Bye Bye Fay and more good news!

Wow, that was close.....

Yesterday was full of bringing in patio furniture and securing the stuff we couldn’t bring in with bungee cords, making sure all the clothes in the whole house was washed and that everything was clean (in case the power went out), even though we are still under Tropical Storm Warning and Tornado Watch, I think its safe to say we are in the clear, I hope our friends up North have the same luck.

On to better news.....well, we were one of those suckers who bought a house at the top of the market with and ARM (Adjustable Rate Mortgage)...our mortgage went up almost $500...and property values took a nose dive...that left us and many Americans in BIG trouble. In our situation, we bought our house for 305k, thinking it would increase in value before our ARM matured, WRONG! I guess it became immature, because our house in now valued at under 250k, and since we were upside down in our house, we had no equity to refinance with. There was nothing we could do besides ask the bank for help.

I think my husband put it best by saying that our current financial situation was like we were under water holding three fingers above water, and that every now and then we were able to jump up and gasp for air, that about summed it up. Well after HSBC giving us the run around for SIX months, and then rejecting our request for a Temporary Interest Rate Modification, I was at my wits end.

A girlfriend of mine was in a similar situation and told me about www.loansafe.org, I posted a thread about my current situation, one of the moderators responded and suggested that I email the Big Wigs at HSBC....and wouldn’t you know that I received a letter in the mail on Saturday approving our modification, and that resulted in our mortgage being reduced by almost $800 per month. Thank You God! I seriously don’t think I took a single breath while I read that letter.

A Huge Thank you to my favorite pregnant Georgia Peach, www.loansafe.org and HSBC Bank, and for all of you people on the verge of losing your homes, there is hope (at least for another 6 months)…don’t give up!