Do you feel like you have had nothing but bad news since you began focusing on your debt and how to get out of it?  I know I have.  Can't seem to catch a break.  It seems that no matter how hard you try, something pulls you back behind.  Well, I gambled and it paid off!  You may remember from previous posts regarding my mortgage that this year was the year my ARM would be expiring. 

Well, in my posts "Don't Twist My Arm" and "Time is Running out" I outlined my options and they weren't great.  What I choose to do was to let it ride, and hope that when my ARM expired in July of this year....I would be okay.  I am happy to say that I received a notice from my mortgage holder that when my ARM expires, that because the rates are at an all time low, my mortgage payment will actually be LOWER for the next year.  Did you hear my big sigh of relief?  It is nice to know that while I am going through more budget crunches and continuing on my DMP, an increased mortgage rate is something that I don't have to worry about for a bit. 

Which brings me to something that keeps crossing my mind:  Am I crazy to try and put my house on the market?  Yes, the value has dropped and yes, I know that it is not a great time to sell and YES, I know that being on a DMP is not ideal when looking to purchase a home, BUT....with the mortgage rates so low and so many folks in situations where the deals on homes double my current home's value, yet I can get it for about the same I crazy not to consider it?  I realistically could roll whatever hit I take on the value of my home into my new home; the value should be low anyway....right?  I want my little slice of heaven in the this the time to try and grab it?

Here is an article that made some good sense, but no matter what article I read, it seems the bottom line is:  do your research, don't jump into anything, and make sure you can afford it.  I will let you know what I decide - my little piece of heaven is calling to me!

Related Posts

Don't Twist My ARM

Time is Running Out

The Mortgage Mess

Katie Simmons

Katie is a participant in the CareOne Debt Management Plan. Katie is a contributing writer for the Single & settling in blog. Katie's story is not unique.  She lived beyond her means and it caught up to her!  Over 2 years ago she made the decision that no one could get her out of the mess she created with her debt, but her.  Since then, she has embarked on an adventure of learning how to take care of herself without credit cards in her life and how hard it can be to be single and in debt.  She is experiencing every challenge and every success while working her hardest to be debt free. Compensated CareOne Blogger.

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