CW Ca, thank you. I too am not comfortable with this offer and will be declining it.
Surely I am not the only one who has been sent this program??? I need more information please. I do not trust the lenders as I've heard too many people around me say they have been led to believe one thing but then their end result turned 180 degrees on them.
Understand, I do not have an ARM loan. I have a fixed rate 30 year conventional set at 6.875%. I am 3 months, going on 4 behind and was told by
CW back in June of last year that it would only be now that they would look at us seriously. Well, if this is a serious look at my situation then its been lost on me. I can't even afford the trial payment amount, which by-the-way works out to be 31% of my gross monthly income.
The reality and truth of the matter is clear; I couldn't afford this house from the beginning. I allowed myself to be sucked into the false belief that it would all work itself out down the road. I listened to the agent and the broker telling me I could afford it and that it made more sense than renting. I was so naive and unassuming.They used income amounts based on gross annual income to ascertain my ability to pay. This is NOT the way to do it, as I only recently figured out.
In the meantime, I lost $1500.00/month income due to loss of hours at work. So, here I am today-finally learning to detach from all this anguish caused by not being able to meet my financial obligation to my mortgage.I have been beating myself up over this, losing sleep by the hour, and overall not a joy to be around.
For those who read and identify with what I'm conveying here, to you I say let go and let God. It all belongs to Him anyway. He alone decides how it all plays out. All this is so temporary and fleeting. I'm not saying give up, no. I say do the foot work and leave the results up to God. Remember always, we are dealing with a soulless entity who cares only about profit margins, not about people.This entity has a collective ego that see's us as nothing more than a means to an end.
As for the Obama plan- it has no teeth. I commend it for at least making an effort but ultimately it will fail us all. And, our children and theirs to come will be paying our mortgages for decades. We are so short sighted it seems.
No, I will not accept the temporary/trial offer I've just been made. Thank you all for the information you have shared here, its usefulness has been of great value to me.
I asked earlier in this post for any information about this trial offer/Obama plan. I specifically want to know of anyone who has actually gone through this plan to its conclusion. I ask only because of my own curiosity.
Thank you in adavance,
David