One Micro-Inch Closer

Whew! We are one micro-inch closer to re-financing the house. In order to qualify for re-financing under the President's Making Home Affordable plan the loan needs to be secured by either Frannie Mae or Freddie Mac. I don't know how Frannie and Freddie work at all. I make my mortgage payment check to Wells Fargo, but I guess, Frannie and Freddie own/secure/whatever nearly half of all mortgages in the US.

Well, I went to both websites to determine if either lender owned our loan. I quickly learned that our loan was not owned by Freddie. But I just got confirmation that our loan is owned by Fannie Mae.

Now, this in no way guarantees that we will be able to be re-financed. Like I said, it's one micro-inch closer. Nevertheless, I am happy that we at least have a *chance* of being re-financed. Who knows, maybe the skies will open, hell will freeze over and Chad and I will catch a break. Stranger things have happened.

I know we still have a long up-hill road to travel when it comes to re-financing; simply because we owe so much more than the house is worth. I was thinking about calling Wells Fargo right this very minute to find out more. But I think I will wait another day or two. I want to hold onto to this feeling, a feeling of optimism, because it seems like it's been so long since I felt it.