Mortgage Forum

Mike

*Today the reality of my mortgage situation hit me hard. I've gone from being "The glass is half full" personality to "The glass is almost empty" kind of attitude after watching things with our mortgage go from bad to worse. Countrywide is our main (largest portion) lender. They sold part of our loan to Litton Loan Servicing Co. No excuses, we made the choice to sign on the dotted line two years ago. Our mortgage broker was a friend of ours and we trusted his advice that he would refinance us "easily" within a year or so. We knew we could make the payments until then and refi, no problem. We loved the house, and really needed a bigger place for our family of five boys (and us). We've both worked hard to make all of our payments on time and have been successful in doing so...somehow. We began inquiring about a refi about a year after we moved into the house, and our "friend" the mortgage broker told us, NO GO. Hmmm?... He said it just wasn't possible now with the "situation" of things in the mortgage world. We turned to Countrywide and Litton for help asking for a loan mod. But, NOPE. They told us they couldn't help and cited different reasons. We actually worked hard to raise our credit scores, we made all paymts. on time, and yet we couldn't get a mod. or refi? My husband desperately begged for at least a freeze on the ARM for a few years, but again, NO GO. Countrywide transfered him to several different departments, he got cut off several times, and was put on endless hold many times. Finally, he was told that we should check back on getting a possible ARM freeze, but not until 3 months prior to the date our ARM was to come due. We have attempted to go through other mortgage companies to get our loan refinanced, but it's not happening for us. We are told we fall through the cracks for one reason or another and hear the same old "Sorry, can't help you." Oh yes, and my husband called the HOPE line and after 30 minutes of answering questions (like how much we spend on pet care/food?) he was told that we couldn't be helped because we aren't BEHIND on our mortgage payments. Um...excuse me? I thought paying on time (as hard as it's been) would be a GOOD thing? Color me CONFUSED.:confused: The customer care rep actually implied we'd have better luck getting help if we were BEHIND. :eek:Truthfully, my husband knows far more about our loan than I do. I am trying to educate myself so I can try and help "him" to help us. He's worn out and close to his breaking point. We're both taking on second jobs in anticipation of our payments going up to a point where we'd have to put the house up for sale. Problem is that homes in our area aren't selling for much these days, and we'd play heck getting what we owe I'm sure. I try not to think about it, but I just cannot imagine uprooting our kids (ages 1-14) and moving. Where would we go? I'm pretty desperate. Really tired today, and just not sure where to start or where to turn? I cannot imagine giving up and just throwing in the towel on all of our dreams. But, then again...I never imagined we'd be in this position. It's cloudy here in the Midwest today. Looking for a ray of sunshine....Thanks for listening~E.*