Awesome advice and feeback....thank you very much! So, I called my lender and this is what I learned. First, you cannot attach your monthly mortgage payment to a credit card. Boooooooo.....although I really understand and respect the reasoning. But I also learned that there is no penalty, rule or issue with sending in multiple pre-payments towards principal at any time. They provided me with a specific address to send said payments and I simply created my own "coupon" outlining the following:

1. Blank Line for Date
2. Subject Property Address
3. Property Owner: Hey, that's me!!!!
4. Loan Number
5. Blank Line for Amount
6. Statement saying "For Principal Only"
7. The "special" address to mail it to (so I don't have to keep looking it up"

I then was able to fit five of these coupons on one sheet of paper and printed off 50. So I now have 200 coupons ready to use. Here we go. I may send them a check for $.12 today versus putting it in my Mortgage Payoff Challenge bucket! Hahahahahahahahahaha

Good Morning SA Family....so, I woke up out of a sound sleep at around 11:30 last night and started thinking....."why not make additional principal payments to my mortgage throughout the month, when funds are available, versus waiting until the mortgage payment is due and including the pre-payment with it?"

What say you? Should I simply photocopy a bunch of my mortgage payment coupons, black out the due date, use for the banks tracking purposes and start funneling in various amounts of money toward the princpal? I have never, in all my years and experience with principal pre-payment done this. I think it wise to first contact my lending institution to see if there are any "laws" against this or "processing fees" attached...but other than that, why not get the extra monies to them asap versus sitting on them for a month? Hmmmmmmmm......

So, to many this may not be a big deal. To me, it's huge. It was only $50.00. At one time in my life, I was almost doubling my mortgage payment with the second going toward principal. Things change. Events happen. Life takes odd twists and turns. But today, I put $50.00 towards the principal of my mortgage. I added four cents to my lose change challenge (see update) and all in all, was a great day.

After much deliberation and calculatory fun, I think I can add $50.00 per month to my mortgage principal. I know it doesn't sound like much, but rest assured, every little bit helps and this is really about all I can earmark for this endeavor at this time. I'll keep you all posted!

Sooooo....in line with my new life, I have a new mortgage. On June 1, 2012, I was blessed with a 30 year mortgage for $108,000.00. As of March 1, 2014, my principal balance is $104,820.00. Now one would ask...."blessed with a 30 year mortgage". Well, when you face the many changes both personally, professionally and financially that I faced in 2010, obtaining this mortgage (with a 4.2% interest rate I might add) was not only a fiscal blessing, but a huge step in gaining identity. For me, it meant I had taken one of those baby steps toward recovery. Now please, don't get me wrong. My new norm was facilited by my divorce. The divorce was, shall I say, relatively calm, amicable and not based on abuse, addiction, or any other type of controllable hurdle. We just grew apart and felt we would do better as parental partners versus husband and wife. Nonetheless, to ensure she and my children have everything they need and within the parameters of the legal system, I had to make many, many changes. I have not yet made one single additional payment toward the principal, which anyone who knows me would say....."how is that possible". But as the smoke in my life continues to clear and the many blessings I have and continue to receive, I am starting to consider throwing a few extra dollars against it each month. As you know, every penny counts toward reducing that principal balance and thus, the interest you ultimately pay. As I began my 52 Week Savings Challenge this week, I thought it would be a good idea to earmark it for Christmas. Now as I continue to ponder, maybe a second 52 Week Challenge would be best served as an annual principal dump toward the old mortgage. What say you? Christmas fund and principal dump or one or the other? If one or the other, which one?

Been monitoring the site versus blogging for a while. It seems a disgruntled former business partner found his way into my account and wrote some very hurtful, eroneous things about me. Nonetheless, I love him for who he is and hopefully, time heals all wounds. Carrying anger, pain, confusion and contempt is very laboreous. I hope he let's go of it!

In any event, to update you on my quest to pay off my mortgage, my new balance is at about $98k. This is down $46k since 2005. It's tough sometimes to apply extra monies toward the principal when there are so many other investment commitments, however, I am happy to report that my payment covers more principal than interest, thus, even when I cannot put any extra money towards it, I am chomping against the balance pretty hard!

Loved catching up on all my SA friends information. God bless you all and it sure is good to be back.

Let's try this. Every time any of you make a pre-payment against the princpal of your mortgage, drop a line. My personal goal is to pre-pay $6000.00 this year.

Now, some of you may find this a lofty goal. I do too. My wife really does. Especially since the money is to come from unconventional savings, sold items, extra work of any sort or even pop can returns.

I will keep you posted and welcome any well wishes, prayers and cheers.

In a time when the market conditions are at its worst in years, real estate is at its worst in years and national confidence is at its worst in years, I thought I would share a nice little story with you from this past weekend.

On Friday, the kids were off from school as it was a Diocease Conference (Catholic School System). I stayed home with them and not paying too much attention, noticed about mid-day that they were very quiet.

I asked them what was going on and they stated they were producing and directing their own play, along with props. Not thinking too much about it, I went about my business as they did theirs.

When my wife got home from work, the kids were pretty excited about putting this play on for us and asked if I would video tape it. Assuring them that I would get the camera out and capture their hard work for ever and ever, I opened the closet and grabbed the camera bag.

We have three daughters, Hunter (11), Kennedy (7) and Liberty (5). They each have their own DVD for individual tapings and then we have a "family" DVD. I wanted to make sure that I had the right DVD in so I opened the front pouch to check that their individual DVDs were in there. Well, I found more than I ever dreamed.

In a money envelope was about $60.00 in bills and $5.00 in change. I must have put some cash in the camera bag on our last outing and completely forgot about it!!!!! It was like finding a dollar bill in your jeans before doing laundry, only a million times better.

I took all but $20.00 and put it in the Mortgage Payoff Fund (I will update it tomorrow) and kept the $20.00 for myslef (which usually equates into somthing for the kids...lololol).

Thought you would enjoy the story.

PS - The play was a shortened version of Noah's Ark and they scripted lines, made animal cutouts and even wrote/sang a song. All on DVD of course.

I hit the 5,000 necessary points on my VISA card in order to redeem $50.00. This or course will go toward my mortgage payoff challenge. I peeked into the change bank this weekend and saw a $5.00 bill and some silver so I have to assume there is about $7.00 or so waiting for deposit.

I will make the deposit when I get the reward chash and update the blog balance.

Mortgage Pre Payment - GOAL: Put the entire monthly balance of "found money" saved against the mortgage principal.

The kids are helping by collecting change around the house.

3/4/2009 Mortgage Pre Payment.....$566.81

4/1/2009 Mortgage Pre Payment.....$586.42

UPDATE 8/27/2009

NOTE: MTG BALANCE:...$103,776.32
ORG BALANCE:...$145,000.00
ORG TERM:......15 years
REMAINING TERM: 10 years/10 month
AMT PAID TO DATE: 41,223.68

10/1/09 Mortgage Pre Payment.......$500.00

10/23/09 - Pre Payment Saved.......$45.00

11/1/09 Mortgage Pre Payment.......$245.00

As Of 3/27/10

Org Balance:...$145,000.00
Mtg Balance:...$98,718.47

Paying off your mortgage is not always a wise financial move. For example, if your investments are currently earning more than what you are paying in mortgage interest, you would be better suited putting your money in said investment's since paying off your mortgage is really doing nothing more than giving the mortgage holder a boost in cash.

That said, I have maxed out my two major investments, my Roth IRA (still qualify since I am under 166K in income) and my companies SIMPLE IRA. My rental property is currently paid via tenants and my cash reserves total about 75K (held in a Money Market Account).

I have an interest in establishing a Stock Portfolio but have yet to find a broker that I feel comfortable with (will take any suggestions).

Thus, I have begun a crusade in paying off my mortgage. To date, I have been able to put about 35K against it, leaving me with a balance of about 117K. The interst rate is 5.5% and I have 12.5 years left on the 15 year term.

Putting large chuncks of money against it occurs about two or three times per year. This is not soothing the payoff best within me. I have begun a mortgage payoff piggy bank. Nickles, dimes and dollar bills will count. I opened a "Mortgage Payoff Money Market Account" whereby all I can scrounge and save will be deposited.

I will keep you updated as to how its going and I wish you all the very best in financial stability. God Bless.