Posted on: 10th Jan, 2011 05:12 am
I have been trying to work out a modifaction on my house with my lender for close to 2 years now.Other then having me get further behind on my payments,since they had me on a work out plan.I have done everything they have asked me.I had 2 loans one for 200,000 and a second for 50,000..They let me pay off the second mortage for about 1,500.00.Great news I thought,so after going back and fourth from saying I didnt give them the right papers and lets start all over.They came back with a program,they wanted me to pay about 1735.00 a month.The issue I had is my house payment was 1750 before I stared this long and sometimes frustrating journey.So after all this paying off my second mortage they were going to save me 16.00 a month or so.To me this was a slap in the face,after always paying my payments on time when I was on the modification.
I take blame for getting in this problem,the dream was to wait 2 years and re-fi the house.They knew it would be tough to keep up on the payments and even I did but they told me in 2 years re-fi and have a lower houe payment.Between that time I have had my overtime at work cut from close to 500 hours down to just below 100 hours.There was talk of my company asking for us to take a big pay cut or lose jobs.Gas prices went crazy,and other bills so I had to tax out my credit cards.And I had a girlfriend that ended and now I am stuck.I don't want to lose my house,but the company I am dealing with has not really gave me any other choices.They want me to pay a 6.5% interesst rate and I'm close to 12,000 behind in payments due to this process and they would throw that in to my payments.
Just wondering if I even have a leg to stand on,I wrote them a letter and sent a appeal to their offer.No way can I make the payment,if that would have not been the issue I would not have went thru with this.But to save me 16 dollars a month to me is a joke..
Hope you can help me ..
I take blame for getting in this problem,the dream was to wait 2 years and re-fi the house.They knew it would be tough to keep up on the payments and even I did but they told me in 2 years re-fi and have a lower houe payment.Between that time I have had my overtime at work cut from close to 500 hours down to just below 100 hours.There was talk of my company asking for us to take a big pay cut or lose jobs.Gas prices went crazy,and other bills so I had to tax out my credit cards.And I had a girlfriend that ended and now I am stuck.I don't want to lose my house,but the company I am dealing with has not really gave me any other choices.They want me to pay a 6.5% interesst rate and I'm close to 12,000 behind in payments due to this process and they would throw that in to my payments.
Just wondering if I even have a leg to stand on,I wrote them a letter and sent a appeal to their offer.No way can I make the payment,if that would have not been the issue I would not have went thru with this.But to save me 16 dollars a month to me is a joke..
Hope you can help me ..
Hi hta,
I can understand that you had a very frustrating experience dealing with your lender for a loan modification. But unless your lender modifies the loan, you won't be able to save your property. In such a situation, I will request you to ask the lender for a principal reduction. Write a hardship letter to the lender asking him to forgive the delinquent amount so that it becomes affordable for you to pay off the dues.
Thanks,
Jerry
I can understand that you had a very frustrating experience dealing with your lender for a loan modification. But unless your lender modifies the loan, you won't be able to save your property. In such a situation, I will request you to ask the lender for a principal reduction. Write a hardship letter to the lender asking him to forgive the delinquent amount so that it becomes affordable for you to pay off the dues.
Thanks,
Jerry