The current mortgage holder (one of those "too big to fail" corporations that took TARP bailout funds) still hasn't presented us with a mortgage workout, and this has been going on since April 2009!
Our lifeline is a refinance from a local bank that will wrap the current mortgage into the small home-equity loan that we have with the local bank into one big mortgage, for which the monthly payments will be considerably less than the combination of the currently mortgage's monthly payments plus the home-equity loan's payments.
Said the local loan officer: "We've found it's often better to give home owners space enough to recover from a financial blow and then refinance their mortgage than to go ahead and foreclose. Lots of people never recover financially from foreclosure." And he's right--may the universe bless him.
It'll be good riddance to Too Big to Fail Corporation.
I suspect that the local bank also is glad to be first in line in case the loan forecloses later, rather than waiting after the TARP bank gets first crack at the proceeds.
This is wonderful news, but you need to keep your eyes open.
The unemployment picture is improving, which hopefully will lead to a housing recovery too. It might even cause wages to start going up eventually.
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4 comments:
Phew!
But, they left you waiting a very long time to find out... how are the anxiety levels?
The current mortgage holder (one of those "too big to fail" corporations that took TARP bailout funds) still hasn't presented us with a mortgage workout, and this has been going on since April 2009!
Our lifeline is a refinance from a local bank that will wrap the current mortgage into the small home-equity loan that we have with the local bank into one big mortgage, for which the monthly payments will be considerably less than the combination of the currently mortgage's monthly payments plus the home-equity loan's payments.
Said the local loan officer: "We've found it's often better to give home owners space enough to recover from a financial blow and then refinance their mortgage than to go ahead and foreclose. Lots of people never recover financially from foreclosure." And he's right--may the universe bless him.
It'll be good riddance to Too Big to Fail Corporation.
thanks be to God!!
I'm so happy for you.
I suspect that the local bank also is glad to be first in line in case the loan forecloses later, rather than waiting after the TARP bank gets first crack at the proceeds.
This is wonderful news, but you need to keep your eyes open.
The unemployment picture is improving, which hopefully will lead to a housing recovery too. It might even cause wages to start going up eventually.
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