Habitat For Humanity Has Mortgages
One misconception of the public is that when someone gets a habitat for humanity home they net a free house. Nothing could be further from the truth. I am here, as living proof that we partner families do not gain a free house from habitat. We have a monthly mortgage that must be paid as any other mortgage does.
My mortgage is like yours as in I must make a monthly payment, but mine is better in most ways, because my interest rate stays the same for the life of the mortgage. I have no interest rate, but my house payment does go up as the need arises due to other factors within the mortgage.
When my ex-husband and I took out this mortgage in 1993 for a period of twenty-five years, we knew that our mortgage was actually a few parts combined. Our tax, insurances on the house, and the remaining part was the actual house payment. The tax I am speaking of is both the real estate and school taxes, both of which have gone up in the past few years.
My steady estate tax has gone up in recent years because they remodeled the schools in town pushing my taxes up four hundred dollars a year. This in turn has caused my mortgage payment to rise sixty dollars more a month then it was when I kicked him out two years ago
The insurances are life insurance that will pay off the home should one of us die and the property insurance of course. Even thought my ex husband and I have not lived as husband and wife for the past few years Habitat has recommended that I peaceful carry his name on the life insurance for the house. Their reasoning is since he leads a very risky lifestyle now, that it would be in my best interest should the unthinkable happen, that way my house will be paid for. I am listed on that policy as a rider only.
The last part of my monthly mortgage is the fees associated with the loans habitat had to seize out to cover the materials that were not donated for my house. Habitat homes around the world are built with volunteer labor and donated materials. Sometimes though those materials are not donated so they are paid for with a line of credit, which Habitat has established with local banks.
My monthly mortgage payment is now four hundred and ten dollars, which is tiny compared to most other mortgages, but at times, it has been hard to pay. As hard as it was a few months to come up with that mortgage payment I knew it had to be done. Your mortgage should be the first bill you pay each month, yes even before you buy the groceries. Some past months it was hard to do.
Those times I can purchase are when he first left me to pay all the bills, raise the kids, and I was a full time student back in 2001. I struggled to make that payment but had a hard time catching up and foreclosure papers were written. I could not sell a car, because he had taken them both and wrecked one and sold the other for bail money. I turned to Trehab who found the money to put my house within he-map.
The only catch was I needed to have a beefy time income of a lot of money in the house; the loan payment was 500 a month on top of the house payment. Then there were all the other bills. I could not get a roommate per the rules of Habitat so I reconciled with the ex-husband for a while, but it did not work out.
Therefore, I got a job and worked hard monthly to pay the mortgage, the loan, pay the bills, and support the kids. I paid off the loan and saved the house, yet I know if I miss one payment it could put me right back into the foreclosure nightmare I was in a few years ago.
Now I have thirteen years left to pay off my mortgage and God will contemplate us through if I put forth the honest effort and pay the mortgage on the day it is due. I know if I mess up one more time, I may not have the opportunity to get back on track.
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Filed under Loans Leads by on Dec 13th, 2011. 