After nearly 1 year of negotiations with Homecomings Financial/GMAC Mortgage, I was blindsided by a Trustee Sale.
One year ago I asked my mortgage company, Homecomings Financial if they would work with me. My income had dropped and after several months I could see that it was going to become more difficult to stay current on my payments to them.
I had an elevated/inflated escrow payment to pay on current and past due property taxes. This house sat empty for 15 months while trying to sell it. I was able to make my mortgage payments, and planned to pay taxes out of proceeds of the sale. When it did not sell and I rented it out, I was able to come up with one year of taxes, but still owed for another year. Homecomings set up an escrow to cover the past due plus the current year. I paid this inflated amount for at least 18 months, and then my income dropped.
I was in need of 3 months of interest payments to be deferred so that I could become current on my property taxes.
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