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1 Riverside, CA, United States Review updated:

I tried to get some compassion from this horrible servicing company back in February of 08, when I fell behind on my mortgage payment after losing business, since I am self employed. They would not put the arrears to the end of the loan which was 17, 000 at the time. They only offered me a forbearance plan that was so rediculous, since the payments were twice what my normal payment was at $3, 427.17. they new I could not afford to make this payment, how was I to make a payment double this amount, it makes no sense. They threatened forclosure, and left me no choice but to file a chapter 13 in June of 08 to save my home of 12 years. I was current in my post petition payments to homeq every month on top of my $1, 500 a month payment now to the Bankruptcy Trustee not to mention all of the other monthly obligations food, insurance, gas etc. Well I have fallen behind again and now I am 4 months behind and my loan just rolled over from 8.75%, I dont even know what it is now because they wont talk to me and wont help me because now I am in a Bankruptcy. They wouldnt help before the BK and Wont help me now. this is not right and the federal government or who ever has power, they need to do something about this company, I am a hard worker and want to keep my home and want to make my payments, I just cannot afford a $3, 400 a month payment every month, and now my house has depreciated so much the current value is $230, 000 and I owe 400, 000. I just want them to modify my rate and possibly give me a principal reduction or just put the arrears to the end of the loan. I dont know how to make this happen, and I am looking for some help. Can anyone guide me and my family in the right direction with this company.

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  • Po
      27th of Mar, 2009
    0 Votes

    Let's start off with your arears that they wouldn't defer when you first fell behind. They didn't defer them because they don't do that. It's not an option. As far as the payment plan that they knew you couldn't afford, that is based on financial information that you provide to them. Most companies will put you on a plan tailored to your financial situation, that's why they ask you your income and expenses first, so that they don't put you on something you can't afford. If you say you couldn't afford those payments, it's because you gave them inaccurate information. Okay, so then you filed BK (and ended up paying that extra money anyways that you supposedly couldn't afford to a trustee) and that saved you from foreclosure. Now, you're ARM has adjusted and your behind again. Since you filed BK and essentially wiped out the note, you don't qualify for a modification. There's no way you can get one now unless you reafirm your debt. At this point if ou really want to keep your house, start thinking about getting on a repayment plan. It's your only option. Otherwise, even though you filed BK, they can still foreclose.

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