Mortgage Forum

Joel Fraser

I am a divorced woman in my late 50's. Owned my condo since 1996, but had a bankruptcy in 2002 due to money issues when I attended college and raised my children. Since then kept things on track - then lost my job for 6 months-lived on credit cards....then last year medical problem and out of work for 4 months. Now $13ooo in credit card debt, Govt Student Loan I will pay on until I die, and first mortgage for $86000 at 6.75 fixed and second mortgage at 12.9999% fixed for $34000. I have asked Citi for relief and I am told to stop paying. I live on a shoestring but I am up to date on bills. Thank goodness for peanut butter. I will not do another bankruptcy. I talked to some loan mod experts and they want $3475 up front with no guarantees. Last guy from Citi told me it was my fault for signing up for the Cap One loan that Citi bought...I told him mortgages are like marriages....it takes two people. Yes, I made mistakes but the predatory lenders also made mistakes. I've been told my problem is that HomeQ and Citi bought predatory loans as investments. I tried to remortgage and FHA says I owe too much....so it is a vicious cycle. Should I pay a loan modifier company or try myself...and if I try myself how do I do it....the companies are really hard to work with......I also have been talking to debt management companies because I want to get a handle on everything. Suggestions are appreciated.