Monday, May 18, 2009

Tuesdays with Lou

Parents For Life

It’s becoming more and more apparent to me that I’m no longer the person I used to be. After our wedding I went from an “I” to a “We.” After Dominic “We” is now “Us.” I gained a whole new appreciation for parents everywhere and reflected a lot on my relationship with my own parents. My parents raised 10 children and are the symbol of sacrifice and love. I can still call them for anything and have no doubt they will always help me if they can. They do the same for all my siblings and it made me realize I’m going to be Dominic’s Dad for the rest of my life. I’ll always be there for him no matter how old he gets or how old I get. He can count on me like I count on my parents. It’s a journey I’m excited to take with him and couldn’t be more blessed to have Brooke by my side.

Making Home Affordable Act

The slow housing market has everyone concerned. No matter who you are or where you live most peoples homes are no longer worth what they were 3 or 4 years ago. Most homes have declined in price by more than 25%. Because of the deflated housing market interest rates are low and buyers are able to buy houses for a great deal. For most people the problem is if you’re currently in a house you have to sell your own house before you buy a new one. The other issue is if you’re renting they’re raising the standards that should have been implemented over 5 years ago to buy a house which requires money down in most situations.

In my development our homes are not immune to the housing market letdown. This is a great opportunity for me to refinance for a lower rate, right? Wrong! Because I bought my house only 3 ½ years ago I haven’t chipped away enough equity to make up the negative equity in my home. If I got an appraisal done I would owe more than my house is worth. Mortgage lenders won’t refinance a house for more than it’s worth. I’m stuck! With all that’s been going on in Congress and with the stimulus package I keep hoping there is a solution to my problem and to the problems many people are facing. I’m hoping something will happen to restore the values in our homes.

Through my research I stumbled across If your loan is financed through either Freddie Mac or Sallie Mae and you are current on your mortgage you may be eligible for this assistance. Sounds great right! We’ll it is if you’re loans are held by them. For the most part the company who you have your mortgage through doesn’t hold your loan. They most likely sold your loan to another company. I had to contact my lenders in writing requesting this information to see if I qualify. If I don’t I’m discouraged this act of Congress has such a narrow stroke. How is it fair the two companies they bailed out can be more competitive? It’s not fair to the consumers and it’s not fair to the other mortgage lenders. I’ve just started looking into this. If I find something I’ll write about this topic in the future.

Biggest Loser Recap

Last Tuesdays Biggest Loser Finale was one of the more inspirational shows on television. Nearly every contestant lost over 30% of their original weight. On the other hand David’s performance was embarrassing. He started the show at 393 and was 350 at the final weigh in. The purpose of that show was to turn your life around and he didn’t only ruin it for himself but he ruined it for his partner Daniel. He also took the place of someone who was going to take it serious. I’m really hoping Mike’s brother Max is on next season.

Big Brother starts in July!


Abbie said...

Wow. I couldn't agree with you more about the housing market and mortgages. My husband and I have NEVER missed or been a day late on our mortgage in the 6 years we've had our home, unfortunately my husband is unemployed and needless to say, we are struggling, yet we don't qualify for any help from the government. We have drained our savings and now we're barely getting by. Just wanted to let you know that you're not alone and I can completely sympathize!

Shannon said...

I love how you talk about going from I to We to Us, thats a nice story...made even nicer when you talk about how your parents have been such a positive influence on you!