This is more of a vent. I am so scared at the moment. I feel like we are never going to get out of the situation we are in.
My hubby was made redundant in October 2013. He was given a payout and that kept us going until about November last year. We have a 3 year old and last March we found out we were expecting our second. We never thought we'd be able to fall pregnant again so it was a huge surprise to both of us.
My hubby is working part time now but it's only enough to cover the mortgage. I'm scared because i go back to work end of next month and i don't know how we are going to afford the extra child care. I can't take the kids out of child care because there is no guarantee I'll get them back in. We are barely getting by as it is now. I am scared we are going to lose our house. We have already gone to the bank and they reduced our payments for 4 months. Those 4 months have come and gone and we are back on full payments again.
I am just so scared of what the future holds. I just wish someone would give my hubby a job so i can stop stressing.
Sorry it is so disjointed.....i just needed to vent a bit.
9 Replies
I know this is going to sound cruel but it's not how it is meant. So what if you loose the house? Is it really the most terrible thing that could happen? I know that sounds so cruel and heartless but really, it wouldn't be the end if the world. You could start again, you could rent and live in something more affordable that's less responsibility, less stress. I think sometimes we spend so much time worrying about something that might happen but When it happens it wasn't that bad after all.
My grandmother and grandfather lost their house, they said it was the best thing that happened in the end. Suddenly there expenses dropped, they were less stressed and were able to move into a rental that was within their means at the time. They were very happy.
If you can sell up though I would before the bank takes it, as it will look better in the long term but think about it. I'd rather have a happy less stressed life than try and keep something that was causing that much stress.
Maybe try the bank again? They may offer you more options? But If I were you I'd be having a garage sale or selling online, selling everything! Maybe consider putting the house on the market before you loose it and move into temporary accomodation or buy a smaller house. Your house might be worth more than you realise and you might be able to sell it and get yourself out of trouble?
I know what it's like to be under financial stress but so far we have managed to survive (our mortgage is only $330 a fortnight)
I recently found out about another centerlink payment, called parenting payment! It has been a life saver for us! Get onto centerlink and see if you're eligable for parenting payment, update your income estimates so you are receiving the correct amount of family tax benefit and have it changed to fortnightly payments if you haven't already.
There was times when I could only spent $20 on shopping so have a good look in your pantry and see what you can utilise. Every cent counts!!!
Best wishes
Have you looked Into professional advice? Are you able to go back to the bank and asked to reduce payments for a few extra months? Sometimes if you are honest with them they will actually try and help you out. I have to agree with previous post. Depending on how attached you are to the house I thinking selling may not be the worst option. Right now in most places you can get a very good amount of money for your house, you could move into a much smaller house and rent for a while until you get back on your feet. When I was little we lived in I guess what you could call a mansion, my dads business suffered hard times and they had to sell, they were devastated they had to buy a much smaller house that was old and run down. It was the best thing for us kids we absolutely loved the new house and I have so many amazing memories in that house. All us kids had to share a room and our kitchen was the size of a closet. We look back now and laugh! It was not nearly as hard as anyone thought and by the end we were so used to it when we finally moved into a nicer bigger house we became so grateful for what we did have. That's just another perspective I guess :) Could you look up at selling anything else in the mean time? Trade cars? Sell furniture or expensive TVs for an old one! Old clothes. Take up another job part time or try and working around your hubby's work so you don't have to pay for child care. Ask maybe a single stay at home mum you may know if she would like to take you kids for the day for less cash then you would pay for child care. I know you could always default on your loan?
It can be quite scary but there are always options. Firstly, speak to the bank about a hardship arrangement. Do this before you get behind. If you are behind, have a look at your budget and determine exactly how much you can afford. Be realistic. Whatever you propose to the bank, you should stick to it. Banks do not like foreclosing. There is too much bad publicity and costs involved. If you are stuck on what to do or don't know where to go, speak to a financial counsellor. Just google financial counsellor and your area. They are free and can explain what your options are and what you can do. If you don't feel able to rationally speak to your creditors there are companies out there who can do it for you. www.financephysique.com is one such business. Don't be afraid to ask for help :)
So know where u are at, this has been pretty much our life for 2yrs! I have just found out you can apply for 'special childcare' and the govt pays for it for 12 weeks so u can have breathing space while u are in financial difficulty. Also see if u can go Interest only on the mortgage for a while. Best if luck it's so tough I know but u will get through it
You just have to stay positive. I am in a simular situation. But a single parent to 3 kids. We are in a cross roads in our lives at the moment. I only have $100 left a week after mortgage paid to feed & pay bills. Everyday is a struggle just to find money to buy food. I am selling everything we do t need & then l will have to start selling the funiture unfortunately. I know it's only short term as l have to wait to go to court with my ex for settlement & beable to sale the house. It is very stressful especially when company's are chasing you for money. You can get through this & YOU WILL! There is always a way. Wishing you best of luck :)
Have you considered dropping your mortgage to interest only for a couple of years? We have just done this, it given us some breathing space, especially while interest rates are low. It has meant that our repayments have dropped, we can still remain in our home (less than paying rent) and we still have an asset that will hopefully continue to increase in value.
Have you considered dropping your mortgage to interest only for a couple of years? We have just done this, it given us some breathing space, especially while interest rates are low. It has meant that our repayments have dropped, we can still remain in our home (less than paying rent) and we still have an asset that will hopefully continue to increase in value.
Have you considered dropping your mortgage to interest only for a couple of years? We have just done this, it given us some breathing space, especially while interest rates are low. It has meant that our repayments have dropped, we can still remain in our home (less than paying rent) and we still have an asset that will hopefully continue to increase in value.