Housing crisis is close by

[Reaper]

I will give you a first-hand look at what this program that Obama has passed.

I was laid off from my job driving tankers as I was buying my house, (but had a job setup just after closing), and after working for my current company, I became temporarily laid off because the route I drive is taking parts from Laredo, TX up to Flint, MI GM plant. I went on unemployment for a month and a half which only kept up on the bills. I struggled to catch up prior to being unemployed but just about broke even when the economy hit full force. I became 2 months behind since I used the backup money I had to get through the first layoff.

Since then, I just talked to Chase and am now going to see about this loan modification program to adjust my payments. This is through Chase and not through the fed backed money like Fanny Mae and Freddy Mac. At some point though I have to wonder if Chase will indeed get some of that federal money for doing these modifications voluntarily. Anyway, the 3rd month came upon me and I was going to start paying my house payments again and just wait for the income taxes to come back and get the house caught up then refinance. After talking with the loan officers, they told me if I go through with the loan mod, I would have to hold off on house payments until a decision is reached. It will take 2 months to get that decision, and until then, just have to save the money JUST IN CASE the modification is denied. Lets see, already 3 months behind with late fees $3500, plus another 2 months $2260 for waiting for an answer = $5760. Luckily my tax refund includes the first time homebuyers credit to cover all of that.

I decided to go with the loan modification program for these reasons:

1. It will cost me around $7,000 to get caught up and refinance, IF I qualify for refi.

2. Already owe a big chunk of change and getting a lower rate without paying closing costs would help ALOT.

3. Lower payments would help if I get laid off again because I do work for a contract with GM. Who knows what will

happen with them in the future.

All that said, even if they don't qualify me for the loan modification, I will have the money ready to get caught up with what I work for AND my tax refund. I would likely try for a refi if all else failed. My interest rate is currently 6.75% and what is being offered currently is just above 5%, which is quite a lot of savings. My banker and I figured it would nearly knock $200 a month off the mortgage, which would make it almost the cost of the 2 bedroom apartment that you all saw when you came to the parties. So, this is everything that has been going on in my life over the winter. Fun as you can see.

[Head Wreck]

:(

[Rev.Reverence]

<-----dizzy now.

..um...good luck...............?

[Reaper]

:(

I'll get by though, even if I don't get a loan mod OR a refi. My job pays well right now (even though we are taking a 4.5% paycut) and I have my tax refund coming so I can pay off my school loan and credit accounts. Then I should be totally fine and even still be able to provide the meats at my parties. Alcohol is still on you guys though haha

[Scales]

Good luck good sir.

I seriously do not get out much, if I can make it I will come.

[freydis]

Damn.

Good luck.

Things are scary these days....