Mortgage Modification

Aaron has been out of work since December. Yes he has found one or two days each month but that is not enough to sustain us. In fact we are in default on our mortgage right now. But its not bringing us down. Our pastor introduced us to a concept called mortgage modification. (He knew a man who might be able to help.) So we called them and they are trying to get our loan interest dropped significantly, lowering the mortgage loan value, and dropping our note. When I say significantly I mean from 10% interest to hopefully as low as 4% interest.

I had never heard of this kind of help until now. If I had even thought it was possible we would have done it YEARS ago! Can you imagine saving your home and cutting your payments in half at the same time? I am very excited! It is a long process and it isn't guaranteed, but it was a risk we were willing to take. So this week we have an appraiser coming out to our house and they will walk the property and walk my home and take pictures. Then if everything works out well maybe we will hear something before the default time is up and foreclosure is completed.

If you have thought about refinancing your home to lower your notes look into mortgage modification first. With our economy like it is, banks are willing to work something out to keep you in your home and help you make your payments by lowering the value of your home and lowering your note.

Yes, I know I sound like a spokesperson, but I am just happy that we may not lose our house after all. Well, not this month anyway. Keep praying that work will come through for Aaron. Times are tough and its not easy for us right now.