Fourteen
years ago I went through a local Not-for-profit that offered free home
buying classes and gave reduced FHA interest rates for participating in
these classes. I found them extremely helpful and have been a proud
homeowner ever since.
After becoming unemployed and using my entire 401k to care for my elderly parents in my home, I anticipated I may have problems paying my mortgage. The Not-for-Profit recommended asking my bank about the Making Homes Affordable Act. I did some research online and saw it had worked for many people. The people who had problems did so because of Mortgage companies who were initially hostile about the program. Or so I thought at the time.
MY mortgage company seemed very helpful and the process easy. They reduced my mortgage payment by $230/mo for a trial period of 4 months, whereupon as long as there were no judgements on my house (there are not), the program and payment would be made permanent.
I made my payments on time as I was told if I were even a minute late, the agreement would be null and void. During the trial period, I continued to receive letters from the Mortgage Co. saying I was delinquent on my original payment. I called them a number of times about this, and they told me to “disregard” those letters, they had to go out but they were aware I was in a modification trial period and was making my payments on time.
NOW after paying my last payment in my trial period, the mortgage company is harassing me. They repeatedly call and ask why I was able to make my payments “early?” I made the payments at the time of month I had for 14 years.
Now I realize what I’ve done. Now I see what HAMP (Home Modification Program) is REALLY doing to people. They told me this was really just a “refinance” for an 8% FHA loan.
What do they really do? They tell you your payment is lower for four months, deny your modification, then foreclose on your house for not making the proper payments.
I know I am in for one of the biggest fights of my life, and now I know what their next step will be. I was wrong. I was naive.
Thousands of people are being foreclosed on across the country because of this program. Some of us were decent hard-working folks that were living within our means but got screwed anyway, due to life’s unforeseen circumstances.
After becoming unemployed and using my entire 401k to care for my elderly parents in my home, I anticipated I may have problems paying my mortgage. The Not-for-Profit recommended asking my bank about the Making Homes Affordable Act. I did some research online and saw it had worked for many people. The people who had problems did so because of Mortgage companies who were initially hostile about the program. Or so I thought at the time.
MY mortgage company seemed very helpful and the process easy. They reduced my mortgage payment by $230/mo for a trial period of 4 months, whereupon as long as there were no judgements on my house (there are not), the program and payment would be made permanent.
I made my payments on time as I was told if I were even a minute late, the agreement would be null and void. During the trial period, I continued to receive letters from the Mortgage Co. saying I was delinquent on my original payment. I called them a number of times about this, and they told me to “disregard” those letters, they had to go out but they were aware I was in a modification trial period and was making my payments on time.
NOW after paying my last payment in my trial period, the mortgage company is harassing me. They repeatedly call and ask why I was able to make my payments “early?” I made the payments at the time of month I had for 14 years.
Now I realize what I’ve done. Now I see what HAMP (Home Modification Program) is REALLY doing to people. They told me this was really just a “refinance” for an 8% FHA loan.
What do they really do? They tell you your payment is lower for four months, deny your modification, then foreclose on your house for not making the proper payments.
I know I am in for one of the biggest fights of my life, and now I know what their next step will be. I was wrong. I was naive.
Thousands of people are being foreclosed on across the country because of this program. Some of us were decent hard-working folks that were living within our means but got screwed anyway, due to life’s unforeseen circumstances.
keats
No comments:
Post a Comment