in response to tina, dexter, missouri: i am in a similar situation, and i am currently seeking relief of reorganization for my mortgage.
the ecomomy has made it so i can no longer afford my current mortgage. i am self-employed and my main expenses are gas and maintainence to my vehicle.
when i realized i was having trouble with the mortgage payments, i tried to refinance, and because the lending institutions have tightened up their criteria for lending, they wouldn't do anything for me, as a self-employed individual.
over half of america is self employed these days, i don't understand, even the mortgage lenders are self-employed, based on commission. do they not own houses, and they have a more unstable income then i do. i get a check every week, and every other week. do they?
i refinanced last year with another lender, and made one payment to them, then received a letter from homeq servicing, stating that they were taking over the loan.
only a few months later, they told me i didn't have enough in my escrow for the taxes, and insurance, and that my payment would be increasing. i was confused because since the time of settlement from the refinance with the other lender, there had not been a payout from the escrow account.
i contacted the previous lender, and they said everything had been transferred to homeq, but there was a 400.00 discrepancy. to this day it was never cleared up, and homeq increased my mortgage payment, plus added another fee (for what i don't know) stating it is the difference in escrow for each month. looks like they are getting their money twice.
i have never had trouble with a mortgage company in the past, as i have had with them.
now i face losing my home, because of rising gas cost, utilities, etc.
you people that responded saying that it is not the lenders fought, well that may be true to a degree but they certainly are taking advantage of the consumer, to line their pockets, just as the oil companies, utility companies, and more.
they were very ignorant to me when i tried to resolve the issue with them, and would not accept any payments unless i had the full late balance plus late fees, and attorney fees. my balnce due has increased to over 2,000 than what i am behind in payments. that is rediculous.
it is like they are forcing you to go into foreclosure, because it would be almost impossible to catch up.
i don't know about you, you may have a college degree,came from money, don't really have any responsibilities and never really worked a hard day in your life, but i work 7 days a week for my children, to keep a nice home for them, and even when they grow older and leave the nest, i still would like to have a place called home for them to come to.
i had no problems paying my mortgage, in the past , but you know what ---- happens!!
get off your high horse about keeping a 6 month nest egg for situations in the future, some people just can't do that. until you have experienced hardship in your life, or i can say until you have walked a mile in my shoes keep your opinions to yourself.
i had a small debt consolidation loan years ago, after i first bought the house with the money store, which later became homeq servicing, and was paid a settlement amount from a class action law suit against their company. i had no idea till i received a letter in reference to the suit. i had already paid the loan back, and still got money from them.
i hope these shared stories of experiences with this company can really get them what they deserve for their unprofessional practices, and greed.
to close, yes it is everyones responsibility to repay their debts, as they are contracted, but people do go through situations, that are unforseen, and do deserve to get some help and or cooperation from all parties involved, not to be treated as if they intentionally decided one day not to pay.
i am a parent, and i teach my children responsibility, to save their money and not to make unnecessary debt for themselves, but we don't always know what lies ahead. shoot we are not promised tomorrow.
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