and terms to get your head around, and it certainly does involve risk.ĭespite that, your wise inner money sage knows that to build wealth, you’ll need to get your feet wet. Up next, three things to look at if you have a HELOC or are thinking of getting one.If you’re like many, the thought of investing gives you the heebie-jeebies. I spend every morning in the back yard, before my work day starts, eating my oatmeal, looking at the mountains, thinking how, if I could, I would spend the entire day. This might change as time goes on, but right now, even though I am working from home, I find myself wanting to be there all the time. Since then, I find myself wanting to leave my home less and less. Thanks to Quicken Loans, I was going to stay home. I sang the you know what out of that set, let me tell you!įinally, after one month of sleepless nights and enough scanning and emailing of documents to last a lifetime, the loan closed. $20,000 more than what I needed to close the loan. I was getting ready to start a set at The Blarney Stone on a Friday night when I checked my phone and saw the appraisal had come back. It was an erroneous report, which wasn’t a surprise considering the source, but it took me four phone calls and over an hour to get it fixed and everything back on track. I almost fainted on San Vincente Blvd as I listened to the message on my lunch hour. I still remember where I was when Quicken called me to say the credit union dedicated to “building better lives for their members” had reported a 30 day late payment that was going to basically put an end to the entire refi. To use a total cliché, it was a total rollercoaster. #QUICKEN LOANS HORROR STORIES FULL#This was all while working a full time job and doing gigs on the weekends. There were days when, with everything going on, I literally had 12 phone calls where I had to produce documents, information or get on a conference call about something. Doing a refinance because you want to save a few bucks is very different from doing one that is the only thing that will allow you to save your home. To say the process was stressful is an understatement. They refinanced one of my investment properties that actually cut my payment almost $400.00. A couple of years ago Quicken Loans had come to my rescue right after the bankruptcy. The one thing I had going for me was property values had increased and I actually had some equity that I could bring to the table. Not exactly the perfect candidate, but I was not going out without a fight. But how? My bankruptcy wasn’t even three years old and still recovering from financial collapse, I had gotten $6,000 behind in property taxes. I knew a refinance was my only chance of holding on to the place I had put so much sweat and love into. I got in my truck to go rock the OC realizing I was probably going to lose my beloved home. Already on a tight budget, living paycheck to paycheck, there was no way $1300.00 more a month was going to appear. It was going to go from just a little over $500.00 a month to $1800.00. It took two transfers to get someone who told me in a flat voice my new payment. I was getting ready to leave for the OC for a gig, but I called. “The payment you are making now may increase.” Something about now paying PRINCIPAL and interest. I had used it to pay off credit card debt (twice, because I have to make the same mistake numerous times to learn my lesson) and I also had used it to purchase my three other investment properties.īut in looking at the notice I read a sentence I hadn’t really digested before. I was making interest only payments on a very large balance. It didn’t really mean anything to me because I hadn’t been able to draw on it since the real estate market crashed around 2006. I had received a notice a few months earlier letting me know my draw period was coming to end. I was in the middle of trying to resolve that situation along with dealing with my dog and uncle being sick when I received a notice from the credit union dedicated to “building better lives for their members” about the Home Equity Line of Credit I had on my house. The kitchen cabinets falling off the wall was just the start. I mentioned that the beginning of the year started out pretty rough.
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