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home-owning teachers

mommymegan831mommymegan831 member
in Working Moms
I know this is wishful thinking, but I figure I'll ask.  Has anyone ever asked their lender if they could not pay July and August and just have those 2 months added to the term of their mortgage.  I'm going to call in May, it doesn't hurt to ask.  I really racked up a credit card bill this summer that I'll be spending all school year paying off.  I need to be much more careful next summer, but its really tough, and with 2 in daycare all year we're really not saving much.
I know alot of you will want to respond "why would they" or "it's my responsibility" but I'm just wondering if anyone's ever tried, sometimes companies do work with you.  I'm a good customer, always pay on time.  It's with Quick Loans, we just refinanced with them May 2012.
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Re: home-owning teachers

  • jennbean79jennbean79 member
    (Lurker butting in...)

    Does your school district have an option to get paid over 12 months rather than the school year? DH is a teacher, and this is what we do. It definitely makes budgeting a lot easier.
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  • Amatadei16Amatadei16 member
    Same. They take a portion of your pay and give it back to you over the summer.
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  • jen39171jen39171 member
    My school doesn't offer 12 month pay, and I assume yours doesn't either. Our bank allows us to defer some payments occasionally. We had to skip some the first summer we were in the house (we bought new countertops, paid in cash, and ran out of money, lol). It doesn't hurt to ask! Good luck!
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  • jen39171jen39171 member
    BUT the first payment we made after was completely interest and the second was mostly interest.
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  • CamysmomCamysmom member
    Lurker jumping in. I've been in the mortgage business for most of my career so I wanted to add the lenders view point. I assume this is a one time request? As in wanting next summer's payments added to the end of the loan rather than wanting that arrangement every summer? If so, they may very well work with you but I would suggest that you not mention the credit cards as the reason since this might indicate "financial mismanagement" and that is looked on less favorably than extenuating circumstances. So talk about the expenses that came up rather than the additional debt if that makes sense? Also, be very careful about the type of arrangement they may agree to since a forbearance agreement or certain loan modifications could adversely affect your credit rating. Sorry for the novel! Hope this helps.
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  • JenBon727JenBon727 member
    Is their a teachers credit union in your district? Ours does "summer off" loans & mortgages. They also offer a summer savings plan that you can put a portion of your pay in. I feel your pain. I cringe when people tell me, "You have summers off. You are do spoiled!" Hello...it's like getting laid off every year without bring able to collect unemployment.
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  • mommymegan831mommymegan831 member
    Thanks, I'm definitely going to talk to the mortgage company as the time gets closer.  It would be a 1 or 2 year thing.  I can't even afford to get paid over 12 months because I need the money for daycare, but DD starts school  Sept. 2015 so we'll be in a much better situation then
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  • daisy662daisy662 member
    I'm not a teacher, but butting in anyway... It sounds like your financial situation is very tough right now. Have you considered getting a job over the summer?
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  • mommymegan831mommymegan831 member
    edited November 2013
    I'm not a teacher, but butting in anyway... It sounds like your financial situation is very tough right now. Have you considered getting a job over the summer?
    Thanks, but it's not that bad, just that DH's salary barely pays the mortgage and we pay almost $1600/month for daycare, so I can't afford not to have all of my salary during the school year.  We do vacations and day trips and do some meals out, things that we could definitely cut back on, but it's not like we're getting ourselves into debt all year so I don't really think about it until the summer, probably not a great idea.  Summers off is one reason I'm a teacher, I don't mind taking on a little debt in order to be a SAHM in the summer.  That may sound incredibly selfish and irresponsible, but I just love that time in beautiful weather with the kids.  Plus, I can't think of any summer job that would pay for daycare and still make it worth it.
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  • FemShepFemShep member
    mommymegan831 said:
    I'm not a teacher, but butting in anyway... It sounds like your financial situation is very tough right now. Have you considered getting a job over the summer?
    Thanks, but it's not that bad, just that DH's salary barely pays the mortgage and we pay almost $1600/month for daycare, so I can't afford not to have all of my salary during the school year.  We do vacations and day trips and do some meals out, things that we could definitely cut back on, but it's not like we're getting ourselves into debt all year so I don't really think about it until the summer, probably not a great idea.  Summers off is one reason I'm a teacher, I don't mind taking on a little debt in order to be a SAHM in the summer.  That may sound incredibly selfish and irresponsible, but I just love that time in beautiful weather with the kids.  Plus, I can't think of any summer job that would pay for daycare and still make it worth it.

    If you can't cover your monthly expenses, even for just 2/12 months in the year, that actually does sound pretty bad. It's unlikely your mortgage company will allow you to skip those payments entirely, but they may agree to having you spread the amounts over the course of the other 10 months of the year. You can do that yourself, of course-divide the amount of your mortgage payments during the summer by 10 and put at least that much in savings each month. But frankly, if you're running up credit card debt, you need all of your salary during the school year, and you can't make ends meet during the summer, you are most definitely not doing ok. You need a financial wakeup call.
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  • dizzycooksdizzycooks member
    Um if you need your entire salary for the 10 months you teach and expect to somehow be ok over the summer without any income you aren't looking at your budget the right way. You need to average your salary over 12 months and make the appropriate changes to your daily lifestyle so that your salary covers your expenses year round.
    Day trips, vacations and eating probably need to stop entirely until you figure out your budget. My guess would be the cost of those over a whole year would probably get you a large chunk of a mortgage payment in July. Can you find cheaper child care? Tutor during the school year while your kids are still at daycare or teach after school classes? Them you get more income, but don't lose summer time or pay more for child are? I know the center my daughter is is open until 6:30, but I always pick her up by 4 so there are two or so hours I could leave her there and make some extra money without paying more. I say that as someone who does drop her off at 6:30 am so I can be to work on time.
    To assume your bank will daly your payments over the summer because you are a teacher is preposterous. You signed a mortgage with full knowledge of the costs and that binds you to pay as it is laid out. Sit down with your husband and make a budget that covers your expenses for 12 months and then see if there is room to add extras back in. Make auto transfers to a savings account that you can disperse at your regular pay days over the summer. For us, we budget life on dhs salary and use mine for daycare, vacations, savings and paying off debt (1 car and our mortgage) early. In the summer we don't have daycare expense and we suspend the savings and extra debt payments, but can take our vacations and I can relax with the kids and not stress about making ends meet.
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  • ASmallWonderASmallWonder member
    FemShep said:
    mommymegan831 said:
    I'm not a teacher, but butting in anyway... It sounds like your financial situation is very tough right now. Have you considered getting a job over the summer?
    Thanks, but it's not that bad, just that DH's salary barely pays the mortgage and we pay almost $1600/month for daycare, so I can't afford not to have all of my salary during the school year.  We do vacations and day trips and do some meals out, things that we could definitely cut back on, but it's not like we're getting ourselves into debt all year so I don't really think about it until the summer, probably not a great idea.  Summers off is one reason I'm a teacher, I don't mind taking on a little debt in order to be a SAHM in the summer.  That may sound incredibly selfish and irresponsible, but I just love that time in beautiful weather with the kids.  Plus, I can't think of any summer job that would pay for daycare and still make it worth it.

    If you can't cover your monthly expenses, even for just 2/12 months in the year, that actually does sound pretty bad. It's unlikely your mortgage company will allow you to skip those payments entirely, but they may agree to having you spread the amounts over the course of the other 10 months of the year. You can do that yourself, of course-divide the amount of your mortgage payments during the summer by 10 and put at least that much in savings each month. But frankly, if you're running up credit card debt, you need all of your salary during the school year, and you can't make ends meet during the summer, you are most definitely not doing ok. You need a financial wakeup call.
    I agree with this.  If your DH's salary can ONLY cover the mortgage over the summer, that means you have no money for food or anything else.  That is NOT "not that bad."  You absolutely need to calculate your salary over 12 months, as well as your bills and cut corners to make those numbers jive.   What will you do if your mortgage company doesn't agree to your request?  You've presented it here that by paying it, you won't have money for the rest of your life sustaining expenses.
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  • thedashthedash member
    I know that we would definitely not be taking vacations and eating out if we had to use credit cards just to survive for three months out of the year. Your financial situation sounds terrifying to me. If you don't earn enough money annually to cover what you spend annually then you need to make some changes right now.
    DS: 2/17/11          DD: 9/4/13
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