Stressedout1,
I see you are willing to gamble with regard to the final outcome. I wish you and your family all the very best.
I am a numbers/percentage sort of guy. It all begins with our net take home pay-this is our shovel. Our debt is the pile of dirt we need to clean up. My trial period payment amounts to 47% of our net pay.No one can get ahead and save money for retirement with half their income going out to rent.This is double the amount it should be!
The government, and the lenders for that matter, use gross income to establish what they believe one can afford. Your payment is 31% of the income amount you gave them, based on gross income.This is not a real world number and it will simply not work for the majority of those who take them up on it. 4 out or 6 modified loans in this country are back in default within 6 months - 66%.Why do they end up there again? Its all by the numbers/percentages.
We actually thought about doing the trial period payments, as they reduced our payment by $775.00/month.But, upon closer review I discovered the PMI issue and began inquiring about it. I got the run around for 3 days before the answer came.And, as stated earlier-its NOT included but will be added upon final modification. Why would the powers that be not be able to answer this very important question immediately??? I was told to call Fannie Mae(the true lender in my case) and even there I was met with sheer ineptitude and inefficiency. I have yet to hear anything from them after leaving all required information at the direction of the initial contact representitive I spoke with, who told me he need to esccelate my question to a level 2 associate as he could not answer my question.
All this being said- it is my opinion(of which I am an expert on
) that this program is not what it appears to be on the surface. There is a hidden agenda here and I believe it has something to do with the all pervasive corporate attribute - GREED.The very thing that got us here in the first place.
Time will tell if what I believe is going on is fact or merely my perception running amuck.
Run the numbers folks, they never lie. Just wish I'd found this truth before signing on the dotted line. But, this is a blessing for us afterall. We have been afforded the very best of educations in this arena.
Sincerely,
David