Hello ~ This is my first posting to this forum. I am so glad that I found this and I hope that I can get some advise what to do. I have a long story but will try to keep it short as I can. We purchased our first home in 2006. Both my husband and I are in are early 40's. We went into this home buying thing very confused and lost and not really sure what we were doing and no one really to help us. We have rented for many, many years. We are locked in a ARM home loan at 10.0% a.p.r. Since last fall my husband has lost a lot of commission on his job not very busy with the ecomony the way it is. He gets an hour rate plus commission and he really depends on the commission. My hours got cut from full-time to part-time. We have two children to feed and support. We purchased our home for $130,000 with monthly payments at that time $1,062.00 a month. I have TRIED and TRIED to work with
cw/BoA now for a year and a half
. At one time we were 3 months behind in our payments and all they did for us was defer the payments to the end of the loan and it made our payments even more than we could afford before $1,200.00. Last year we found out that we could have put are property taxes in with our loan we were just paying the county for our taxes. We called BoA to add our escrow into our monthly payment so we are now paying $1,452.65 a month. These payments are killing us! I have faxed
cw/Boa our monthly income over and over again. When I call back to see if anything got approved to help us the customer service rep. says there is nothing they can do to help us. That the investor denied it. What ever that means. They can never explain why! Last time I spoke to a rep. I think she was from there India location she almost promised me that we would get help after she heard how upset I was. There again I faxed the paperwork waited, called back she said investors declined it. We our at wits end and do not know what to do. My husband works all the time at least 70+ hours a week so we can try to get this mortage caught up and we just keep slipping another month behind. We are currently 2 months behind. I do not know how long my husband can work himself to dealth before we get some help. He is an uninsured diabetic which that is another story no one will insure him because of that. So, in the mean time he is killing himself to try and make BoA happy. We do not want to loose our home we love it and work hard to try to keep it. But no one wants to help. We need to try to reduce the monthly payment and a.p.r. I am going to start here with your advise. But I am thinking about contacting the Pres. of BoA Barbara Desoer that I got her name from another post on here. I feel that
cw/BoA has treated us very unfairly and we get the run around from there customer service reps. that have no clue what they are talking about. They also give out false promises to people who really feel that they are going to get help from them and then find out that they have been slapped you in the face again.
Now I can see why the home loan industry is such a mess! Where can we go to get help? We need to find a way to lower our a.p.r on this loan or it is going to get the best of us. We can't keep living like this. I thought owning a home would be an american dream but I was very wrong when we our one of the millions of hard working people who got taken advantage of with a bad home loan. We deserve to own a home as much as anyone else does. Please any advise would help where to go to next? Thank you kindly.
