I brought my home a few months after my husband's death in 2002. My credit was good at the time I got the loan and I had money down. I went into the home with 35,000 worth of equity, money that I had put down, the home was valued at 175,000.00 when I brought it. A year or two later, my bills were stacked up and I wanted to pay off the car. So I applied for a refinance loan online, and Full Spectrum of Greensboro, North Carolina contacted me.
First their appraiser only appraised my home at 162,000.00 that was crazy because of what I brought it for, and because new homes in the subdivision were being priced at 200,000.00 and more, some of them going for that price were the same home structure as my home. My home was also the model home for the subdivision so it had 22,000.00 worth of upgrades.
My husband had died, I had our baby, and two girls to raise, my mental state was not what it is today. I was devasted and didn't know about managing these types of things. Full Spectrum took my 6% interest rate mortgage of 1032.00 a month (Washington Mutual) and sold me out to a 10% interest rate, making my monthly mortgage 1450.00. They only paid off my Jeep which was only valued at 14,000.00.
During the years I was devasted that with the cost of daycare, home expenses, insurance, etc. That I could not make those payments. When I tried to get Countrywide to assist me with loss mitigation they said I didn't qualify. So then they suggested bankruptcy. Too embarrassed to ask anyone for help, I filed chapter 13.
Now my credit is ruined, I moved to Charlotte, North Carolina for a better job, and my pay is almost 100,000.00 a year and I can't even qualify for another home. My mental state is so much better, I have healed from my husband's death. I want to buy another home for my children and I. However, I can't get anything done with a foreclosure and bankruptcy on my credit, I want Full Spectrum to be responsible for messing up my credit. I want Countrywide to take responsibility for their company. I was cheated out of my credit, the representative for Full Spectrum should have never gave a 10% interest rate to a widow woman that had a 6% interest rate, my credit was good before dealing with Full Spectrum. I wish my mind was not so messed up then, but losing a spouse is devasting and I was so confused then about finances. I want my credit restored, and I want Countrywide and Full Spectrum Lending to do whatever possible to make that happen for myself and my children. They owe us that much.
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