Thursday, June 10, 2010

Experimenting With the Obama Refinance Plan

I’ve had tremendous amounts of stress lately.  Big life changes coming my way.

This encouraged me to do some experimentation.  If you are going to have some momentously stressful moments anyway you might as well throw some entertaining experiments into the mix!

I want to refinance my current mortgage and get it into my name and only my name.  Instead of just going to Chase and asking them to do just that, I decided to go to Chase and tell them that my income was declining and I needed some Obama Help!

It’s not entirely untrue.  My income is declining.  It’s just not quite so dire.

The lady at Chase was very helpful.  She looked at my current mortgage and said, “I think we can save you about $200 per month using the Obama Plan for those people who need help!”

“Excellent,” I replied.  My skepticism knows no bounds, but I couldn’t help but be a bit hopeful.  What if the Obama plan really could streamline the refinance process and save me $200 per month?

She got on her computer and ran some numbers and sure enough, she could save me $200 per month.  However, according to the Obama plan according to Chase, I had to pay all closing costs and fees associated with refinancing (around $4000).

In summary, if you are having trouble making ends meet and can’t afford to make your monthly $900 mortgage payment, but have $4000+ sitting around collecting dust in your dire time of need, then the Obama plan is perfect for you!

I should have used my sarcasm font for that last paragraph, but I grow lazier.

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