WooHoo! Option One Success!!!

[Mike]

I finally got the call! My modification from Option One is official. It's a step rate: 1st year at 6.85% 2nd year at 7.375% 3rd year at 7.875% 4th year at 8.375% FIXED for the remainder of the loan. No good faith money or down payment needed. First payment due on MAY 1st!! Includes taxes, insurance, and most importantly the delinquent amount owed! I am not falling behind again. I have built up an emergency fund for any unexpected expenses. The rate even at the 4th year is better than the 9.15% we had. And that was supposed to adjust March first. I'm so happy that I know what the payments will be, not based on the fluctuating LIBOR. Time to start cleaning up our credit! Off to have a glass of wine, I'm not waiting for my hubby either :p