I have been in the mortgage industry for over 7 years....so when I am on the phone with my Lender and talking about my personal mortgage, I am amazed at the lies and constant double talk that exist.
My Arm was due for reset in Aug/Sept..I started calling way back in Feb to try & refi..they wanted to but I didnt have the value based on the real estate crash...they said in order to modify my loan I had to be w/in 4 months of the reset...
so in May I started all my calls- Thats where the games began- they argued , hung up, "accidently" disconnected me in excess of 40 times for at least 2 months- then they tried to tell me I had a Pay-Option Arm-which I dont-This is where I really could see how they were playing with consumers- consumers who are not versed in mortgages would not even know what this type of mortgage is- ever...I argued, pleeded, and begged for months- they told me somewhere in July or aug that papers were sent to me(those "papers" arrived in Nov)The reset came around and I paid the hiked 9.5% for several months- but then just couldnt handle that bill on my budget.....and I had lost my job 3 times in 10 months(thanks to the mortgage industry)
How ironic huh?? When I pleaded with a rep one day she actully made the comment " It doesnt look like you have a problem paying your bills" I had never been late in 7 years---the only thing this told me was that they were only helping people who had fallen behind or already facing forclosure- well thats where I was headed because my payment was up to $2900 for a single mom- just the mortgage on $275,000 thats crazy high !!!
There are people out there with half a million dollar homes that do not pay this amount for a mortgage.
Last but not least Ive fallen behind because I was on a budget during the reset period and used my extra money. Now after "bacically forcing" consumers to sign thier "Mod" they are telling me I am not eligible for
"The Obama Plan" because you may only have one Mod in a year.....
I now know why this housing crisis is out of control and will stay that way for a while- consumers are letting their houses go because they can just leave and rent a home for less than half of thier pyment now -Lenders could easlily fix consumers payments to lower especially since rates are so low right now- My next step is to contact a news crew....Apparently they need to be enlightened as well because they do not really hit on why all the reset mortgages that were sold years ago havnt been fully addressed