Jamie has called and left several messages for me to call back, so I returned his call on Thursday. He’s with Chase Bank that holds my second mortgage. He’s concerned that I’m behind on my house payments, and he wants to see what he can do to help me get caught up.
I explained to Jamie about my business, the past due payroll taxes and that the IRS won’t let me stay in the house. He wanted to know if I was going to do a short sale, and I said no. He expressed concern over my situation and asked if he could put me on hold for a moment. What he did was pass me off to an aggressive female whose job it was to intimidate me. The conversation went something like this:
She said “I was just talking with Jamie about your situation. We need to take care of this so we can get you caught up on your payments.”
“I’m not going to get caught up. In a week I won’t have a job.”
“What do you intend to do about the house? Are you trying to sell it.”
“No, I’m not going to sell it. I’m just giving it back.”
“What do you mean you’re giving it back?”
“I’m going to let the bank foreclose on it. Indymac Bank is going to have to foreclose.”
“It doesn’t work that way. You can’t just give the house back.”
“Sure I can.”
“You have a contractual obligation. Here’s what you need to do. You need to put a For Sale sign up on the house.”
“No, I don’t.”
“If you don’t do that there will be consequences.”
“What consequences?”
“I know Jamie discussed them with you. There will be severe repercussions.”
“Such as?”
“If you’re going to be nonchalant about it, I guess you’re going to have to find out the hard way.”
That’s when I hung up on her. Chase Bank is the most aggressive bank and has the rudest people in collections. Last week another woman was yelling at me on the phone. They call every week with the same set of questions.
I’ve got nothing more to lose. I’ve lost my 740 credit rating. I’m closing my business on Tuesday. I’m losing my home. The past two months I’ve tried to sell as much inventory as possible to pay the IRS. Next week I need to take a full inventory of my books and sell or auction it off, wrap up my affairs, pack my belongings, and move. I have neither the time nor the inclination to try to sell an overpriced house in a market that’s not buying. For the first time in my life, I’m taking care of ME and damn contractual obligations.
Yeah, I was Stupid
I remember when I was very young asking my mother if I could have something. She said, “We don’t have any money.” So I said, “Then write a check.” I had no idea what a check was. The next week bookshelves were delivered to the house. Mom never taught me about money or finance or saving. She just taught me about spending.
I was stupid. I admit it. I paid too much for my house. Wasn’t the first time I made a poor money decision. I seem to have made a great deal of them in my lifetime. Much of the money I’ve earned has been given to the banks in the form of interest. I’ve consistently bought depreciating assets, haven’t saved, haven’t invested. But from what I understand, I’m pretty typical of my my my generation.
And why is that? Are Americans stupid about money? Or is it because we’ve grown up in a paradigm we don’t question, a paradigm of success and happiness through credit? How many people can save money to pay for a car with cash? And being bombarded all day in billboards, radio, print ads, and television that X car is sleek and sexy, Y car is reliable and safe, Z car is fast and youthful, is it any wonder we try to buy the car that promises to enhance our marketability or driving “experience”? Who wants to drive a clunker?
My car has a cracked windshield, and I’m embarrassed by it. I know it’s irrational. What does a cracked windshield have to do with my self-worth? Nothing. But isn’t it true that we judge people by the cars they drive. I’ve always been able to afford to replace a windshield. Now the cracked windshield is testament to my poor financial status.
Before you think you’re above such things, would you date a guy in an old rusty and dented Pinto? Would you trust a real estate agent if she drove up in a beat-up Ford truck? Let’s get real. A whole class of “professionals” (doctors, lawyers, Indian chiefs) is expected to demonstrate their success in what they drive, where they live, what clothes they wear.
My purse is starting to fall apart. It’s fraying and rubbed. It still works, still carries my stuff. But I’m embarrassed by it. I don’t like shopping, so the idea of having to find another purse I like and pay money for it is a pain. I like my purse. But I don’t like others seeing it.
As an exercise in materialism, what do you have that’s embarrassing to you because of what others might think or how they might judge you? And how have you judged others by what they drive, what they wear?
And now, for your entertainment, here’s a humorous skit on investing and subprime lending.
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