Has anyone done this?
We are entering into what I think will be the most financially difficult year for us. I'm losing my job and will be looking for a part time job as opposed to the full time job I'm in now. In addition we will have to pay for daycare for our two kids vs. now where daycare is free.
In one year both girls will go to kindergarten and I can get a full time job again without having to pay for daycare. So basically if we can get through this next year, I think we will be fine after that. It's just this year that is going to be challenging.
A family member brought up the strategy of paying our mortgage every other month or every three months during this year only. That way the money that would normally go to our mortgage would go to food and gas for getting to/from work. He said that this might start the foreclosure process but once the bank gets a payment from us it would stop the process.
We don't qualify for any state assistance, I've already checked. My husband actually makes good money, it's just that our mortgage payment is too high.
We are already trying to rent out a room which will help a little.
Anyway, I just want to hear from others if you've done this and what the repercussions are, if any?