Need immediate help

[Keshon]

Homecomings Financial
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In June 2006 I was shocked when Community Mortgage approved me for a home loan when I knew there should have been an earlier foreclosure on my record from 2003 and I even told them about it. Regardless, the loan was approved for a $245K with $1600 payments. This wasn’t a problem since I made $7K a month. In June 2008 I was told that my contract would not be renewed due to the economy and it was at the same time that my payments increased to $1800 when the builder’s agreement to pay my property taxes for the first 2 years expired. I called the mortgage company and explained my concern with future payments and they told me there was nothing they could do unless I was in default. Prior to that moment I had never been late with a payment. My first missed payment was July, but I picked up the payments, but I haven’t paid another note since August.
I received a letter this week from an attorney’s office saying they’re going to sell my home on the steps of the Courthouse on Dec 4^th. I requested a loan modification, but they won’t do anything until I have another job, which isn’t the easiest thing to do with the current economy.
I also have an ARM which is going to increase to $2300 in June 2009.
Any suggestions would be appreciated. Thanks.

[Keshon]

If the original mortgage company falsified your qualifications to quality you for a home loan prior to selling your loan to another lending establishment, can you initiate a suit?fficeffice" />>>

[Moe Bedard]

Hi Keshon,

Welcome to the forum and thank you for joining...............

You will not be able to get approved for a workout without income.........

What you might want to do to avoid a foreclosure is to see if the lender will allow you to list your home for a short sale and try that........before the sale date.

Also in answer to your question above about suing a mortgage company for falsifying your qualifications.....that would be hard to prove since you sign a copy of the application at closing and it would have the income informations on it, and in your post above you had posted that qualifying was not a problem for you at the time because you made 7k a month and the payment was only 1600.