In June 2006, My husband and I sold our home and purchased a larger home for $541,900. My mortgage lady suckered us into a negative arm loan with Countrywide. They promised that it would be 1.125 interest for one year and then we could refinance. There was a prepayment penalty for the first year. The very next month the interest rate went up to 7.0. My husband called
CW and they said that there was nothing they could do. So, my husband started acting very strange. I did not recognize him any longer, I had no idea what was wrong. A year later, I figured out that he was embezzling from his employer just to make the
CW payment. I had no idea. He did not want me to worry and he literally cracked under pressure. For him to embezzle was totally out of character, the whole community was shocked. He is now incarcareted for embezzling. I am now a single mom of five children. I have not been able to make a payment to
CW since October 2007. I have tried working with
CW this entire time and they say there is nothing they can do for me. I put the house up for sale and no offers in a years time. It was listed at $525,000 and the last list price was $449,000 and still no offers. When we stopped making payments, we owed $365,000 and our payment was $1800 a month. It is now $2900 a month and we owe $405,000 due to late fees and foreclosure costs. The house has been in foreclosure for a year and they have set 3 auction dates. The most recent one has been cancelled. I thought there was no hope for me to save my only asset, my home. I did try and do a loan modifcation and last week
CW denied it stating that the investor does not want to do a loan mod at this time. I have not had a forensic loan audit done yet. Since it is a negative am loan, should I get one done? It was a stated income loan and they way overstated my husband's income. Does anyone know what I can do to save my home? I am desparate and I do not know where to turn. Please help me!