My sale date for my home is April 28th at 1pm. I have tried every program offered and I have called so many people, lawyers and modification experts I feel I could be a mortgage broker/banker.
We had a court date on March 24th but the judge postponed it allowing the bank to do another modification in attempt to keep it from going to court. The judge ofcours either realizes it and does not give a s*** or was totally clueless, but the Sale date for my home is April 28th and the court extended the court date. My attorney is tring to do a TRO (restrain order) but she said most judges turn them down because they have too many and just dont care. If we get the restraining order that would be great if we dont I will be on the steps of the court house screaming my brains out.
Here is my outrage. I have all the money for the back payments and I can make payments of 4k or less I even took on a house mate to bring in more money. [continued below]....
..... Yet the banks will NOT MODIFY my home loan.
Here is the kicker, my home which was 900sf I started a addition a major addition is now over 3000sf. The broker I used even though my credit was 660 told me I did not qualify for any loans because my credit was under 700. She told me knowing my situation that I was going through a custody battle and needed money to finish the house said I found you a loan. Yes she did the worst kind of loan! She told me because the house was under construction that the only loan that she would find was this interest only for one year and after i completed some said items on the home World Savings would re-finance me with no penalty after one year as long as I made my payments with out being late and kept my credit up which she said would be over 700 at that time.
When I did finely get the loan I signed on Dec 28th I did not receive the funds until Jan 17th due to some lack in paperwork. Well I found out what the lack of paperwork was 3 years later. She knew my X and I were having papers drawn up about our agreement of the splitting of the property. I may have told the broker the dates I dont recall but she managed to get my X to sign the deed of trust while signing the sale agreement we were having drawn up. My X had no idea she was signing the deed of trust and never would have if they had knowingly know what was going on.
When I finely get the money it is short 15k I call the broker she explains the bank did a hold back for the construction. I sad how am I supposed to finish the house with out the money by the deadline? She told me to get a credit card and put the materials on it and when the bank re-fiances me they will just add it to the amount. I actually started reading the loan documents, wow there was all sorts of extra charges I had no clue about and when I called the broker back and told her this was not the loan I wanted she said sorry you missed the 3 day by a few weeks. What was I to do well I did the best I could. I tried to finish the house called every bank on this planet and of course not realizing every time some bank ran my credit my rating dropped a point. I managed to bring it down close to 500. I had 30k in credit card bills in 2007 and that is when the credit card companies started changing all the due dates and adding extra penalties for being late and then after giving back the late fee raise your percentage rate to god knows what. I paid off all 30k in credit card debt which I discovered later hurt me because it is unsecured I kept making my payments then March of 2008 came up and the bank started returning my payments. I could not understand why. I found out from a modification person who did a audit on my loan about a month to late said the loan was designed from the date I signed it to foreclose in year 3 knowing how much I actually made vs what the broker put on the application. Even if I kept making the payments listed on the Truth in Lending form they would foreclose on me. So much money had been added to the principal that the percentage reached the max of the npv so then sent the notice of default and we are off to making 100s of calls.
Bottom line is I have all them money but because I dont fit into the government box and with the allowances of change the government allows the banks to make in the modification process i do not qualify for any programs.
I am beside myself HUD because I was on time with my payments could not help me then when I had my payments returned and I said I was behind on my payments they said I didn't not make enough money to pay for the loan
well of course the original loan amount was 542k and I paid 80k over 2 years now my loan is 694k
how is that fair. I qualified for the first loan so how about just modifying my loan to a 30 year fixed? The bank would rather sell my home because they make more money!
I feel my home is worth way more than the bank if you look at the addition I have done and the view I have of course they want my home but that is not fair. This has to be stopped our government is letting the banks take over and wrecking peoples lives! I am glad they are trying to please their shareholders but this plan was in effect for a long time and the people need to stand up and say enough!!!
I have the money for all the back payments and penalties and I am NOT asking for a principal reduction I just want my loan modified to a fixed 30 year loan which if it was done today at the current rate 694k at 30 year fixed at 4.3% my payments would be $3434.41 a month which I can afford. Why is the government allowing the banks to get away with not helping me?
SO while with a few seconds I stopped the sale with bankruptcy. Hopefully things will work out but as I have discovered Wells fargo, Bank of America, Chase, and CIti bank do not have to modify if they want to foreclose on you they can there is NO law that says they have to do the right thing and when you go to court the JUDGES seem to think the same thing. THEY ARE ABOVE THE LAW!