I am a first time home owner who is middle aged. I had a bankruptcy that was 2 months from being the magical "2 years old" so I could qualify for a lower interest rate.
I have a high interest rate, but I thought as long as I make my payments and I am never late, I would be able to pay ahead and get most of the house paid for when I retire in 10 years.
Ha, I got a letter that states the interest is going up (they won't tell me how high) and my payment will escalate. I am barely making ends meet now. The value of my home has gone down for the last 2 years and the taxes are going up. Now my payment will go up to pay this higher interest rate and NOTHING IS GOING TOWARDS THE PRINCIPLE. To sum it all up, I will never own my home no matter how long I pay on it, and I will no doubt be homeless in 8 years, if I can even pay the payments until.
Country Wide's solution to this problem, call us back in October and maybe we can "freeze" the interest rate.
They will own my home and I will own nothing. Something's got to give.
I make too much to qualify for anykind of help but not enough to afford "the American Dream" of owning my own home. What's this country coming to?
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