Mortgage Forum

Mike

I have been in earnest trying to bring my mortgage current since my discharged BK 7, Sept 2007. Since the disc I had been paying extra to get the payments caught up. It is a good loan -home equity loan with a low fixed rate-however problems with my car costing me over $5000 in between Feb and March 2008 prevented me from making payments on the loan. the expense had to be paid other I would have had no way to get to work. I stayed in contact with the collections as best as possible (they started calling me everyday at work. Finally in Early March 08 I called for loss mitigation. I tried to explain to the gal what was happening. She told me there wasnt much they could do, so I tried to make another payment arrangement. As it turns out- she was just another collections agent. Now my account has gone to foreclosure management and they refuse to work with me so I can get this caught up. They want the full amount due and that is close to impossible right now. I am already working 2 jobs. I was never even offered a repayment program. I did not know that it is the collections rep job to block calls to Loss Mitigation.!! They said if I cant pay the full due they will send the file to their attorney.. I have asked 3 times to work out a repayment plan and they refuse. I dont know what to do. They said that because an equity loan is a consumer loan they are not subject to federal guidelines. Everyone that has heard this thinks the statement is ridiculous. I am exhausted and worried.