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Next step toward goal

October 30th, 2008 at 02:58 pm

My credit card payment hit; $233 went to principal. So that's $445 down, $955 to go on the November goal.

I was intrigued by a vague story on CNN about a mortgage rescue plan in Congress right now. They don't know what it might entail, but they mentioned helping people with adjusting ARMs and mortgages that are more than their home's fallen value, both of which apply to me. So I wonder if there will be some legislation that could help me refi or something before the ARM adjusts again next fall. Here's hopin'!

Posted in Uncategorized | 6 Comments »

6 Responses to “Next step toward goal”

  1. tripods68 Says:
    October 30th, 2008 at 03:26 pm 1225380396
    1225380396

    We were wondering about the same thing.

    We are looking to REFI into a fixed 30 year; our 5 yr fixed adjust Jan 09 and want to lock current interest rate. We're about 40K upside down, but our lender won't mitigate unless we missed several months of payment which we don't intend of doing. We're just stuck in no man's land. LOL!

  2. ceejay74 Says:
    October 30th, 2008 at 04:12 pm 1225383162
    1225383162

    Yeah tripods, I hope the plan will help out everyone, including those of us dutifully doing whatever it takes to pay our rising mortgage payments on time! We shouldn't get left out just because we're slightly better-prepared and -organized.

    I feel so naive for getting into this, but I just never could have predicted my house value was so inflated that it would crash nearly $40K!

  3. tripods68 Says:
    October 30th, 2008 at 05:24 pm 1225387474
    1225387474

    $40K is not a whole lot to be upside down. But you and I are not alone.

    On the way to work this morning, I heard on the radio the Bush team is talking about using $50 billion part of $700 billion rescue package to have lenders reduced mortgage principle on homeowners who can't REFI with adjustable mortgage. We'll see what can happen.

  4. ceejay74 Says:
    October 30th, 2008 at 05:39 pm 1225388355
    1225388355

    The sad thing is I'm probably upside down less than $10K. I did make a $10K down payment and I've been paying some principal these past 5 years. But you need to have some equity to refi, so I'm just as helpless. If this bailout thing doesn't work I'll have to stop paying extra on credit cards and start paying extra on my mortgage to try and gain some equity--assuming my home value doesn't keep going down!

  5. Petunia Says:
    October 30th, 2008 at 08:52 pm 1225399977
    1225399977

    Good for you, for starting on November's goals!

  6. mom-sense Says:
    October 31st, 2008 at 01:48 pm 1225460906
    1225460906


    Wow, off to a great start for November! Hopefully the impending layoff will be later than sooner and you can keep tackling the numbers!

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