I purchased a house in California in 04 with my fiance'. It was our American Dream to be able to live near our parents and not have to move out of the state as so many we went to school with have done. I wanted our kids to grow up around family.
Two years after the purchase of the hosue my fiance' and I split. I kept the house and did all I could to make the payments and make them on time. I added a roommate to the house and I took a loan from my 401 k to make sure I had money to keep up the payments. I was making a payment of $17xx. Xx a month just on my first mortgage alone with ASC. My HELOC is also an adjustable rate so that fluctuates between $600-$800 a month as well.
Again I was making this payment with one roommate and a loan from my 401k.
In Septemeber 07 I received notice saying my interest rate was due to go up in turn making the payment on my first mortgage raise to $24xx. Xx a month as of Dec 1st. This is not including my HELOC.
I contacted ASC right away in an attempt to be proactive and discuss my options and/or apply for a refinance to stop this. I was told by a wonderful representative that I could not apply for a refi for this house all by myself bcuz my income to debt ratio was too high. Well of course, I have a loan for a $480,000 (townhouse mind you) by myself!
I understood that and he so nicely explained to me about the Loan Modification process and sent me off to the department handling this issue. Apparently at that time, most of the company was not even aware they had this program because I was tranferred back and forth about 4 times before I finally reached someone who knew that a homeowner (who was being proactive) and not in foreclosure could apply for a loan modification.
Anyway, I was told that I would receive some financial paperwork in the mail and I needed to fill it out and fax it back as soon as possible to start the process. I asked if this paperwork could be faxed to me or emailed to expedite the process but I was told it had to be snail mailed.
I waited patiently and called again in a week when I had not received anything at which time I was told it could take 7-10 business days before I receive it. Again I patiently waited 7-10 and still no paperwork.
I called back again and a very rude woman took my financial information over the phone.
Get this, she made me aware that because with my financial situation, I was not going to be able to even make the new payment and that I did not qualify for the loan modification process. She said that I needed to call back when I could afford the new payment and they could help.
I asked her, "well that's a little oxy moron isnt it? Since I am trying to call in October to TELL you myself that I will not be able to afford to make the payment in hopes that I can get a loan modification to keep my mortgage payment from increasing and you are telling me that because I cannot afford the new $24xx. Xx payment amount that will be coming up you CANNOT help me?"
At this time she preceeded to get really rude and became very sarcastic and said that there was nothing she could do and I should've read my loan paperwork. (Up until this I was trying to speak with a little humor and grace while asking for help but that to me was downright rude behavior.)
I explained to her that I have not been late on my payments in the past and she did not need to treat me as if I have done something wrong. I was aware of what my loan paperwork said, and I have worked for a mortgage company before, so I know what they are capable of doing. Hence my reasoning for being proactive. Although when I bought the house I obviously had a different idea on how my life was going to turn out (fiance'). Long story short here, I asked for a supervisor to complain about her to and she told me there wasnt ANY available. She even refused to give me a name or a contact number for her or a supervisor. She let me know 'she could only put me through to another rep.' I asked her to do so, so she put me back through the automated system instead (well there's a shock)
I have not ever received a call from a supervisor to this day 02/10/08. I even left my name and number with another rep asking for one to call me.
So I removed the furniture from every room Iin the house and proceeded to fill them with roommates so I could afford to apply for this loan modification. So now I work full time, go to school to become a ff/medic and have to manage 3 roommates and their monthly payments.
So having done this I filled out the required financial paperwork again and faxed it back to them with a copy of my tax returns, my 401k information and the rental agreements for each room I have rented. I was told that with 3 rooms being rented I have a whole surplus of give or take a little $300 a month and that I qualified for the program. My loan modification would be handed of to a counselor for review. YEAH!
I explained that I was not looking for anything wonderful or special just that my payment not increase come December 1 because I would not be able to afford it if I lost a roommate, car broke down, anything medical took place, gas went back up, etc.
I was informed that the process would take 30-60 days so that I would probably have to make atleast the first payment in December but would probably be okay after that and that I could call back in two weeks to see if anything had been done.
I have called ASC at a rate of almost every two weeks and each time I have been told that my loan modification request has not even been assigned to a counselor yet. As of my call mid January I was told that they were just getting to the people who requested help in Oct/Nov and that I should hear something soon. I am writing this report as of Feb 10 which means I still have not heard anything.
I was informed the whole process should take 30-60 days from the start and not only was the start of the process delayed from the day 1 because I never received the paperwork the rep 'sent out' but I have now been patiently waiting since Oct/Nov to be referred to a counselor. I have however watched the payment I did NOT want to increase raise approx $600 a month. I am constantly stressed that I will lose a renter or something/anything will happen and I will be forced to let go of the house I have been working so hard to keep.
I am trying and I just feel as though I am getting no where, no one has ever called me for the loan modification ALTHOUGH they do call me approx 3xs within the first 10 days of the month to make sure that my payment will be in on time.
I am just so confused on how this process takeS so long for someone like me who has no special needs for the loan modifIcation. I just want it to be put back to the way it was before.
I have never missed a payment even if I had to borrow money to make it. I have never been 30 days late on my loan before and I was attempting to be proactive by calling them in Sept/Oct to get the process started.
I just have to wonder if they are just sitting back with a small grin collecting my payment and not making my loan a priority because I am not in the foreclosure process nor am I late. Do they look at is as though, 'oh we can wait, she's in no hurry'. Well yes I am, if something happens to one of my roommates, I will be right into foreclosure. I have also been made aware that if I do fall into the late payments/foreclosure processes then I have to start all over again.
If gas goes up, I will lose my house! If the wind blows to hard... I am going to lose my house!!!
I am trying, I am trying as hard as I can to hold onto my dream of having a house in this day and age. But I just dont know what to do anymore. I have trouble sleeping everynight worrying. I do not feel as if there is hope. I do not feel that any of the legislation that is stating there IS help out there is seeing what is really going on.
"Hey Thanks for introducing and passing that bill that states 'help is on the way', is there really anyone out there making sure that happens though???"
I am at a loss and I have no idea what to do anymore. Any help or ideas would be appreciated. Anything... Anything at this point is welcome. I cant even imagine that if it is this hard for me what is it like for the people who are missing their payments??? I can't even afford to miss one payment and start all over now, because then I will lost my house. My request should be simple, I have no fees no attorneys involved and no collections of any sort they have to worry about. Its just a matter of putting my interest rate back and printing up new loan documents. I know this because as I said before I used to work for a mortgage company. What I am reuqesting should be the easiest thing that anyone in the loss mitigation department should have to do. They should be looking forward to a loan modification like mine because there is no hard work involved.
Please help! Anyone???
Dag
Simi Valley, California
U.S.A.
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