I lost my job 5 months after i bought my home and i was a single mom at the time and of course i could not pay my bills and everything including my mortgage was behind. So what does a mom do but reach out for help from the aid that our government offers. I also and this is something you may want to look into, went beyond goverment help but was refered by social service. Went to a company that was started 2.5 yrs ago when all these arm mortgages started adjusting and people started getting in trouble. I am not sure what you would look under to find it in your area but they specialize in loan modification for mortgages in trouble. It was started in our community because we are a textile community and one of the biggest companies in our area closed down and they were trained to help people who had lost their jobs and in trouble with their mortgages. AND LET ME TELL YOU THESE LADIES HAVE BEEN A BLESSING TO ME AND LOTS LIKE ME...
An i know you said that they said that you do not qualify but that is LIE you do qualify everyone that has a arm mortgage no matter what their income qualifies. This is something that the government put in place in first of the year to help us. Contact your local social services and they maybe able to direct you in the right direction. I am sorry i can not tell who yours is... Or you and your wife could contact your representative that is something that i am getting ready to do... It cant hurt and i know from experience that they are really good about getting back to you. He or she needs to know that it is happening in their back yard and maybe they will have a solution for you.
Now to my situation, when Prosperity got me back on track with my mortgage and i got back to work everything was moving along great (lot of bad credit) but i still have my home. July my mortgage rate adjusted from 4.75 to 10.2 my payment went from $477 to $677 a month and of course we got behind and i went right back to that same company that helped me when i was out of work. She got in touch with homecoming dept called load modifications and he told her and i quote word for word "IF SHE CAN NOT PAY HERE MORTGAGE THEN SHE NEEDS TO GET A SECOND JOB". Maybe i am carzy but a person should not have to work two jobs and my husbnds income to pay my mortgage. That is what this society has come to we care more about people in other countries than we do our own citizens... That is a different topic... Now remember Prosperity is a christian based company... After he told her i needed to get a scecond job that made her really angry. She sent us home and she continued working on it and a week later we received in the mail from Homecomings Financial paperwork for a loan modification. And be very very very careful because as we fund out they will word it so you do not meet all the demands to qualify and without you knowing this maybe what caused you not to qualify.in the stips we had to make 2 payments at a certain amount and the next month we would not need to make a payment that we would receive our modification paperwork in the mail. Well after the 2 payment was made by money order i called and made sure that they did receive my payment and to find out what the next step was. And the lady on the other end proceeded to tell me that you have not met all the qualifications and of course i am like huh! She told me that we had 1 more payment due the next month. What i am getting to is if i had not called we would not have had no idea because in the agreement they gave us the dates and the amounts they we had to send to them. After the last payment we received our modification info and we were suppose to show no late payments and paid on time. Well of course NO we pulled the credit report and it showed having late payments since the rate adjusted. So we had to file a dispute to get them to take care of that...
We are in the last month of our modifiction and having no luck getting refinanced because of my being out of work for 9 months and homecomings is not willing to set the rate back to its orginal rate and we do not know what to do next... Of course you have these companies that will loan us money at 12 or 14 % but that does not help... If anyone has any ideas or advise PLEASE let us know.
Lisa b scott frustrated
concord, North Carolina
U.S.A.
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