For a blog about getting out of debt, that is an interesting thought....
Many homeowners have found themselves in a situation of trying to refinance their primary mortgage. We are no exception. The rates have dropped over the past months, and at under 5%, it is looking like a good time.
Sallie Mae and Freddie Mac both have programs to help homeowners with their "home affordable" program. Of course....our mortgage isn't owned by them.
You can do a conventional refinance. 30 year fixed, no points, blah blah blah.
Unless you are like us, where we don't have equity in our home because we stupidly pulled it out during our last refinance. And then the house value dropped. And now the loan to value ratio is too high to get a conventional mortgage.
The bottom line is we would have to bring a considerable amount of cash to the closing table in order to do this, and that just isn't an option.
When I spoke to the mortgage specialist, I pleaded our case. We ALWAYS pay our mortgage on time, in full. Isn't there something they can do for a good customer. No....unless you were 90 or more days behind....they can't help you.
Ok, seriously....are they suggesting you NOT pay? You have to be in arrears for over 3 months before they will even think to talk to. There is no way I could do this. I would be sick to my stomach. To intentionally not pay the bill seems insane to me!
Heck...I am having a hard time waiting until the end of May to pay Hospital bill #1. I plan on making a bulk payment, and this is one of the few bills I have that I still have to write a paper check for. If I pay it now with the funds I have, it will throw them off if I make another payment. So I am sitting here waiting to do it.
And THAT is giving me problems!
Could you do it....intentionally not pay a bill in order to get help once you were behind?