We've had a major-ish bump in our adoption fundraising journey. Our savings account has gone from almost $4,000 to $144.58. The problem is that when we bought our house 8 years ago, we did an 80/20 mortgage package to avoid paying the mortgage insurance (technically it was an 80/15 package since we put 5% down when we purchased it). Made sense at the time and seemed like a good move. But after 11 months of unemployment and a move out of state, we had to attempt a short sale on our home. We had a buyer lined up for Bank of America, and our wonderful realtor wrote up a 17 page report documenting how our asking price was the fair market value of the property. Unfortunately, Bank of America turned the offer down and priced the house way out of the market.
So we had no option but to foreclose on the house. Communication with Bank of America was atrocious. We couldn't get in touch with anyone, and the "contact person" didn't return any of our numerous calls. Eventually we found out through our realtor that the house was slated for foreclosure while it was still on the market for a short sale. It sold on May 7th of this year. We never heard from Bank of America.
Until last week.
We got a phone call out of the blue telling us that we were still responsible for paying off that "20" portion of the 80/20 mortgage. Because technically that portion is a "line of credit" or "note" and not a "mortgage," a loophole in Georgia law allows Bank of America to go after borrowers to pay that amount, even after the collateral (house) has been reclaimed by the bank. This move is illegal in some states, but not Georgia. Slimy, slimy.
I am so, so thankful that we bought a house under our means back then and had been working to pay it off early before Sean was laid off. The balance on that mortgage, excuse me, note, was $10,151. The amount Bank of America wanted was $10,700, and they wanted a payment within ten days, "To keep the account here at Bank of America instead of sending it to collections or litigation," we were told. Lovely.
Yesterday Bank of America called again and told us that after reviewing our hardship letter and tax returns, they were prepared to settle for a lump sum of $3,579.01. Why do they bother with the one cent at the end of that amount? Who knows. I won't complain about a seven thousand dollar discount.
So yesterday we watched our savings (slated for adoption costs) go from $3723 to $144. I won't lie, it brought tears to my eyes. It was like watching Abraham drift further away from us.
But being the optimist that I am, it wasn't long before I found the sunny side of things. This is yet another way that adoption blessed our family! I can say with 95% certainty that we would not have had that money "lying around" if it weren't for our adoption. God provides! He gives us what we need, when we need it. And while it's (very) disheartening to have to start over and set our fundraising thermometer from $11K to something in the $7K range--the amount we've already paid for adoption expenses and fees so far.... He helped us save it up the first time and I have no doubt He will help us save it up again.
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This past weekend we were blessed to be able to donate our car to an extended family member in need. This was the car that I learned to drive in, took my driver's license test with, and received as a wedding gift from my parents over 10 years ago. It was our getaway vehicle when we got married. I couldn't help feeling a little sad to say goodbye to a car that had seen us through all of our major adult life milestones. But I'm so glad this car can be a blessing to someone who needs it!
Other prayer requests today:
- For my friend Kym who is 22 weeks pregnant and on bedrest with placenta previa which started bleeding last night.
- For Abraham's Aunt Jessica, who fell down some stairs and broke her foot yesterday.
- For Abraham's 5 year old cousin who broke his arm a couple of days ago.
- For Abraham's honorary Aunt Mary Cate and Uncle Welton who are both sick, and for issues with their power chairs to be resolved soon.
- For a dear friend's father who needs wisdom in making a major life decision.
- For our extended family member and his wife mentioned in Quick Take #3 above who is going through a very trying time.
- For all the children and teachers who are starting the new school year, that God would protect them all from every harm and help them to learn His Truth.
- For safe travels for those on the road this weekend.
- For Martha who is fighting breast cancer.
- For Renee Tam who lost her brother this week, and for the peaceful repose of his soul.
Laryngomalacia. Ever heard of it? No, it's not an obscure country in Southeast Asia. It is a condition present in some babies when floppy cartilage in their larynx makes them sound a little bit congested when they breathe. Severe cases sometimes need surgery to fix. Felix has a mild (harmless) case of laryngomalacia which will resolve on its own as he gets older and the cartilage gets stronger. I'm going to miss it when it's gone! Now it often sounds like he's purring. Who doesn't love a purring baby?! And he makes the cutest snoring sounds when he's asleep.
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| Bookworms behind the couch. |
We will be launching our Facebook adoption page soon, stay tuned! We have a punny acronym in mind. You have been warned.
For more Quick Takes, visit Conversion Diary!
Samantha! I just recently found out you have a blog! I'm thrilled at having another way to keep in touch.
ReplyDeleteI am so very, very sorry that you had to use money in your adoption fund to make this payment related to your house. I know you are discouraged, but your attitude is wonderful, As you said, God provided the money for that payment because you probably wouldn't have had it if you hadn't had the adoption fund.
God knows you need that money for little Abraham, and you know that if you are meant to have him, then He will provide! It is wonderful to "rest" in that knowledge; oh, but it IS hard to wait sometimes. I am praying for your peace in this. Hugs!
Thank you Linda! Your comment is so encouraging, and your prayers mean so much!
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