Oh boy. Just found out our mortgage went up $120

[Liberty Belle]

And I thought we were struggling yesterday.

We'll manage somehow. I really don't want to get rid of the internet, especially since I'm looking for a job. Already got rid of cable and our YMCA membership. We're keeping Netflix because we need some entertainment and it's only $10 a month.

I don't think there's anything else to get rid of.

Oh well, chin up. I'm not going to slip back into feeling sorry for myself.

 

[sunshine1178]

And I thought we were struggling yesterday.

We'll manage somehow. I really don't want to get rid of the internet, especially since I'm looking for a job. Already got rid of cable and our YMCA membership. We're keeping Netflix because we need some entertainment and it's only $10 a month.

I don't think there's anything else to get rid of.

Oh well, chin up. I'm not going to slip back into feeling sorry for myself.

Not to belittle your problem, but last year our mortgage "adjusted" $800 a month. They had forgotten to charge us taxes for 18 months. So, it could be worse.

 

[Liberty Belle]

Not to belittle your problem, but last year our mortgage "adjusted" $800 a month. They had forgotten to charge us taxes for 18 months. So, it could be worse.

Wow. I don't know what we'd do.

 

[Mom2Ben02]

You just need to make or save $4/day. That makes it seem doable, doesn't it? You can find something in your house to sell on CL, or skip lunch out, or SO many other things for $4. Chin up

 

[C.Ann]

You just need to make or save $4/day. That makes it seem doable, doesn't it? You can find something in your house to sell on CL, or skip lunch out, or SO many other things for $4. Chin up

Ouch!! What caused the adjustment? A rise in your property taxes? I can certainly understand why you're upset - as it's not a "one time" budget buster..

However - if you look at it the way the poster above described it, somehow it doesn't sound quite so scary - does it? Is there any way you could reduce your weekly food budget by $28? Any other services you could eliminate or cut back on?

I'm sure you'll find a way to manage - but it's no fun getting socked with something like that out of thin air..

Best of luck to you..

 

[a1tinkfans]

Sorry to hear about the increase for you. I hope it will all work out for you and that the "hit" won't be as bad as you thought. Why it went up is what Im wondering.
Have you checked with your town to be sure they have been Paying your taxes? You do not want to have an issue with that. Id be certain.
I pay my taxes directly and its always awful to cut that check twice a year, I pay 900+ a month in taxes, yeah, it hurts...but is actually typical where we live.
It seems everything is "up" now, food, gas, utilities, everything....I called and threatened to turn off my cable company and got it reduced 30 a month (and we have basic service).
I am tired of all these increases.....so ask away and perhaps you too can lower some bills to make up for the difference. Good Luck to All!

 

[mikehn]

In all the years I've been a homeowner, never has my mortgage payment stayed the same or gone down. Its always gone up year after year, through a combination of higher property tax rates, higher property valuation, higher homeowners insurance.

 

[stich1fan]

Ours goes up every year. I dread that notice. We are now about $700 plus over the initial mortgage. It stinks....

 

[DawnM]

Did it go up due to taxes?

 

[Liberty Belle]

Did it go up due to taxes?

Yes, I guess that's what it is. I'll have to look more closely at it later, but there was a weird Hazard Insurance charge on there that has never been on there before.

Our stayed the same last year (I think - if it went up or down it was just a few dollars). This is just the third year in the house.

 

[Liberty Belle]

If I hadn't lost my job, it wouldn't be such a big deal.

But, yes, I'm sure I could cut some out of our grocery bill.

It's just one of those "everything hitting us at once" weeks.

 

[stephgles]

Have you contacted your mortgage company for a modification. We went through the modification process last year and saved several hundred dollars a month.

 

[Lisa loves Pooh]

If I hadn't lost my job, it wouldn't be such a big deal.

But, yes, I'm sure I could cut some out of our grocery bill.

It's just one of those "everything hitting us at once" weeks.

When my husband lost his job, we called our bank to see what programs they had. They had one for our heloc where we could get a 1 year temporary interest rate that helped lower our loan. That just ended, but when it readjusted--they just reamortized and though the temporary interest rate was no more, our new payment is still lower than what it was originally. It was only on our heloc as our bank still held that. Our primary mortgage had been sold.

So you may want to check to see if you can do anything with your bank on your mortgage. I had heard Suze Orman provide a sermon on how to be very careful with this. In some cases--banks make you pay all that savings back. Our bank did not do this--but just use caution when checking into programs and that you understand fully the terms of what they do for you.

Good luck!

 

[si-am]

Ugh, I'm sorry. We've been in our house four years, and for the first three, the mortgage payment went up every year because of increased taxes.

Finally, this year, with the downturn in the economy and falling house values, we were re-appraised and our payment went back down about $100. Since our house is valued at $40k less than it was when we bought it, I think it's only fair that we finally got a break with the tax!

 

[eyor44]

Yes, I guess that's what it is. I'll have to look more closely at it later, but there was a weird Hazard Insurance charge on there that has never been on there before.

Our stayed the same last year (I think - if it went up or down it was just a few dollars). This is just the third year in the house.

Wonder if they accidentally added Mortgage Insurance. Call and ask what the Hazard Insurance is for. Perhaps it will be a mistake.

I feel your pain. Ours goes up every year due to taxes and insurance. Very frustrating to say the least. I was excited when our insurance went down $120 for the year but then I got the tax bill and the taxes when up $300. So, our payments will still go up. Hang in there.

 

[Jeff_G]

"Hazard Insurance" is home owners insurance, ie fire, flood, wind damage and so on. Do you have a separate policy that you pay on your own? Most mortgage companies make you pay your Hazard Insurance via escrow. Almost all require you to have it one way or another. If you are paying it on your own outside of your mortgage, make sure your policy is paid and active and get ahold of your mortgage company as they may have added a second policy thinking your was not being paid or for some other reason. Either way call the mortgage company and find out…

 

[Mom2Ben02]

Wow, $120 a month is huge for insurance. I pay about $475/year.

Did they recently send letters asking if you have insurance? They may have done that and then if you did not respond, set up their own ins at a premium cost.

 

[Where'sPiglet?]

Wow, $120 a month is huge for insurance. I pay about $475/year.

Did they recently send letters asking if you have insurance? They may have done that and then if you did not respond, set up their own ins at a premium cost.

I wish mine was that low! Mine is over $200/month.

OP, it's probably your insurance or taxes. Sorry you are having a rough time.

 

[tipsytrtle]

 

[Colleen27]

Were the flood maps for your area redrawn by any chance? We got hit with that a year or two back. Nothing about the property changed, but one year we weren't part of the floodplain and didn't need flood insurance, and the next we were and we did. That was an uncomfortable jump, since flood insurance is almost as much as our general homeowners policy and we're paying it for a home in an area that hasn't flooded in the history of the town.