No Refinance Under Obama's Plan...

I am a little...no REALLY BUMMED!!!! I was looking into refinancing my mortgage under Obama's new plan with Bank of America but due to the new Bank of America guidelines, refinancing my mortgage wouldn't have saved me a thing and it would have taken years to break even. At most, it would save me about $60/month as my rate went from 5.875% to 5.25% but it would have cost me almost $2k in fees. Where is the deal in that when rates are so low?

The biggest reason I am so bummed is that my student loan payments are going from $1,162 to $1,410 in June and I needed to try to find somewhere to save and offset the increase. BUMMED!!!

So my credit score is through the roof (800), I have never missed a single payment to anyone EVER and I can't qualify for a lower rate because the market values have tanked, there is virtually no market for selling condos in the Chicagoland area and I went to school to invest in my education and my monthly student loan payment is higher than my mortgage payment and my assessments included!!! So is this why people walk away from their homes? I owe about $120K on a property that may be worth $70K.

Okay....Bummed!!! BUT....Thankful I can still meet all my monthly obligations!!!

Bonus Application and Update...

I am moving right along through February.

I paid off the credit card I was using the last few months which was right around $5k so all I have left is the $20k card that I have been paying off for a few years now. I can't wait for that card to go away too! I did transfer it back to Chase for a 1% transfer fee and 1.99% interest rate until April of 2013. With my bonus, I paid off the $5k card, replenished my Efund and put the remaining $3k into savings for health/auto expenses. My car needs some work and I may need surgery this year so that money is already earmarked.

I did a real estate closing on Friday and scored $400 in business income. Not bad. My legal/business expenses each year total approximately $2,600 and it includes primarily my attorney registration, state annual filings, professional liability insurance and email/fax service. I tend to have to pay for it out of pocket because I don't have much time to do legal work so I am excited that I did some work to offset those expenses. Yeah Chitown! I am entertaining more calls and legal opportunities so I can put this law degree to use. 

That's about it for now folks. I went skiing with my family on Saturday and that was a lot of fun. Work is super busy right now so I have to stay focused to meet some deadlines. I am still exercising and bringing my lunch more often. I will start running again in March. All is well on my end!!! Wishing you all a great week!!! =)