Bad Sign, Getting Worse

As luck would have it, my refi dreams are down the shitter.

Apparently either due to the foreclosures in the area as well as neighbors who want a quick sale and sell cheaply, the property value in the hoody hoo has dropped over $30,000.

I’m sure inflated appraisals by bootleg appraisers might have had something to do with this as well.

All of these factors have led to a no go on the refi as the loan to value ratios don’t work.

What does this mean for me?

It means that every six months until I can actually refinance my interest rate adjusts upward.

When my rate adjusts in July I may be looking at an additional $300 tacked onto my mortgage payment.

Now as much as that sucks if I work a little bit harder at the second job and stay in one weekend a month, I can make that up with no problem.

The shit hitting the fan comes in January of 2008.

That’s when the rate adjusts again and another $300-$400 gets tacked on to the first rate adjustment.

It’s gonna get ugly real quick like.

But instead of letting this situation control me, I’m exploring some options and will report back when the workable solutions have firmed up.

Until then I have to repay personal debts and batten down the financial hatches.

It’s gonna be a bumpy ride.