We went to Centex Home Equity after they solicited our business. We refinanced our home through them only after they promised us there would be disability coverage on the loan. I at the time was a home health aide and spent a lot of time on the road. In that type of profession you never know when you might get into a car accident or injured on the job. I needed to know that my house payments would be made if I should be unable to work for a period of time due to an injury.
We, my husband and I, were told that if we kept our payments made on time that in a year or two we could rewrite the loan and decrease our payments. At the time of our signing the mortage, I was earning $10.38 an hour and working 40 to 50 hours a week.
Two years ago, from lifting patients over a period of 13 1/2 years, two discs in my spine tore and I lost my job as a home health aide because I couldn't lift 50 pounds anylonger. I called Centex and asked them if there was any chance that they could rewrite the loan and lower the intrest rate there by reducing the monthly payments. our interest rate now is 12.99%, the national average interest rate is 4.5 to 7.5%. I explained to them the situation and that now I could only work part time. 16 to 20 hours a week, and that some weeks I am only getting 6 to 8 hours a week and getting paid only $8.10 an hour.
They stated their hands were tied and there was nothing they could do because we didn't have any equity in our home. Last year over $7000 went to interest in our mortgage loan and only a little over $300 went toward the principle. We have had the loan now for a little over 3 or 4 years. When Centex had the house appraised, the appraisal came back at $69,900. We tried to get another company to take over the mortgage and they sent our an appraiser. This appraiser could not appraise it for over $50,000.
My income now is from Social Security $587 a monty and my last paycheck from my part time job was $131. Our house payments are $694.96 a month. My husband is also on social security and has been since 1988. We have not been able to make any payment for April and I don't have any means of making the payment for May either. Our phone has been disconnected due to non payment, and if we don't pay $175 a month our electricity will also be disconnected. We live in the country and have our own water well, so if the electricity is disconnected we will have no water or heat either.
We have come up with the fact, the only thing for us to do now is to let Centex reposess the property. If you have any other solutions or can offer any other help, please email me asap.
Desperate
Donna
Merrill, Wisconsin
U.S.A.
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