I am facing foreclosure - Homeowner Story

After 33 years working for the same company, I ended up on permanent disability due to 4 heart attacks and a stroke. Refinanced my house in August 2004 in order to be able to handle payments and pay off some bills.

Thought I was taking out a 30 yr fixed with Ameriquest, but realized when it was too late that it was a 30 yr fixed with an adjustable down the road.. In any case, my mortgage has reset 3x since October, 2006 and is scheduled to reset in April, 2008.

I am currently behind one payment in my mortgage which was recently switched from AMC Mortgage Company to CitiResidential Lending Services. The reason I am behind a payment is because I was suppose to get refinanced in November to an FHA Secure loan, however, when they ran my credit report, they said it was too low. I ran my report and it was in the 500’s but they use their own process of reporting.

In any case, we were rejected for the FHA secure loan because of credit. As a result, I had spent my intended Nov. Mortgage payment on other bills that we had fallen behind on.. This was a result of my husband out of work for 2 months because of double hernia surgery and when he returned to work, they laid him off..that was March through August, when he got another job at the end of August and we had to play catchup…

Anyway, we are paying our mortgage which, however, December won’t be paid until Jan 26th..and then come Jan.. 31st we’ll be late with January..We don’t have the $2500. to pay the month behind. I did do the right thing..when I found out we couldn’t make the November payment, I contacted CitiResidential Lending right away and explained the situation to them..at that point in time my mortgage was in good standing and there was nothing they could do until I was late and fell behind..they told me to wait. I asked if I could contact the actual holder of the Mortgage to discuss possible modifications or repayment options..they told me the mortgage holder is Washington Mutual, but they are an investor and I cannot talk to them…

so what now… I went on on-line to HOPE.com and completed a credit counseling session..there is a company that is trying to help me, but they got the same answers I got from CitiResidential. I filled out a financial analysis and faxed it to CitiResidential in December and they said it would take 4-6 weeks to review and see if I qualify for any modification.

Today, they told me and the credit counselor that it’s still being reviewed..and that based on my current financial status I can not enter into a repayment plan of the late month because we don’t make enough money monthly. They have issued a letter of intent to foreclose which will expire on 1/8/08…we are between a rock and hard place..what do we do if there is no mortgage holder to talk to, only the mortgage servicing company?

They don’t seem to want to help..

Right now I”m at 9.45% paying $2509.00 for my first mortgage and an equity mortgage at 5.5% for $497.00 per month for a total of $3,000.00 a month…If they could just modify my first mortgage to a fix rate..or if I could get an FHA secure loan at a lower rate we would be okay. I’ve owned my home for a little over 19 years and was late for the first time with my mortgage payment in 2006..then got it back on track until this happened in November 2007…

Any suggestions on what to do….I can afford my house if someone would just give me a lower, locked in rate…Please help…

Read the rest of the story here and see what happens to this homeowner in the forum.

Do you need free foreclosure help or assistance in obtaining a loan modification? Please join our one of a kind homeowner’s forum where you can ask questions and get answers in this unique and interactive community that was created to assist people in an anonymous, yet open question format. Meet other homeowners that are trying to stop foreclosure and get the help you need from industry experts and foreclosure defense and mortgage law attorneys.

Click on the banner to enter the forum