Drama is over

As of today, our drama with CP’s second loan out west is over. It did not end the way I had hoped, but at least we don’t owe $24,000 in 20 days.

I am grateful that there is a good conclusion coming out of this. I have heard way too many stories about sketchy loans/paperwork (which is what I believe happened here) leading people into foreclosure and/or bankruptcy. Granted this was a smaller home equity loan, but what if this had been the primary mortgage? And suddenly he owed $150,000+ on a balloon payment??

Despite the fact that the lender did not honor the first note signed at the closing (the 30 year fixed- the one that CP had agreed to), CP was able to get a modification on the 5 year, balloon payment note (the one that the lender decided to honor despite the fact that it was signed two days after the closing). We now have a payment that is $150 more than we were paying, but we close the loan out in 10 years. Although the APR is higher than we would have liked, it is not our primary residence so low rates are not available. Luckily, we are able to absorb this.

It took lots of time away from CP’s work day to call the lender. Never getting the same person every time. Never getting answers from the person that he spoke to. Having to tell each and every single person the whole story every time he called. You have to be persistent. The lender is sure as heck not going to go out of their way to help you.

So yes, drama over. Tonight we will finally be able to relax.