Of course we just signed a lease on a rental home about less than 2wks ago. 
Our original payment was 1350 including escrow for property taxes and insurance. Property taxes are like 3100 a year. Our mortgage payment alone was 1050. Our max we were going to be able to pay was 1200.
A few weeks ago we decided that it would be best to just get a rental instead of waiting on the mod. We need to file bankruptcy before we get any judgments and I wanted to be done with the trial mod payments before filing. We didn't expect to even get the paperwork this soon. We really want to file before October though. We have most of our CCs in collections right now as well as our 2nd mortgage. Guaranty Insurance bought the 2nd mortgage from USAA. So now we will have to deal with them at some point. So that's another reason we decided to just forget about the mod and just get a rental. We really don't want to have problems with the 2nd at any point in time.
So now we have a rental lease that starts on July 1st. We wanted to be moved somewhere by the time school starts in Sept.
So now we get these papers and it says that our trial payment will be 959.00 for those 3 payments. INCLUDING the escrow of 304.00. So our mortgage payment went from 1050 to 650. We would definitely love paying only 959 a month for our house.
BUT... what is the likelihood of this payment being the same after the trial period is over? I'm way too scared to pay my trial payments and them telling me we don't qualify (would we not have to qualify in order to even be given the trial payments?) or that our payments are a lot more.
959 would be so nice compared to 1200. Sigh.
But we like the new area we are living in. 2 blocks to downtown where festivals are held and it's rated one of the best places to live in the US.
Is it worth passing on the rental... making these trial payments... and not even knowing what the terms will be with the new mortgage? THEN if it doesn't work out then we only have until November before our 6mos redemption is over for foreclosure. And we will have to find a place to live in the winter. In Wisconsin.
I'm curious how many had their new payments stay around what they were in the trial period...
Too risky? And then remember we have that 2nd mortgage. We know we don't want to stay here forever.
What would you do? Just go ahead and move to the really awesome city where you can walk 2 blocks to the library, coffee, shops, festivals and suck it up paying 1200 instead of 959.
Ahhhhhhhhh.
Our original payment was 1350 including escrow for property taxes and insurance. Property taxes are like 3100 a year. Our mortgage payment alone was 1050. Our max we were going to be able to pay was 1200.
A few weeks ago we decided that it would be best to just get a rental instead of waiting on the mod. We need to file bankruptcy before we get any judgments and I wanted to be done with the trial mod payments before filing. We didn't expect to even get the paperwork this soon. We really want to file before October though. We have most of our CCs in collections right now as well as our 2nd mortgage. Guaranty Insurance bought the 2nd mortgage from USAA. So now we will have to deal with them at some point. So that's another reason we decided to just forget about the mod and just get a rental. We really don't want to have problems with the 2nd at any point in time.
So now we have a rental lease that starts on July 1st. We wanted to be moved somewhere by the time school starts in Sept.
So now we get these papers and it says that our trial payment will be 959.00 for those 3 payments. INCLUDING the escrow of 304.00. So our mortgage payment went from 1050 to 650. We would definitely love paying only 959 a month for our house.
BUT... what is the likelihood of this payment being the same after the trial period is over? I'm way too scared to pay my trial payments and them telling me we don't qualify (would we not have to qualify in order to even be given the trial payments?) or that our payments are a lot more.
959 would be so nice compared to 1200. Sigh.
But we like the new area we are living in. 2 blocks to downtown where festivals are held and it's rated one of the best places to live in the US.
Is it worth passing on the rental... making these trial payments... and not even knowing what the terms will be with the new mortgage? THEN if it doesn't work out then we only have until November before our 6mos redemption is over for foreclosure. And we will have to find a place to live in the winter. In Wisconsin.
I'm curious how many had their new payments stay around what they were in the trial period...
Too risky? And then remember we have that 2nd mortgage. We know we don't want to stay here forever.
What would you do? Just go ahead and move to the really awesome city where you can walk 2 blocks to the library, coffee, shops, festivals and suck it up paying 1200 instead of 959.
Ahhhhhhhhh.
But I do know our interest claimed each year is very nice for that. But what I'm concerned about is that we don't have the money laying around to pay for a busted furnace, new windows, broken AC.
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