Mortgage Forum

Joel Fraser

Our note with First Franklin is for 399k in southern CA and we are currently making payments for taxes, insurance and mortgage totaling 3980.00 pm:eek:Our problem is the rate has gone from 5.9% to 11.75 percent which is killing us. We filed our request to have the rate adjusted in January, overnighted paperwork, hardship letter; e-faxed, spoke on the phone etc. over and over....the two times we have been able to actually speak with someone we are just told "they will call you" its been 5 months.:confused:Now when we call all we get is the same answering machine" we are currently in a staff meeting, please leave your message".If we do not make our payment today it will trigger the forclosure process, do we just let it go into foreclosure and walk away?We have had it listed on the market for over 2 years, changed Realtors twice, let the Realtor pick the sale price each time....people are not buying in the mountains.What is FF going to do with another unsold property, how do we get their attention, if they lowered interest back to the initial rate we could continue to make the payments.Thanks for any help;)

lisare

you have a great information concerning to the insurance,i respect your knowledge ,but i also want to share some information towards the insurance .that is what actually insurance means,why often people doing insurance of home ,and other things
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. An insurer is a company selling the insurance. The insurance rate is a factor used to determine the amount, called the premium, to be charged for a certain amount of insurance coverage. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

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