Sunday, May 2, 2010

Step 9

We are acting as though we have reached the end of the Trail of Mortgage Modification Hell.  We hope so.  We are happy now, we can stay in our home.  We have no equity of course.  We purchased the home for $245,000.00 and still owe, after missed interest payments, attorney fees, penalties, etc., etc. about $220,000.00.  According to an appraisal arranged by Chase Bank our home is now worth only $154,000.00.   Is it wise to stay?  Well, we couldn't rent a place like this for what we're paying now.  This is our retirement home.  As long as my wife can still work.   When we purchased out home it was our retirement plan to sell the home after 6 years, take the equity and buy a retirement home which would have no mortgage.  Well, we know that didn't happen.  Thank you God for your blessings, including President Obama, and for letting us live somewhere nice, and afordable, for a while longer. 

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