Second mortgage paid off today!

By Stew

And so, our housing saga comes to an end today – at least I hope.

In March of 2008, I took a job several states away and my family and I packed up and moved. We immediately put our house on the market, but it took almost eighteen months for it to sell. I have recounted most of the story here at Gather Little by Little:

What should I do with my house?

More thoughts on short sale, foreclosure and bankruptcy

My house: a cautious reason to hope

Housing update: short sale, foreclosure, etc.

Congratulations, you just sold your house! Now what?

I might never buy a house again

Uh-oh, I found a collections letter in the mail

Second mortgage debt settlement

Two days ago, I sent a certified check by mail and I have been assured the the debt will be marked “paid in full”. I plan to make certain that the documentation also includes the words “with no recourse” so that the collections company cannot pursue me to collect more of the debt. They offered to settle the debt in exchange for 50% of the balance and I jumped at the opportunity. This situation has certainly hurt our cash-on-hand and emergency fund, but the opportunity to take a several-thousand-dollar leap toward debt freedom is worth it.

I’ll let you know if this thing rears its ugly head again.

Article by Stew

Photo by tony’s pics

One Response (including trackbacks) to “Second mortgage paid off today!”

  1. ross Says:

    congrats, i waiting on the day i have a little extra money to make a good payment and pay down my mortgage. It kills me every month to see how little money actually goes to pay down my principle.