Suffocating! - Loan Modification Forum

happywonn · 08-09-2009, 11:46 AM

When my wife and I met we were living about 10 miles from each other jobs. Our jobs are 100 miles apart from each other. We moved together for a short time commuting back and forth one way/each way per day. We both decide that it was not economical and healthy to continue the commute. So we decided to buy another house closer to her work. The problem with this arrangement we only get to spent weekends, holidays, or occasionally one or two days we take off, causing each of us to spend over four days apart at each home. I took out an equity loan on my house to buy a home near my wife so she can be closer to her job. Changing our jobs is not an option; has worked over 28 years.My wife was diagnosed with breast cancer stage III - IV. Because of the cancer, rising food, gas prices and the current slow down in the economy we realized that we couldn’t continue to sustain the loan payment. Out of pocket transportation for chemotherapy and radiation treatment was staggering.
My wife’s house mortgage consumes over 95% of her salary and her employer does not pay into the Disability Program.She has paid for our home on time since we purchase it under unreasonable terms since 2006.
An unethical Loan Officer didn’t disclose all the information to us. He didn’t indicate he was going to change the terms clear until the day of signing of the loan’s escrow closing,
Instead of offering us a traditional loan (Fannie Mae), because I have a high credit score and we had to put a 10% down payment on our home, to our surprise he added a second loan with a 20% balloon payment at a 10% interest rate on $64,000.00 and changed the primary loan from a 6.50% interest to 6.75%, both loans for 30yrs on here home. We trusted him completely. He set us up to fail. We have filled out a home modification for the loans what do anyone think of our odds? The loan officer made one house a vacation home with all sorts of riders and stipulation and we have an association fee to pay as well. >>
It has been three months since with send our package to ASC, when we call, they said that we will here from them real soon.
Should we change the status of our vacation home? We brought in 2006 and are upside down. Owe two mortgage on the one house .

08-09-2009, 11:46 AM	#1 (permalink)
happywonn Junior Member Join Date: Jul 2009 Posts: 1 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Suffocating! When my wife and I met we were living about 10 miles from each other jobs. Our jobs are 100 miles apart from each other. We moved together for a short time commuting back and forth one way/each way per day. We both decide that it was not economical and healthy to continue the commute. So we decided to buy another house closer to her work. The problem with this arrangement we only get to spent weekends, holidays, or occasionally one or two days we take off, causing each of us to spend over four days apart at each home. I took out an equity loan on my house to buy a home near my wife so she can be closer to her job. Changing our jobs is not an option; has worked over 28 years.My wife was diagnosed with breast cancer stage III - IV. Because of the cancer, rising food, gas prices and the current slow down in the economy we realized that we couldn’t continue to sustain the loan payment. Out of pocket transportation for chemotherapy and radiation treatment was staggering. My wife’s house mortgage consumes over 95% of her salary and her employer does not pay into the Disability Program.She has paid for our home on time since we purchase it under unreasonable terms since 2006. An unethical Loan Officer didn’t disclose all the information to us. He didn’t indicate he was going to change the terms clear until the day of signing of the loan’s escrow closing, Instead of offering us a traditional loan (Fannie Mae), because I have a high credit score and we had to put a 10% down payment on our home, to our surprise he added a second loan with a 20% balloon payment at a 10% interest rate on $64,000.00 and changed the primary loan from a 6.50% interest to 6.75%, both loans for 30yrs on here home. We trusted him completely. He set us up to fail. We have filled out a home modification for the loans what do anyone think of our odds? The loan officer made one house a vacation home with all sorts of riders and stipulation and we have an association fee to pay as well. >> It has been three months since with send our package to ASC, when we call, they said that we will here from them real soon. Should we change the status of our vacation home? We brought in 2006 and are upside down. Owe two mortgage on the one house .

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