Wednesday, February 17, 2010

Reducing Monthly Payments

As you may all know that last year we had taken the biggest step that a family must do, moving to our own home. If you have experienced how it is like moving the whole house with you then you must know how stressful moving can be especially if you have a child or two to mind at the same time helping your husband move things. I kind of promised to myself after we settled in to our new house that I will not move ever again in ten years.

It has been like four months since we moved in here and so far we are doing a lot of progress modifying, repairing things inside the house that need to be done in order for us to make this a comfortable home to live. That is just easy. What we have been struggling to do is doing the monthly payment on this one, for three months we have been paying a little over one thousand dollars. Too high for us knowing that we also have some other things to spend on our money so what we badly needed was a Mortgage Loan Modification.

We applied for it at the bank we hold our mortgage to, undergone through all the process/ gathering all the necessary documents just to make get things done. It took us 2 months to finally have a closure for our refinancing signed. The payment is being reduced 200 dollars and will take effect next month. Hopefully it wouldn't be too big on us.

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