When I saw the thick Fed Ex envelope from IndyMac/OneWest, I ripped it open, hoping against hope that it would the permanent HAMP modification documents. To my joy, that’s exactly what I found inside.
I immediately started dancing around the house (or hopping on one foot, since I sprained my ankle the other day, lol) absolutely giddy with happiness. I felt light on my feet, in a way I hadn’t felt in a very long time, at least since before this nightmare began. I hugged my husband tightly and both of us rejoiced: that nightmare is finally over.
Here are the details of my modification:
Principal balance: $258,780.07
Deferred principal: $16,536.08
Term: 37 years
Interest rate: 2 percent
Payment (P&I plus taxes and insurance): $997.27
Modification effective date: 7/1/2010
The deferred principal will be forgiven on the maturity date, so there is no balloon payment unless we pay off early, sell, or we refinance. Since I don’t plan to sell or refinance, this works for me. If I ever have the good fortune to be able to pay off the entire balance, I’m sure, I’d have enough to pay the deferred portion anyway. :)
While we are still underwater by more than $100K, I am not troubled by that because this house is my home, not an investment. It has intrinsic value beyond dollars and cents to me and my family, so regardless of its market value, I am content to make my payments and be secure that I am no longer in danger of foreclosure. Likewise, I am also content that I have an affordable mortgage.
As I write this, my happiness is tempered by the knowledge that there are still families out there languishing in modification hell. The HAMP program needs more work and more resources need to be brought to bear on the foreclosure menace.