Wednesday, March 13, 2013

Expect Stagflation now.

The only reason I was able to keep my shit together regarding my late mortgage payment was because on Thursday, BOA called to say they were ready to close on my refi more than a month early. My elementary math registered that as before the 16th (when my mortgage payment would be late). I figured I'm close enough now that I get can everything fixed later.

The whole thing was actually going swimmingly well. They asked for documentation once. I never even called them to check on the refi. I didn't want anything I said,  or did, to grind the logic of refinancing me to a halt. They were good with keeping me updated. So when loan officer called to say it was all done - I could have hugged her from inside the phone. I mean, I just tried to refi this place last year. They just wouldn't touch it because I don't live there. Which sucks for legitimately good customers, but from what I know about the recession - people who owned more than one house did a lot of damage.

Of course, things couldn't be effortless. Cha! An hour before I was suppose to meet with the notary I got a call from her. I don't have the documents - she said. Now, I can not yell at these people. I need something from them. It turns out they have scheduled my signing at 11:00 at night. Not eleven in the morning. And with the headlines I'm reading - if that is all the bank can do - I will keep that appointment. I don't care if it's 11:59 that night. I will come to you. This refi was not (not) getting signed that day.

For a few weeks I've been telling Mr S. that if us smucks with good credit can refi a rental anyone can. I'm starting to finally expect inflation. I mean, money is obviously circulating now. However, I read the UK was now experiencing stagflation. Which is closer to what I expect for the year.

Today I got a call from BOA telling me I qualified to refi my rental. Not one of those millions of letters you get in the mail. But cold calling. Even though the refi was through them - I listened to the sales pitch. And it only reinforced my belief even more. Stagflation. The banks are lending.

1 comment:

One Reader said...

In the last week I have gotten a call each day from my mortgage company about refinancing, plus letters. Weird.