| HFC Story-Default Hell
Little background on my situation.
My parents have a mortgage through HFC (1st and 2nd). Little over 2 years ago they moved to AZ. House is in NY. After they left myself and a couple of other family members stayed behind and paid the mortgage. The monthly payment is way up there, $3135/month. Way too much for me to handle on my own. Little by little the extra support I had defected to Arizona, so I had little choice but to get another place. I moved in with someone I was dating at the time while my parents hooked up with a realtor to try to sell. Unfortunately they were not able to get anything close to what was owed and HFC did not want to play ball. Fast forward 8 months, my ex and I broke up, and my brother and dad were attempting to salvage the house. Apparently a deal was made with the lender that if they paid 2 months up front they would tack the rest to the back of the loan and add $140 to the monthly payments in "fees". No payments were made on the house from Aug '07 to Mar '08. Starting Mar '08 we got a tenant and were able to scrap the $3135 + $140 together. Hasn't been ideal, but we tried to make it work. Recently though my brother and I took pay cuts and the last payment was $600 short. In addition I've been having a lot of questions and doubts about this deal. We don't get statements and nobody at HFC seemed to know how long these "fees" were supposed to be tacked on for or when the thing would be out of default status. It's frustrating. I wasn't part of the original deal, and nobody at HFC seems to know. They refer me to the "account manager" who of course is never there and never returns a call.
I have a bunch of questions that hopefully can get answered:
1. Is there a limit on how long the loan can be considered in default if payments are being made?
2. Is it legal for them to not send a statement or at least a receipt that the money is applied to something? I know it is something I should have thought about months ago, but I was just happy to have roof over my head.
3. Aside from taking out a loan for myself, is there any possibility of a modification being done on the current loan even though it is not my parents' primary residence (plus their income blows mine out of the water so if those parameters are used I'm out of luck).
4. If a payment is missed or less than the monthly payment, am I risking losing the house faster since the account is in default status? We've been on time for over a year now, but I'm worried that one missed payment is going to get the hounds over here changing locks, etc.
Any help would be appreciated! Thanks
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