Countrywide Home Loans Foreclosure Internet

Im not exactly sure what I am suppose to say in this email, but we are in the midst of a foreclosure panic. To give a little history, last year (march 07) we purchased a home in Edgerton, KS. We were at that time residing in Toledo, OH and did everything through email, faxing, and the internet. We are first time home buyers, and admittedly not informed in the mortgage/house buying area.

We found the house on the internet and immediately contacted the realtor, and from there we went through the process of getting approved to find out what our limit would be. The approval went through so we had my father (who lives in Gardner) walk through the house and take pictures for us. We knew that it was going to be a major project house, but as our price range was limited it was the best we could afford. As my husband is a very skilled carpenter etc, this was not a big issue as we looked forward to redoing it together. We made very clear that we needed to have an affordable payment around the 650/month or less range and this was feasible as our house purchase price was only 72,000.

At the time we signed all the contracts and looked over them, they seemed correct though legal jargon is certainly not either of our skills. On the contract it stated our monthly payment to be at $503.43 and our interest rate was 7.5%. This was more than feasible for our income level, my husband works as a diesel mechanic at a 16.72/hr rate. Certain that all was well, we signed everything, paid our mortgage insurance of $1000 and moved.

The first mortgage statement caused confusion and dismay.. what is this PMI charge that no one mentioned?? This PMI charge that neither of us recognized had brought our monthly payment to $888/monthly. This payment is far to high for us as it takes my husband two full weeks of pay to make it. On top of other bills, food, gas, and kid related expenses (we have two young children ages 6 and 5) you can imagine the financial strain.

Not only this but someone had apparently stolen the outside AC unit off our property so immediately had to spend on some window ac's as well as major plumbing problems in the house. Not unexpected as the house is in such bad condition, but hard on a family after seeing their payment almost double. We got behind, caught back up, got behind again as our soon started school and our car had mechanical issues. It has simply been an exhausting and stressing time ever since we bought this house.

We did call the mortgage company immediately after that 1st statement asking about this unknown PMI charge and was told there was nothing we could do about it. Pay it or lose your house basically. So we paid and failed to pay many times, trying to work out payment plans and asking the mortgage company what options we had. In January we saw that it was just impossible to continue on as we had, and my husband called in to find out if there was any way to adjust the payment. They informed him that there was an option and that he would need to send in pay stubs, bank statements, and a hardship letter. He did this and recieved no response.

Ever since then he has repeatedly called asking what is going on, every time he is given a different answer. He tried to pay 2 months of mortgage at the end of Febuary as we were only getting further and further behind with no progress or response from the mortgage company. They told him that he couldnt make any payments until the new payment rate had been set.

More time passes with more calls made to only recieve no further answers. Several more times he resent his stubs, bank statements, and more hardship letters at the mortgage companies instruction after he called them trying to get answers as why nothing was being done and no contact was being made with us. Then comes the kick, summons are left on our door from the mortgage company. We contact them again, confused and honestly a little angry. We arent people that are just refusing to pay, we want our house and have repeatedly made attempts to get things rolling. We are left to question what the mortgage company has been telling us as they have a new line everytime we contact them.

From here we dont know what to do, my husband called again on the 17th of March pleading again to find out what is going on. More time is passing and we are sinking further and further behind to a point of never being able to comeback. Again no answers, and a man tells him that he will send things through urgent and that we can expect a call back that day.

As of today March 20, we still have not recieved that call. On top of this going on our hot water heater decided to give out and proceeded to dump over 40000 gallons of water under our house. Now we owe 1400 to the gas company and 400 to the water as a result of that disaster on top of having to purchase a new water heater. Our fridge also went out in Feb. also costing us money we dont have to spare even though we bought a used one.

So ive been trying desperately to figure out what to do. Ive been looking online for an answer or maybe a miracle. Ive heeded the advice ive read and not contacted any of the ppl claiming that they can "help" us, especially as one attorney my husband called quoted a price that would be ridiculous for anyone let alone someone who obviously doesnt have the funds to pay their mortgage. If I cant afford to pay my mortgage how in the world would i be able to pay the exorbiant amounts that the lawyer mentioned. Ultimately Im not sure what can be done, but I cannot help but feel angry both by the jump in price that was not made clear as well as the mortgage companys unresponsive behavior.

I need help, advice, and any assistance anyone could give me. I dont know if its too late now.. i hope not as those same funds we dont have for the mortgage we also dont have for moving and finding a new place. I know that there are alot of distressed ppl in need of help regarding their mortgages especially with the mortgage crisis that seems to be sweeping the nation at present. We need to know what to do, what can we do, and how to pick up the pieces. I dont even know if refinancing is an option, and I am not knowledgeable in how that process even works. I had to put this out there for ppl to see how shady Countrywide has been to us, its almost as if they want us to lose our home.

Truly hopeless,

Chris
Edgerton, Kansas
U.S.A.

Click here to read other Rip Off Reports on Countrywide Mortgage