Saturday, October 09, 2010

No More Mortgage

Standing proud at the front door of our mortgage free home (this morning)


It is official now, no more mortgage.  

Yesterday morning I visited my local bank to wire the funds to the mortgage company to pay off my 30 year mortgage.  Of course I had a few more hurdles to jump over and some flaming hoops to jump through but the funds were wired and now I have a zero balance.  All I need now is the satisfaction statement from the county and this unpleasant chapter of my life will be over.

Four years ago when Bill and I moved to Delaware, I got caught in the housing market collapse and ended up with a $100,000 mortgage to be paid off when I was 96 years old.  

This was something I had not anticipated when I signed a contract in November of 2005 to build my dream house in Delaware and sell our home in Pennsylvania.  In fact I was concerned that I would sell our Pennsylvania house too fast and would not have a place to live until the construction of our Delaware house was completed.  That was the situation when we sold our Philadelphia home and build a new home in the suburbs of Philadelphia in 1980.  Oh no, this time I got stuck.  

I was starring at the financial abyss when I realized I couldn't sell our home in Pennsylvania for the price that was necessary for me to avoid taking on a mortgage with our Delaware home.  I had close to 100 showings and seven signed sale agreements, all of which failed.  It was perhaps the worst experience of my life except for a terminal illness.  I only got out of it by underselling our house and taking on a mortgage.

Since November of 2006 I have been carrying a mortgage.  This home didn't really seem like our home.  It never does when a mortgage is hanging over your head.  All my life I wanted a home without a mortgage. 

We never had our own home with a front and backyard growing up.  My brothers and I grew up in rented apartments.  My first goal when I got out into the world and got a job was to save up enough money for a down payment and buy a home.  

Bill and I lived in apartments at first.  After a few years we had enough money to put as a down payment for a home in center city Philadelphia.  We had a 20 year mortgage but we got it paid off in seven years.  

When we sold our home in Philadelphia, we paid cash for our new home outside of Downingtown, PA. For twenty-five years we lived in that home without a mortgage.

Thus, we were not prepared for a mortgage when we moved to Delaware.  But that was the only way I could sell our home in Pennsylvania and avoid foreclosure on our Delaware home.  I did what I had to do to survive.  Taking on a mortgage wasn't what we wanted to do at this stage in our lives but I had no choice.  

I love our Delaware home.  Bill not so much (he prefers the Pennsylvania home in the woods) but we couldn't continue to stay there because of the high taxes.  

Even though I am very happy here at our home in Delaware I never felt like it was really our home.  The mortgage company owned it.  As of yesterday, that is no more.  

For the first time since we moved here I feel like this is really our home.  Now this is a wonderful feeling. 

I love it!




8 comments:

  1. Yes I see in the photo there is no mortgage hanging over your head. Ha I saw your comment on "Spo Reflections". I give him a hard time because he is always asking me, when I leave a comment, "where is Studio City". So when he posted his trip plans, I made sure he would be aware that he would be passing through S.C. on the way back to Phoenix. Yesterday was my birthday.

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  2. Mike,

    Happy birthday! How did I miss it?

    Ron

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  3. Oh Happy Day! Congrats.

    Will there be a mortgage burning party? Will I be invited?

    Oh, never mind. Be happy.

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  4. Wayne,

    Actually, the "mortgage burning" is very anti-climatic. There is no mortgage document per se. I just wired the funds and now away the satisfaction statement from Sussex County. There is no official document from the mortgage company. However, there is one VERY IMPORTANT thing, NO MORE MONTHLY PAYMENTS.
    Bill says he can die now and not have to worry about me working a the hotel until I'm 96 years old.

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  5. Congrats on the mortgage! Debt-free is the place to be.

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  6. Liberty,

    I agree with you 100%. Debt free is the place to be. I was able to pay off my mortgage with a bequest that my Mom made to me. In her will she said "I am leaving money to my sons because I don't want any of my boys to be in debt." Mom was a child of the Depression and she hated debt and didn't trust banks. This was her last selfless act. Did my brothers and I have the best Mom ever? You bet!

    Ron

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  7. Thanks Spo, its a relief. A great feeling!

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