Plan B – I still have Options

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Continuing from my last couple of posts regarding the current situation and my personal finance choices, I am considering all options. And I do still have options.

The Major Challenges

Mortgage – I am officially officially one month behind on my mortgage payment this coming week. Per my Googling, I can expect 2-4 months of no mortgage payments to trigger foreclosure, but I am going to call my lender this next week and have a conversation. I do not want to risk foreclosure, so I am exploring options to sell before that.

Auto Insurance – If I can’t pay last month’s auto insurance balance by November 4, our policy will be cancelled. This is my #1 priority this week.

Electricity – If I can’t pay last month’s bill by November 9th, we may be subject to it being cut off. I believe I can make a partial payment and buy a little more time.

Water – I have bought a little more time by making a partial payment, but last notice said I had to be current by November 24th or risk it being cut off.

The Good News

I’ve picked up some extra paying work this coming week. And it could lead to a bigger project, ie a pretty complex website build. Now, I won’t get paid this week, but I will bill this week so that should help with the above.

Options

Depending on my conversation with my mortgage lender, my thought is to give it until the end of this calendar year to see if I can find steady work. If yes, great, I’ll recover and get back on my feet a little at a time.

If not, then putting the house on the market very quickly in the new year will probably be my best bet. Houses are still selling relatively quickly here, and I have a good amount of equity in the house since I got such a good deal on it and have done LOTS of improvements. Alternatively, if I can get caught up enough, I could rent out the extra room and see if that plus some extra work could keep us in the house.

The house is the biggest drain on my funds. The other is bills for Gymnast and he is going to begin contributing now to his bills, that will take some pressure off. (Originally he would take them over completely come January, but he is starting now instead. I don’t know if he will cover everything right now, but he knows the numbers and we are using this weekend to do some research on best options.)

 

 

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