Thursday, March 06, 2008

Relief at Last

Well, I received the best birthday present a girl could get; I received a renegotiation letter from my mortgage lender about the house, proposing my mortgage payment be modified to what it was when I originally bought the house for a time period of 19mos. How? Back in October I filed paperwork to have my payment renegotiated, sending them letters of hardship, check stubs, debt/income ratio stats etc. I haven’t bugged them at all, until recently about the status. They told my mortgage guy and I about a certified letter they sent and was delivered that day with the results. I was floored, did an hour long “happy dance” and lay on my stairwell with my feet on the wall-grateful that I could/can keep my house for a while longer.

The following day I took the proposal to my mortgage guy for him to look at. I had issue with some of the verbiage and want to have it fixed before I sign anything. Once we had a few things cleared up, we forged ahead with our plan. See the loan was set up with a pre-payment penalty-which means that if I re-fi before the duration of my loan is up I get penalized 3% , which for me is $3,000. In July this will expire and save me $3,000 which I won’t have to roll into the re-fi.
Granted the housing market could really tank but I have read in the paper lately that FHA is coming out with a few things plus the Feds are working on a few things as well. This doesn’t leave my second lender off the hook and I have a plan for them as well, so stay tuned!!!!

I think this has been the first time in 6-7 months I’ve actually slept!! Thank God!!!

P.S.-Thanks to all who wrote about me for my birthday! I gots to say this has been the bestest birthday ever!!!!!!
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