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home loan mod anyone?
- Thread starter steph
- Start date
Oh, you sillyhead~I was so psyched someone responded to this, I thought I might actually learn some info! 
And major apologies--this should have read home LOAN mod~see what happens when you wake up at 4:30 a.m. to start work? Your brain=MUSH!
Ok, basically in a nutshell, when you buy a home like I did a hundred years ago, there are some real advantages that renters don't have~for example, you can take out a second mortgage: borrow against the cash equity (extra value of the home that builds over the years) to do cool things like make expensive improvements to the house that you don't have cash in the bank for. They basically restructure the original loan. For example, the last time I did a re-fi (re-finance) I installed all dual pane energy efficient windows and had the swimming pool retiled and surfaced (it was a mess and totally chipping all over the place.) I put in a couple of these really cool gecko and turtle tiles along the bottom too. Keep in mind this is an almost 40 year old house~everything is original and shit starts to break down after awhile, that's just a fact of life when you buy an older place. One of the sacrifices to do that was to trade my awesome fixed rate mortgage to an adjustable one (stupid and short sighted I know, I was young took some bad advice.) So, my adjustable just adjusted UP again.
A loan modification basically asks the bank for a reduction in your monthly, it's your way of telling them that you feel you're paying too much and you want them to work with you so you can stay in your home. It's not a handout, charity or a bailout (are ya listening GM, Chrysler and co.?) you pay these companies for their service. In these tough economic times, a lot of people are walking away from their homes these days due to layoffs, etc., defaulting on their loans instead of keeping the promise they kept at loan signing. They just are owing more than they can afford, they don't realize they have options and they bail. (I'm not anywhere near that yet, thankfully.) But I don't want to be.
XOXO
And major apologies--this should have read home LOAN mod~see what happens when you wake up at 4:30 a.m. to start work? Your brain=MUSH!
Ok, basically in a nutshell, when you buy a home like I did a hundred years ago, there are some real advantages that renters don't have~for example, you can take out a second mortgage: borrow against the cash equity (extra value of the home that builds over the years) to do cool things like make expensive improvements to the house that you don't have cash in the bank for. They basically restructure the original loan. For example, the last time I did a re-fi (re-finance) I installed all dual pane energy efficient windows and had the swimming pool retiled and surfaced (it was a mess and totally chipping all over the place.) I put in a couple of these really cool gecko and turtle tiles along the bottom too. Keep in mind this is an almost 40 year old house~everything is original and shit starts to break down after awhile, that's just a fact of life when you buy an older place. One of the sacrifices to do that was to trade my awesome fixed rate mortgage to an adjustable one (stupid and short sighted I know, I was young took some bad advice.) So, my adjustable just adjusted UP again.
A loan modification basically asks the bank for a reduction in your monthly, it's your way of telling them that you feel you're paying too much and you want them to work with you so you can stay in your home. It's not a handout, charity or a bailout (are ya listening GM, Chrysler and co.?) you pay these companies for their service. In these tough economic times, a lot of people are walking away from their homes these days due to layoffs, etc., defaulting on their loans instead of keeping the promise they kept at loan signing. They just are owing more than they can afford, they don't realize they have options and they bail. (I'm not anywhere near that yet, thankfully.) But I don't want to be.
XOXO
