Mortgage Refi

So, i don't know if i mentioned before that I have been trying to refi my house. I bought my first house at age 23 with some money that my wonderful grandfather, "Pa", left me. My mother died when I was 12, so her inheritance was divided between my sister and I.

I did well on the sale of that house during the "boom" and put that money down on this one. I didn't "over buy". This is a "modest" home (by San Diego standards). She's the size of a "postage stamp", but her layout is really nice so she doesn't feel like she's tiny.

BUT, she is.

And her value has declined and declined.... {humpf}

THANK GOODNESS that I put as much down when I bought her b/c that is the only thing that has allowed me to refinance!!!

And, DON'T MAKE ME GO BACK ON MY RANT ABOUT REFINANCING b/c all of the people who didn't pay their mortgages and got a break? Yeah - YOU PISS ME OFF!! I'm struggling like heck to pay mine and all of you got to refi WAY before *I* did!!!

But, Obama FINALLY changed the "rules" in January to allow people like me: I bought a house, the value went down, I still paid the mortgage, the value went down some more, but I still had equity, but had NO income b/c this economy sucks!!!!!

I "accidentally" called GMAC about what I could do.... They had already told me "no" so many times that I don't know what made me call again!!! But, "OH! There was a new program starting back in January" - well, I was already pissed. I mean, I had already been in contact with them last year and they had declined me for a refi b/c "I wasn't in default" - really??? I was the GOOD one! I *PAID* my mortgage and b/c of that, *I* was being declined!!! But now, suddenly, there was a new program, and *I* qualified!! And they didn't bother to call and let me know???? UGH!!!

Fine. New program. I qualify. I applied. The average closing time was 60 days.

First of all, because my credit score has declined I will pay a higher rate (while it makes sense that they feel that I will be less likely to repay it, I have no money so I need the lower payment!). Then, the 60 days average time, that was right around my payment so I hoped I would get to skip that one. You get to skip at least one payment when you close a refinanced loan. Nope. It was going to be longer. Then the next payment was to be due. STILL NOTHING!!! I had to pay that one too!

Also, they screwed up the loan package FOUR TIMES!!! Really??? How many times should you have to correct a mortgage company before they get THE ADDRESS OF THE HOME THAT THEY ARE FINANCING correct??? These are probably some of the issues that lead this country into this MESS to begin with!!!

From the start until the guy came to my office to sign the documents, it was 104 days. And don't you know it but he FORGOT ONE! They Fed Ex'd it to my home (I was away at a friend's wedding so it sat at my house several days) and said that it could delay my closing!

This refi was important - Not only was it the fact that I would have the reduced payment by lowering the monthly payment , but I could skip a full mortgage payment! That's huge!!! To any of us struggling out there, $1900 per month is a CRAP LOAD of money!!!


It's done.

I checked online tonight (b/c of course, I haven't received anything from THEM saying it's done). And apparently, the screwed things up so badly that I get an immediate principal paydown of about $900. Yeah - that screams "error!"

I am simply irate about the whole thing.

No one ever replied to my questions.

The process took WAY longer than it should have and I had NO issues.

I don't use the word often, but I DO have hatred towards GMAC and Ally Bank.

They both can..... {explitive deleted}