A few posts ago, I shared my indecisiveness regarding my six month emergency fund. I recently learned that the grant that funds my position has been renewed until 2021. Also, my husband had his annual performance evaluation and came out with a raise. Feel pretty good about our employment status, I made the decision to reduce our six month if both of us are unemployed emergency to a three month emergency fund in case my husband loses his job only. The difference was about $8k. I decided to use that money to jump start my mortgage payoff plan.
On March 13th, I went online and made a lump sum payment. The funds were deducted from my credit union account on the 15th, but they have yet to appear as a mortgage payment. Yup, you read that correctly. $8,000 of my hard earn cash is missing in action. My mortgage company doesn’t know where the funds are. My credit union can see that the funds were debited and does not know why they haven’t been applied. The online money transfer system I used told me they don’t work with my mortgage company for billing and then transferred me to a million different departments only for them to hang up on me. I finally went into my credit union, filled out a form and was told to wait to see what happens.
Can you imagine how angry I am? I can’t believe this is happening. Part of me thinks my mortgage company is playing games. I’ve used the same company for the last 10+ years to pay my monthly mortgage bill. But now that I want to make a large principal only payment, it suddenly doesn’t work. Mind you, I just made a payment for $1,580 a week prior that was processed fine.
Here’s what I think the universe is telling me. #1 – Girl, you better keep that emergency fund! #2 – Forget the middle man! Add a principle payment to the electronic funds withdrawn from my account each month. #3 – Take your time. Each month try to increase the funds removed, but forget this crap about lump sum payments. If this turns out to be a 7 year goal instead of a 5 year goal, who cares?
Please send happy thoughts my way that I get my money back soon without further complications!