Hello,
My name is David. Duetche currently holds a mortgage on a piece of property I purchased in 05. We did not miss a payment for 36 months, even though the 9% rate continued to climb to 11.2%, doubling my monthly payments. This month, if the court does not overturn theruling, Duetche will repossess this property. After paying in 60K over 36 months, my loan amount had remained the same, and the payments doubled. I had to stop making payments a few months ago. I own a small I.T. Business. It would seem to me that it would be beneficial to myself and Duetche to lower my rate to a reasonable rate (Say 5-7%) allow me to begin making timely payments again, and keep Duetche from having the repo costs, taking the hit on the property value reduction, having to auction off the property again, etc.
I have a family member who would likely buy it at auction, it will likely auction off at half of the current loan amount, he would re-sell it to me, but that is complicated, and I would have to move out in the meantime. I have a feeling that Duetche did not profit from the initial $60,000 that we have already paid in due to the loan being serviced by another company.
Does this proposition make sense to anyone besides me?
If so, please let me know. I like the property, but not enough to pay 11 % in a 4% economy.
David
Mt Sterling, Kentucky
U.S.A.
0 comments