Mortgage Forum

Mike

Okay, well time for my story which obviously is going to sound very familiar, therefore I will try to limit the details and just provide a summary of the facts.

First off, my husband and I were both self-employed in the housing industry our business basically dwindled to nothing. I secured a job last year and my husband was just able to secure employment this month. Now we are in a stable financial position and can afford the payments, however we are now six months behind and in foreclosure.

Second, I have stayed in touch with Loss Mitigation on a regular basis and made many attempts to offer funds and a feasible repayment plan without success because they insist on a large lump sum down which I did not have at the time.Third, I now have available funds to put down but I am so far behind that the amount is astronomical in proportion! I do not want to enter into a forbearance plan with them because I will have to commit to exhausting all of my funds and a payment that will put financial hardship upon us again and will inevitably land us right back in the same position all the while remaining in foreclosure until the forbearance plan is satisfied.

All options I do not feel are feasible for us.I contacted 995-HOPE and went through the steps of financial consulting and they have passed on my financial recommendation to HomEq and I submitted a hardship letter today requesting loan modification. Finding this site has been a life saver for me because I would not have known what steps to take without the guidance found within these web pages.

I am hoping that they will work something out with me so bringing my loan current again. I am totally prepared to give them some funds down if it will secure my future in the home. I would LOVE for them to switch me to a fixed rate lowering my rate so that I can be financially comfortable with making the payments.

Even a rate freeze would be fantastic as my rate is now at 9.18%making the payment affordable for me right now. Obviously a lower rate and adding on the delinquent balance and the astronomical attorney and "corporate advance" fees into the balance of the loan would be a better option. Any suggestions on what steps to take next would be greatly appreciated!!!!