Tuesday, June 5, 2012

When We Spend Money, Scott Gets Upset

In a lovely turn of events, we received in the mail the other day a letter letting us know that our mortgage company is going under.

Hooray.

What does this mean? Well, if we were to do nothing, they would just sell our mortgage to someone else as a part of the bankruptcy process. Essentially, we would just keep sending payments and nothing would change, money-wise.

But this is a good opportunity. We decided to see if we could get our loan transferred to Chase, which would be great since we have almost all of our other accounts with them. We thought of transferring the truck loan there, too, but apparently they only take loans on cars year 2007 or newer. Ours is 8 years older than that, so no cigar. Oh well. It's a small loan, so really it isn't a big deal.

So we gathered documents. TONS of documents. Social security cards, passports, insurance statements, mortgage paperwork, tax information, pay stubs, etc. It's a good thing Scott keeps things incredibly organized, filed away in a very specific system. We took our giant stack of papers and went over to Chase to meet with their mortgage specialist. Her name is Sarah. I like her. She seems super nice, very knowledgeable, and helpful.

So, to make that bit of the long story short, we got approved pretty much instantly for a home loan (it turns out my credit isn't whack any more), and the only hoop we actually need to jump through is to get a new appraisal in order to make sure the home in still worth what we owe. We've made improvements to the home, for sure, but the market is still unstable, so we honestly have no idea whether this will work out in our favor or not. I'm optimistic. The worst-case-scenario is that it doesn't work out, and we just let GMAC sell our loan, which, once again, wouldn't really change things for us.

Anyway, we can set the date for the appraisal whenever we want it to be. Since this is the case, we figured that the best way for us to ensure that the house appraises where it needs to is to finish up projects around the house that aren't quite finished. So, of course, we went to Home Depot!

And spent $5,500.

Scott's pouting.

2 comments:

Knight Rider said...

I am going to sell a kidney.

kim said...

Hey, spending $5,500 now for convenience and a potential rate decrease is totally worth it.