Mortgage Forum

Mike

I stopped making payment 6 months ago because of high installment and just couldn't pay the bank. I am in foreclosure right now. I had several phone conversion with ASC and I summited my expense list, hardship letter. They said I have to make 3 payments $1635 for three month, and then they will review my situation for loan modification.

Now keep this in mind they never told me about this three payment, when they said you are eligible for this program. I purchased my house for $240, I had 10% down, its mostly all loans, and right now the house is worth less then 200k.

My monthly payment was about $2000. Now I really don't know what to do, should I start making those 3 payment and see after they review my problem and they could lower the initial payment. My wife wants to just move out and get an apartment and just give the house back she thinks banks will jack up the payment after few months and she does not trust bank, specially ASC.

I have two kids both are in college, and we both work full time and i am really struggling with my mortgage.