Tuesday, June 30, 2015

The cost of being disorganized

My old ways of dis(non)-organization has come back to annoy me.

I get a call today from the bank that holds our Home Equity Loan. Supposedly I got some information in the mail recently (I did not) letting me know my interest only payment period was up in August and my loan would then convert to the repayment of principal and interest.

Well, this was totally news to me! We took this HELOC out in Jan of 2008. At that time it was a loan that was 5 years interest only and then 5 more years of principal and interest payments. At that time we had no idea DH would get sick and not be able to continue working, nor did we know the economy was about to basically collapse. It was a loan that we had planned using income from his business to repay. In 2010, as we were in the midst of filing for bankruptcy, that bank was bought out by another bank. The month before we were actually filing the bankruptcy papers, I get a letter from this new bank, offering me new terms on our HELOC. From what I recall (and have always had in my mind the past 5 years now) was that the new terms being offered were same interest rate, 10 years (from that date forward) of interest only payments and after that it would convert to a 20 year regular loan with principal and interest payments. I took the deal, signed and sent in the paperwork. DH was no longer working at the extra time to pay off this loan was much needed.

So, that is the loan schedule I have had in my mind the past 5 years now. Imagine my surprise to get this call. I brought up the fact that I had basically refinanced this loan 5 years ago - what about that? She was clueless and kept saying, well that is what we offer now, if you want to try and refinance. What? I told her I would have to dig up my paperwork copies I signed 5 years ago and re-read it all, because 10 years is distinctly what I remember.

And there's the rub.......I was always SOOO unorganized. Papers just in big piles. Nothing filed. I thought I had filed this (it was really only a few pieces of paper) with our bankruptcy papers, but it's not there.  I still have some "piles" of papers - that when I finally got somewhat more organized I just put into some boxes - to be dealt with at a later date (which has never come). Now I really want to find that paperwork from 5 years ago!

This bank has been pretty messed up the past several months. They bought out another local bank and then converted to a whole new computer system. First they sent out past due letters in error. The company I do my side job for also uses this bank and it's been kind of messed up there too. I couldn't print out bank statements online anymore. I inquired and was told the company owner would have to call and give them permission to allow me to have access.  I am a signer on the company account! You'd think I'd have access to statements, not to mention I have had for almost 6 years previous! Then owner calls and I still have no access and he had to call a second time. He wasn't too thrilled with the bank by then.

And just as I was writing that out I had a flashback of me putting that paperwork in the folder with our original loan documents! Ok! I really think that is where it's at.  Now, I just have to figure out which box that paperwork is in. LOL  I can picture it in my mind though - it's a big folder with the bank logo on it - legal size, so it didn't fit in our filing cabinets. It's in one of the boxes of paperwork. I am really dying to figure this out and see whether I am right or the bank is right.  Moral of the story? Be organized to begin with.

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