Greenguy's Board - View Single Post - I'm sure that it's the last day of July 2012 in my part of this big spinning rock..

RedCherry · 2012-07-31, 03:49 PM

I'm with CD34, if you have it in an IRA account, the penalties for withdrawing it are substantial. If you just have it in a basic savings / trust/ something else, then not so bad. Best talking to your accountant about all that.

Greenie, we went to our mortgage company and applied for the Making Home Affordable program. We gave them all our income info, and our mortgage payments are going down almost $900 a month. As opposed to withdrawing out of your retirement, you might want to try that route first. It is free and although being self employed we had to turn in about an inch of paper to them, we were approved rather quickly.

We are in our trial period right now, and as long as we make Sept payment on time, we will be approved.

It is a permanent modification, so even if our income goes up in the future, our payments will only rise slightly. (they cap the interest at whatever the fed is at the time the final paperwork is signed, and we will rise up to that over a period of 8 years then it is fixed from them on). They also do things like extend the term, and as a last resort, forgive some of the principal.

My final docs won't print out until after sept. payment, but my loan officer says they normally start you at 2% interest which is fixed for 5 years.

2012-07-31, 03:49 PM	#7
RedCherry Of all the things I've lost, I miss my mind the most. Join Date: Apr 2004 Location: Middle of the Desert, Pahrump, NV Posts: 3,187	I'm with CD34, if you have it in an IRA account, the penalties for withdrawing it are substantial. If you just have it in a basic savings / trust/ something else, then not so bad. Best talking to your accountant about all that. Greenie, we went to our mortgage company and applied for the Making Home Affordable program. We gave them all our income info, and our mortgage payments are going down almost $900 a month. As opposed to withdrawing out of your retirement, you might want to try that route first. It is free and although being self employed we had to turn in about an inch of paper to them, we were approved rather quickly. We are in our trial period right now, and as long as we make Sept payment on time, we will be approved. It is a permanent modification, so even if our income goes up in the future, our payments will only rise slightly. (they cap the interest at whatever the fed is at the time the final paperwork is signed, and we will rise up to that over a period of 8 years then it is fixed from them on). They also do things like extend the term, and as a last resort, forgive some of the principal. My final docs won't print out until after sept. payment, but my loan officer says they normally start you at 2% interest which is fixed for 5 years. __________________ Our 3D Comics and Props on Renderotica Last edited by RedCherry; 2012-07-31 at 03:51 PM..