Baby steps towards progress...

Community Leader
Registered: 08-25-2006
Baby steps towards progress...
4
Wed, 08-13-2014 - 6:40pm

My mortgage balance is below $100,000.  And, the interest has stopped accruing on my Note with the City.   Also, I have $100 saved towards school clothes for DD14.

Life is funny, not using my CC and somehow I seem to have plenty of money.  

Get to work 6 extra days this week, which will make a huge difference on my check.  

Serenity

Serenity
Community Leader
Registered: 07-26-1999
Thu, 08-14-2014 - 4:21pm
Ah, 6 days over the month, that's still something extra to help out!!
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Community Leader
Registered: 08-25-2006
Thu, 08-14-2014 - 2:12pm

Oops, 6 extra days this month.

The Note with the City is from my first time home buyers program 20 years ago when I bought the house, all new construction.  $50,000 standard loan from a mortgage company, and $33,000 note from the City at 3% interest.  (Unfortunately, I did have to a do a loan modification in 2004 and refinance in 2008.  That is why my  current mortgage principal is at $100,000)

The Note does not have to ever be paid back as long as it is my principal residence and the interest was to stop accruing after 20 years.  If I sell, move, or make it into a rental I have to pay back the City.  

The only time the note has been a negative was when I was applying for the HARP program last year - Negative Amortization.  

Serenity

Serenity
Community Leader
Registered: 07-26-1999
Thu, 08-14-2014 - 1:22pm
Great to hear!! Baby steps are good, any steps are good! Glad the boss gave you some extra hours this week, will it continue?
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iVillage Member
Registered: 11-14-2008
Thu, 08-14-2014 - 8:40am
awww my post didn't post. I'll try to remember: 6 hours extra? I don't think I remember the note with the city. Property taxes? Under $100,000 that is sooooooooooooooooo cool. I can only imagine how that feels!! So exciting! I will be that way too, in about 20 years!!! Great job on the school clothes saving job. Its amazing not using the CC right?? Awesome job!!