It's in the mail.

[flvegan]

Yup, I was one of those idiots you read about on DU all the time. Got myself one of those fancy ARMs with the decent initial interest rate and bought me a house knowing that in 2 years, I'd need to wheel and deal a new loan or pray for the Lotto. Well, it'll be two years end of next month, and naturally I couldn't refi right now to save my life. Nobody's lending and values are in the tank. I really hadn't seen these dire times coming, or I'd not have bought, regardless. Anywho, I contacted my lender's retention department and asked for a modification. They were pretty surprised that I knew what I was talking about. Not a novation, not looking for a new loan. Talked them into it, really. Pointed out that I've never been late/missed a payment, my income is a little better than it was when I took the loan out and they have a performing loan making them money when they aren't issuing new paper. Sure enough, convinced them. Just dropped my Mortgage Modification Agreement off at Fed Ex. I'm locked in at my decent rate for another 5 years, hallelujah. Hopefully things will be better then (you listening Pres. Obama?).

Damn, I should be doing THIS for a living.

Anyway, yay me, and thanks to the God of Finance for the help.

*also, any DUers that might be facing the same ARM reset and would like whatever help I could give, feel free to PM me*

[CaliforniaPeggy]

1. My dear flvegan!

When life gives you lemons...

Well, you know the rest...

Smart move on both your part, and theirs!


:hi: