When a Mortgage Overwhelms, Change the Terms

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I worked in the real estate industry and recently lost my job. i contacted my lender to see what I could do to avoid becoming past due and was told they won't do anything until I am late with a payment. Thanks for the help!!!

of PA 1:25PM February 05, 2008

Steve, please tell us who in Ohio can help!!!!

of 1:04PM February 05, 2008

My sister recently contacted her mortgage lender to explain the situation that her family is in, knowing that they can no longer afford their home/mortgage and are going to have trouble making (near) future payments. When she told me that they explained to her that her best option would be to file for bankruptcy, I almost fell over. I cannot believe that a lender, who should be working with the client to help figure out the best solution, even suggested purposely defaulting on the loan, waiting three months and then filing for bankruptcy. Isn't that adding to the current problem in this nation? Does she have any other options, since working out a solution with her lender isn't one?

Gina of MA 1:01PM February 05, 2008

Has she tried to refinance at all? If not, I know people in Ohio that can help her with her situation

Steve of 12:51PM February 05, 2008

We have been having issues woth paying our mortgage on time for the past 4 months. This is the first time in the 7 1/2 years that we have owned the home. Our mortgage was just sold to Citimortgage 4 months ago and now Citimortgage has not been willing to help us out with trying to get back on track. Even though the reason that we have been having such a hard time is because my husband has been out on disability and the cost of oil and gas is over $3 a gallon to heat our home and get me back and forth to work. Electricity has been increased by 30%, also the fact that I was laid off and just recently got another job making half of what I was making prior.
From what I heard Citimortgage had purchased alot of bad loans and is now taking it out on everyone. Looking back at our loan history shows them that we had never been late prior to being with them. We are just hitting a difficult time. Our mortgage payment just went up another $100 a month this year also.
They are not willing to allow us a forebearance. Stating that we do not qualify because our income is less than our bills. We also asked to extend and they said we do not qualify for that either.
They send someone out to check the home to verify someone lives there every 45 days and charge us an additional amount of money to do that. And they threaten foreclosure.
How is this supposed to help peoplke stay out of foreclosure? I am sure that I can not give you an answer to that.

Anonymous of CT 12:48PM February 05, 2008

My husband lost his job last year. And because our daughter has cancer he took a job at a twelve thousand dollar paycut so we would have health insurance. Well we have gone throught our 401k money. no more stocks. Our family has helped to where they can not help any more. I have called, written begged, pleaded with our mortgage company, I have done as they told us to do a hardship letter and all the info they wanted. After all that they told us NO. They would not work with us. Our debt ratio showed us in the hole by about $900.00 a month. They told us "if you can't pay your mortgage then we need to sell our house" I have called them each month to let them know that we can not pay the mortgage, we are now 4 months behind and are going to lose our home. We can not afford to re-finance. My husband last week lost his job again. The mortgage company said they will take this to forclosuer.

Dawn of MO 12:46PM February 05, 2008

My mortgage just went up $85 dollars for escrow payments, plus i'm paying $336.00 a month for PMI, i asked my lender if this was excessive and got the run around. anyway to get this lowered?

mark of KY 12:46PM February 05, 2008

it's not strange. my lender - saxon mortgage would not offer me any assistance or forebearance. believe me there is nothing like begging them and they won't offer you any resolution, but to give up your house.

sharon of md of MD 12:33PM February 05, 2008

It sounds like your daughter has an adjustable rate mortgage, and yes, that can adjust as often as once a month or quarterly -- it depends on the mortgage. It sounds suspicious that she was unable to even talk to her lender. She should be able to talk to any company that she is sending her hard-earned money to.

Kimberly Palmer of DC 3:03PM January 28, 2008

my daughter tried to contact her lender for help but refused to talk to her later she found out her mortg co went bankrupt what should she do now? she has a loan that keeps going up .and also can it go up 3 times in about 3 months?

lois of OH 2:43PM January 28, 2008