Join Date: Feb 2010
Location: Cartersville, GA
Got approved for a "Making Housing Affordable" modification
Over the past two years I have taken a 25% cut it pay, it has hurt BAD. We have kept current or within 15 days of such by cutting back, selling items and using savings. Our house is obvisouly the largest expense we have.
We tried selling but couldn't afford to take the highest offer on the house, $28k below what we owed. Refinancing at these insanely low rates didn't come through, the best we qualified for was 5.125% we already have 5.35% and it wouldn't be wise to spend the money on the closing costs for the difference.
Anywho, just for the heck of it we applied for a loan modification through our mortgage comany we were approved. I got excited.
Our payment would go down $7 a month.....you heard that correctly $7.
What a joke. But my bet, we helped them meet their quota for approvals even though it isn't worth the hassle.
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