The biggest ever

Yesterday I finally got to speak to someone at the bank regarding recasting my mortgage. This entails applying a large lump sum to the principal to make my mortgage payments reasonable once again after 6 months of sky high numbers. The rep I talked to was very helpful and laid out the steps. The biggest step of all was wiring a very large chunk of money that has been sitting in my bank since the sale of my house. After that there is some paperwork that is being overnighted to my house for me to sign which should make it official. My payment is going to drop to less than a third of what it was previously not only because of the lump sum deposit but also because that principal reduction allows me to remove PMI from the loan. I am very much looking forward to having my monthly living expenses greatly reduced. If all goes well my November payment will reflect this much anticipated change.