In someone elses hands...

Over the weekend I received a letter from the loan company asking for all of my proof of income documentation again, tax returns, w-2's, check stubs, etc... Our final trial period payment is due on March 1st so I assume this means they are evaluating to see whether or not they want to finalize the modification.

This morning I gathered up everything I had and sent it over to them, along with a letter explaining that I have recently been instructed to prepare for a pay cut of up to 10% at work due to the state budget mess. I also explained that the home next door just sold for $149,000 and the house across the street is under contract to sell for $117,000, knowing this it is safe to assume that the current market value of my home is now somewhere around 50% of the balance of my loan. Hopefully they will take this into consideration.

If they do not approve the modification we will have to pay upwards of $1300 to catch back up on our loan based on the original terms. I just cant see totally depleting my savings to continue to make a payment that we can now barely afford and once I get my pay cut , we will surely NOT be able to afford it any longer.

At least my part is done. It's in someone elses hands now to decide whether we stay or go.