Think Good Thoughts!
OK everyone... we need your good vibes, thoughts, energy, prayers, etc.
Three years ago, Ric and I refinanced our home to consolidate debt. The loan we ended up with was one of those evil ARM's - and it's scheduled to start adjusting in November. We've been looking around for alternatives, with not a lot of luck. The main problem is that the value of our home has gone down compared to the amount we need to borrow for refinancing.
If you can believe it, CCO Mortgage (Citizens Bank), our current lender wouldn't refinance because "now" they're following the rules and won't lend if the value of the home is a certain percentage of the loan. So, I asked the person on the phone if they would rather have us default on the loan and go into foreclosure in November, and his answer was YES! Can you believe it? (I'm actually sorry to say that I worked for Citizens - this is just another example of horrible treatment to their customers. Boy do I have stories I could tell you!)
Anyway...there is HOPE! Lending Tree is coming through for us! Yipppeeee!
I applied online yesterday, we have initial approvals today for everything to be refinanced (FHA) and so on. The only thing that will help get our payment and interest rate lower is the appraisal. So... here's where we need your good energy flowing our way. We'll have an appraisal in the next week. Three years ago, our house (aka - our shoebox - you know how little it is if you've been here!) was appraised at $245K. We need at the very least to be appraised at $220K for everything to go through. Higher would be even nicer because then we have the options to "buy down" our interest rate and lower the payment even more.
We definitely believe in the power of prayer, and know that everything will work out for us in the end. There's just a *tiny* bit of anxiety with this whole process, though. We've worked really hard the past couple of years to get ourselves completely out of credit card debt - having this refinance go through so that we have a fixed interest rate will be the final step to being completely debt free. :) (Thanks Dave Ramsey!)
Thanks so much in advance! We'll keep you posted!
Three years ago, Ric and I refinanced our home to consolidate debt. The loan we ended up with was one of those evil ARM's - and it's scheduled to start adjusting in November. We've been looking around for alternatives, with not a lot of luck. The main problem is that the value of our home has gone down compared to the amount we need to borrow for refinancing.
If you can believe it, CCO Mortgage (Citizens Bank), our current lender wouldn't refinance because "now" they're following the rules and won't lend if the value of the home is a certain percentage of the loan. So, I asked the person on the phone if they would rather have us default on the loan and go into foreclosure in November, and his answer was YES! Can you believe it? (I'm actually sorry to say that I worked for Citizens - this is just another example of horrible treatment to their customers. Boy do I have stories I could tell you!)
Anyway...there is HOPE! Lending Tree is coming through for us! Yipppeeee!
I applied online yesterday, we have initial approvals today for everything to be refinanced (FHA) and so on. The only thing that will help get our payment and interest rate lower is the appraisal. So... here's where we need your good energy flowing our way. We'll have an appraisal in the next week. Three years ago, our house (aka - our shoebox - you know how little it is if you've been here!) was appraised at $245K. We need at the very least to be appraised at $220K for everything to go through. Higher would be even nicer because then we have the options to "buy down" our interest rate and lower the payment even more.
We definitely believe in the power of prayer, and know that everything will work out for us in the end. There's just a *tiny* bit of anxiety with this whole process, though. We've worked really hard the past couple of years to get ourselves completely out of credit card debt - having this refinance go through so that we have a fixed interest rate will be the final step to being completely debt free. :) (Thanks Dave Ramsey!)
Thanks so much in advance! We'll keep you posted!
Labels: Family Adventures, Random Musings
posted by Marni @ 2:12 PM
1 Comments:
At June 5, 2008 9:33 PM ,
Rachael said...
I'll add you in with my prayers - I can feel your stress. I hope for you that with the work you've done and the fact that Lending Tree sounds so positive, you'll get the appraisal amount you need. Positive thoughts, positive thoughts (and hugs) coming your way . . .
Post a Comment
<< Home