am I being realistic?

[tajelina]

This is WAY confusing!

From reviewing other people's posts, even with a loan modification, our payments could go UP - across the board?! If so, that almost sounds like a WORSE scenario than the over-double-payment forbearance that Homeq proposed for the next 6 months!

Moreso, our ARM is scheduled to go up next March. The stories I'm reading in here make it terrifying - and perhaps that is the grim reality.

While there is a lot of encouraging "you can do it" "fight, fight, fight..." pep-talk (which is wonderful), I'm reading very very very little in terms of happy-ending success stories.
Or is it that people stop visiting the forum once they're back on-track and foreclosure is no longer a concern?

We're just realllllllllllllly afraid of throwing money out into a home that we are likely to eventually lose, anyway.
On the flip side, maybe it WILL all work out...

my understanding of this "modification" is that a "modification" would mean simply tagging missed payments onto the back-end of the loan, after a lump-sum is put down initially (2 mo's, we were told is the likely payment).

We have no equity... no "seasoned" history of payments (just moved in here last March)... our credit has plummeted, and we have very little money in the bank (although we do have a continual income showing that we are capable of making monthly payments, as well as proof of hardship that set us behind).

Are we putting ourselves through this agony unneccesarily, when the end result will still likely be foreclosure? When this site says "fight", are we really just "fighting" to drag the process on and on an on... or are we "fighting" because people really can - and do - get realistic modifications with happy endings... EVEN with HOMEQ?!?!!?

[tajelina]

in short..

are we just "prolonging the inevitable"?!

[schwefls]

tajelina:

I can only speak for my modification I was 5 months in the whole 10.8 ARM they took my arrears put them on the back end reduce my rate to 8.0 for 5 years saved me $400.00 a month with slightly more than 1 payment down.

I do not see it as prolonging the inevitable, when the market picks up and kids are off to college I will sell and downsize. I will use the next 5 years to re-build my trashed credit.

[Moe Bedard]

Hi Tajelina,

There is a whole section of "happy-ending" Success Stories in the Success Section of the forum.........over 60 of them........

I just wanted to let you know that on the forum we try to keep members stories all together from the original thread so we know what you have been up against and are able to answer more efficiently to your situation and also to keep track of the advice that was already given.........
if you have new questions or new thoughts or updates could you please put them in your original post.............would that be o.k. with you?
It just makes it alot easier to answer the questions when we know the rest of the story...as their are thousands of members here needing advice...........
So sorry that it was confusing to you to merge the threads into the original story as it lets us know that we aren't forgetting you.