Submitted by Homeowner Daniel – I give up, I spent ten years paying off a lot put a well, septic, foundation, lumber pack, and payed the framing out of pocket. Over 250k. Our other house was under contract so I obtained a construction loan to finish the house. I worked for the rocky mountain news for 12 hrs and the wife for the Evergreen park and recreation center for 14 years. Then the unthinkable happened the economy crashed, our buyers backed out, I and my wife lost our jobs due to cuts.
Our FICO was close to 800 and we valued our credit. I quickly obtained another job making a third of what I used to and the wife started before and after school care for a local elementary school. We had six months of reservers and some vacant land we invested in. Ascertaining our situation we listed our house under construction. Knowing we had to act quickly to wright our deter eating situation. After all we had 250k out of our pocket in it ( equity) a week after listing the property our lender called and asked if the house was on the market. I explained our situation, they didn’t care and stated in the application for the construction loan we stated we intended to live in the house, and putting the house on the market was a breach of contract.
So they called the loan due 375k and sent us a 30 day notice to pay in full. The house was only 75% finished and we still had 100k on our construction loan. On a house without a C.O. We had a broker find out about our situation and contacted us. He told us to finish the outside and he could get us an end loan so we maxed out the credit cards to get the outside finished. He got us an end loan on the house without a picture only a verbal appraisal by someone that never even saw the house.
Our other house was underwater by 150k and despite never being lat on anything with perfect credit our credit card intrerest went from 3% to 30% credit card payments went from $700 a month to $2,800. A month no won would work with us. Sold my vacant land 17 acres subdivided into 6 lots in evergreen co, valued an 500k on eBay for 35 k. In order to maintain our credit and bought a fedEx rt for 30 k to get back to a 75k a year income. But the high interest rates and their lack of caring was not sustainable and my bila were in exes of 12 k a month. Our new loan on our unfinished house is 8.25 30 yr interest only we spent 35k in interest on our construction loan and rolled 25k of closing cost for our desperate new loan. Wee indeed up walking away from our old house quit paying on all the bills and moved into the new unfinished house without a co. We live in the basement and have one bathroom working. Our credit is destroyed and all we own is a unfitted house no flooring, cabinets, railings decks nothing. With a $3000. A month payment. I have a 12 and 15 yr old kids and the hazards of the house makes me .
We have no family to fall back on our kids have never had grand parents and I’m feeling like a failure.
They don’t understand why they can’t have friends over to spend the night, and why all we have is a microwave for a kitchen we do our dishes in the bathroom sink. Our broker sold the loan to countrywide, and bank of America bought countrywide three months later.
Ironically BofA was the credit card that jacked my 40k credit card from 3% to 30% for no reason and refused to lower the interest rate regardless of my perfect credit at the time. 18 months ago when making a phone payment the customer service rep told me we qualified for a loan mod and not to make a payment, we would receive a packet in the mail. Fill it out and return it. They skipped a month and lowered our payment from $3000. A month to $1,800. A month. On a trial payment wile processing our loan. But the trial payment on counts as a partial payment. We were on the trial program for 14 months and then we received a letter stating we qualified for a permanent loan mod and to continue making our trial payment until we receive our packet for the modification. That was 5 months ago.
We have been on their program for 18 months now and our over 30k behind on the mortgage because of the partial monthly payment. The customer service reps can’t tell you anything but to keep checking back every month. I give up, we lost everything wee worked for over the past 20 years and all we have is a unfinished house that the bank owns. I can’t even file bankruptcy because of the equity in the house.
I think I’m just going to stop paying the payments an see how long we can live their before we get evicted. Might as well save our money not give it to anymore greedy lenders.