Modification Results

I know it's been a while. The shit really hit the fan the last couple of weeks.

Rupert, the best cat in the world, was gravely ill the past week or two. I won't bore you with all the cat/vet details, but he had liver failure and nearly died. We are nursing him back to health slowly but surely. He went from my big squishy 18lb Garfield cat to an 11 lb skinny yellow cat.

My dad has been in the hospital for the last week with a strange infection that was eating part of his hand, not a flesh eating disease, but it's close slower moving cousin.

I had comletely given up on Jowanna since my friend said it took her 10 months to get a modification. Jowanna called me Saturday morning at 8:00 (I know. WTF?) I missed the call, and called Luis Monday to get the 411 and was told that all she did was submit an offer to the investors. I forgot about it again and just figured I'd wait another week or two to hear back. Wrong.

I got a phone call this morning at 8:30. It was Jowanna with the modification results! I could hardly get to a pen and paper fast enough. Here's the deets:

Our current loan has a payment of $3803.73 a month with a 7.5% interest rate.

Our new payment for the first 2 years will be $2445.11 with a 3% rate.

The next two years will be $2711.02 with a 4% rate.

Starting on year number 5 and from then on the interest rate will be fixed at 5% for the life of the loan and a payment of $2972.16.

And we don't have to make the first payment until June 1.

Now I forgot to ask if that included taxes and insurance. I was led to believe that it did, but I am double checking that.

I think it's a pretty good deal if it includes taxes and insurance. If not then I'm not too impressed. That would only be a drop of about $1358. If it includes taxes and insurance that's a drop of $1706 which kicks ass.

With those numbers we should be able to stay in the house which is a load off. We were not looking forward to moving at all. There aren't too many people who will rent to a family of 5 with 5 cats. We would have had to downsize (cats not kids). I'm a little scared if we still have to pay property tax out of our own pocket or if there is more to those numbers Jowanna gave me, but things look a little better now.

It's a new month I feel a little bit more setteled. I feel like we can move ahead and not keep worrying about what comes next. There will be no new fresh start and a new house in town, but we will be able to stay in the house that we know and love despite it's numerous faults.

So what does this mean for you? I will no longer be talking about my loan mod non-stop. I can branch back into the exciting topics I was discussing before. I will have a little extra fundage to start selling my rugs and maybe a little bit more time to write again and not this kind of drivel.