Two Choices

It appears one of our mortgages has been called due by the bank. Apparently banks can do such things if they choose to. They gave us a six weeks to pay the entire balance in full or suffer the consequences.

At this time, I am not sure what the consequences happen to be. You see, it is a second mortgage. They can't foreclose. If we don't pay it, then what???  The bank is going to put a lien on our home?  They already have a lien on our home in the form of a second mortgage (are you following along?). So, if they want their money they have one of two options.

1. Let me continue paying them like I am already doing.

2. Refuse to take my money, issue a lien on the home (which they already have in the form of a mortgage note) and ding my credit.

And if you really want to know how I feel, I just don't care which option they take at this point. Marty Sunshine does care though. And so does Mr. Partner. So, we came up with a possible third choice. We are going back to the bank and asking them what they are smoking politely ask them to reconsider.

So far, they have had us download a form that requires me to collect the equivalent of a small Peruvian rain forest in paperwork. Poor Bliz (who tells me this is what I pay her to do--which is true, but she has a real job and doesn't have time for the bank's deadline or my fire drill) has been sending me financial reports that I am editing in all my spare time. We are going back and forth with statements like, "I don't think that particular home had $5000 worth of expenses in June." and "You will have to ask Diamond Jim if you can claim the 16 gallons of Hagan Daas as an expense."

The form the bank is asking me to complete is a "hardship" form. There are multiple entries on there that I am supposed to check a box that best describes my hardship. However, none accurately depict our conundrum. When Marty talked to the bank customer service representative he explained the "hardship" just happens to be they are calling the note due and if they left it alone, there would be no hardship. The customer service rep didn't seem to understand Marty's point.

I am told we are to get this done immediately--especially in light of the fact they want everything completed by the end of the month. In addition to our financial statements they want our tax returns for the past two years and a million other documents. At this point, the bank will review the situation and make one of two decisions:

1. Let me continue paying them like I am already doing.

2. Refuse to take my money, issue a lien on the home (which they already have in the form of a mortgage note) and ding my credit.