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: The Law of Second Chances

BANK OF AMERICA HOMEOWNER DEATH SENTENCE

By R. Grace Rodriguez, Esq.

Hooray!  I finally got my own loan modification from Bank of America.  They agreed to roll my arrears into the back end of the loan.  They reduced the interest rate from 6.25% to 5.50%  The old payment was approximately $3,000.00 per month based on a $353,000 balance.  My new payment is going to be $2,912.46!! WOOOT WOOOT!!!!  Now mind you this is a 3bdrm/2.75 bath home with detached 2 car garage with approximately 1,346 square feet.  The average rent for a similar home in my community is $1,600 to $1,800.00 per month.  So do I bust my behind for home ownership and pay nearly double of what rents are in the community and be responsible for the taxes and my own repairs and maintenance or do I move into a swanky luxury apartment paying $1,000.00 less than the mortgage payment having more money to enjoy my life.  Hmmmmm wow such a hard decision yes? 

I probably will see how long I can stay much like what I do for my clients so I can save some moving money.  I am living what my clients experience.  I guess I do know what I'm talking about when I tell people from time to time. . . .  JUST WALK AWAY . . . . .

Full post as published by The Law of Second Chances on April 25, 2010 (boomark / email).