Hi Folks,
Just checking in. I'm quickly approaching the halfway point of our plan. BOA recently approved a modification for us which reduces our rate from 6% to 4% and decreases our payment by $475.00, but increases the life of the loan. I currently have 22 years left, but will have 40 years left with the mod. My plan is to accept, with the hopes of applying funds directly to the principal after our plan is discharged, so that we can still pay the loan off within a total of 30 years or less. I'm taking the paperwork to my attorney today to get court approval and plan on overnighting the docs to BOA today as well. I'm really hoping I can slip under the radar without this affecting my current plan.
In addition, we found out we are expecting our second child! Fortunately I'm not foreseeing a huge increase in expenses there mainly because my mother in law is moving closer to watch the baby while we work, although I won't have to worry about daycare for another year or so.
Lastly, I began grad school right before I filed, and I graduate next month! I'm so excited, so many great things are happening for us!!!
Just checking in. I'm quickly approaching the halfway point of our plan. BOA recently approved a modification for us which reduces our rate from 6% to 4% and decreases our payment by $475.00, but increases the life of the loan. I currently have 22 years left, but will have 40 years left with the mod. My plan is to accept, with the hopes of applying funds directly to the principal after our plan is discharged, so that we can still pay the loan off within a total of 30 years or less. I'm taking the paperwork to my attorney today to get court approval and plan on overnighting the docs to BOA today as well. I'm really hoping I can slip under the radar without this affecting my current plan.
In addition, we found out we are expecting our second child! Fortunately I'm not foreseeing a huge increase in expenses there mainly because my mother in law is moving closer to watch the baby while we work, although I won't have to worry about daycare for another year or so.
Lastly, I began grad school right before I filed, and I graduate next month! I'm so excited, so many great things are happening for us!!!
Bankruptcy Wizard
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