My husband and I found our dream home and was finally in a financial position that allowed us to purchase it. When we read the terms of our contract we were concerned; however our Broker told us that it was not a big deal to enter into it at this high rate because we can refiance in as little as six (6) months. Yeah right, the market crashed and with all the restrictions we were not able to do this.
I contacted Wilshire directly and asked if there was anyway they could help us. After numerous phone calls lasting well over an hour (because of being on hold); we were told they would help us. So we received a "Loan Modification Agreement". We were under the impression that our interest would become fixed and our payment would be adjusted. The interest rate was dropped only 1% and our payment never changed because they took the money that we owed along with interest on the back end of the loan. So not only did our payment not change we now owe almost $8,000 more than we bought the house for. Of course, we still cannot refiance and we are stuggling to stay afloat.
To make matters even worse we called a modification company and they were a scam (another report) and they got us for $700. I can not win for loosing. Stay away from New Hope Modification LLC they are a scam.
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