I am back again to seek advice/help. I had posted my situation back in March of this year and my struggle has continued.
Background
I have 2 mortages: First Horizon (Wells Fargo; for $903 monthly) and GMAC ($321 monthly). My condo fees have risen to $563!!! monthly starting July 1. I have asked for a modification from both and so far has been denied. I am behind with both morgages. I met with a GMAC mort rep on Tuesday morning face-to-face who told me that there is nothing they could do; that morgage is "only" ~$30,000 and that the amount is not that much monthly (his words). He also told me that I could "let it ride" but it's up to me to think about the implications on my credit blah blah blah. I was told this months after sending the documents required and updates on my finances/expenses etc.
With First Horizon, i received a letter in June that said that they could only offer me a repayment option, not a modification. I have called and been told that they finally assigned my loan a case worker but have yet to speak to her. When i asked to get a status (last Tuesday), I was told that they would take an additional 30-60 days since I provided the updates on my condo fees and another hardship letter (june 19). I also made arrangements to pay one month. But of course that doesnt help me in the long run.
My take home pay is $1285 bi-weekly. So i'd have to pay $903 + $321 + $563 every month for a condo that is not worth more than I bought it for (i checked
www.ziprealty.com to see how much condos in my area were selling for and the highest price was $55,000. My heart broke). I wont even go into the state of my building.
I dont know what to do at this point. It just feels like no one is trying to help me with this issue and I dont know what I should do next.
Anybody out there can please please help me?? I am giving up. I am so tempted to pull the covers over my head and ignore those issues :-/
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