My husband lost his job 16 months ago. He had worked for 30 years in new home construction, and since being laid off we have sent his resume to every local builder, and every nationally advertised opening (no matter where in the country the job was.) Since then we have lived off our small savings, supplemented with odd jobs that we have been able to find for ourselves, and have been able to continue paying our payments. We looked into selling our home, but at this point we are down at least $75,000 in value and we would not be able to take our small profit and purchase another home. At this point also we will have problems securing a new loan or obtaining a rental because of our recent late payments, once to Suntrust, and a couple times for utilities because we paid Suntrust on time instead of them.
In the past couple months we have had problems coming up with our mortgage payment, and we know that the approaching holidays may make it more difficult to find work. We contacted Suntrust starting 2 weeks ago to see if we could receive any help from them on loan modification. The first gentleman immediately started telling my husband about short sales, although if he had taken time to look up our account, we would not be in a short sale situation. Finally after being transferred to a number of different representatives, my husband was told that we should go online and fill out a request. I spent hours filling out this request, giving them all our financial data, bills, outstanding loans, bank account balances, and our work situation.
When Suntrust called us concerning this request, we were told that until we were 2 months behind they would not even talked to us. We WERE NOT someone who bought more than we could afford. We put down a 55% down payment, and our payment was less than 30% of our monthly income at the time, and we have a history of overpaying our mortgage each month. Now in the 16 months since my husband lost his job, we have worked our BUTTS off to pay our bills, and it sickens me that we are told that we should simply not pay our mortgage for 2 months in order to "get help." It is unethical for a mortgage company to tell someone to stop paying their mortgage, and I believe it should be illegal too. It has caused us great distress that the only hope of saving our home is to not pay our mortgage for 2 months, then HOPE someone is willing to help us at Suntrust.