Mortgage Forum

Mike

I just want to tell my story in hopes of encouraging others who may be facing the same situation as my own. Though not desperate it was a bit nerve racking. Long story short. We bought our home in May of 06. Paid a little over 400K. Interest rate of 8.75 ARM. Credit so so. May of this year we received notice from Chase telling us they were not raising the rates at the present time. But, I figured, well that can only be temporary. So, we start looking around for a Refi. At the same time I came across this website and started my loan mod. process with Chase. In the mean time, a month ago we started the process to refi. Had an appraisal done on the property. Paid for by Chase. The appraisal came back at 269K. We were floored. Our loan balance is roughly 289K. Now we are upside down and can't refi. Fortunately we never fell behind on payments. We have been late and very seldom pay by the 1st of the month. More like the 29th. So, now we start getting a little worried. Just the other night I went to make a payment over the phone(automated) and the system gives me a lower amount due? 300.00 less than usual. So, I call loss miti. the next day and the rep. tells me our Mod. went thru and the papers should be on their way to us. He gave me the new rate. We went from 8.75 ARM to a 7.625 Fixed for the life of the loan. Yes it is a bit modest when you compare to others here but, as my wife and many here have reminded me, bottom line is we now have a fixed rate for the term. And, we don't have to worry about rates shooting up ever. yes we are still upside down on our loan. But, we are not going anywhere. We are staying put and taking it one day at a time with our now lower rate. I am very happy and wish to take the opportunity to thank every member of this forum for their support and words of encouragement. I would never have even thought of doing the loan mod. if it were not for this website. This site is a true blessing for us all. Thank you so much Moe for starting this site and thank you to all the moderators and others for their advice. I wish everyone else in my situation the same success and to those who are in different situations, please hang in there. We were at it since April this year and here we are July and now it went thru. Believe me it's worth waiting for without a doubt. Best Regards,Bert:D