In 2004, I used my home as collateral to pay for horrendous medical costs that I hoped I would see the last of as my health was improving and I was receiving assistance for my drugs that had declined from $1000, to $700 and now I pay about $300 per month. I had a good credit score of 762 and was given a 15 year loan, I had requested the shorter term, and a rate of 5.75%.
However in 2006, more sickness, medical costs, and doctor fees.
When you are chronically ill, you have to pay these bills. My doctors have saved my life twice. I fell behind in paying
CW, and was urged to filed bankruptcy...(I used credit cards to pay bills) ) I did this for no other solution was going to help me. At the time of filing I was one month behind. They would not accept my payments until I was discharged, per
CW. So the money for 3 payments was left in my checking account to pay the delinquency. Of course,
CW went to Trustee and was granted a stay on their first mortgage.
I understood this, not happy about it........when I was discharged from bankruptcy, I sent them their money..2 of my payments went to pay their law firm and court costs.
In September 2006, I was again behind not one but 3 payments and another due for October. Since then, being on a fixed income, there has been no way to make 4 payments.
CW offered a loan modification, payment the same, but added amount due along with their fees to end of loan balance. I signed the agreement, but knew this would not resolve my problem for the long term, and it did not........health issues and medical costs made me fall behind again this past August 2008.
I asked for another loan modification and they said no, that 12 regular payments with none late would have to be made before consideration.It is now the end of February 2009, and I received my Letter of Intent,... payments delinquent to be brought current by March 20, 2009 or they would proceed with foreclosure. I talked to them and they told me to try for another loan modification, I did and was denied due to DTI ratios.
With the Homeowners act issued by President Obama, I feel I may qualify,I could meet DTI with a 30 year term and a lower interest rate. I have made the decision to sell my family home in 2 years. I need time and a prayer for a "break" from
CW. I have owned my home 30 years in 2009. Before becoming ill, I worked for 33 years. I have used all my assets to keep me going and that's okay with me because it helped me to keep moving forward no matter what, I don't want
CW to know of my decision to sell in 2 years at breakeven or a loss. I hate to do this but I can't maintain my health and maintain this big house. I need 2 years just to proceed with the move.
Should I try sending another hardship letter requesting help and this new Homeowner Plan as a way to help
CW and me. Or just send a letter requesting a new term and interest rate, and then waiting for it to be denied... again.
March 20th doesn't give me much time. And as I have read of others in the forum, I am overwhelmed and feel hopeless.
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