wabbitmom12
Well-Known Member
Last week we got acall from our mortgage company to let us know that they are lowering our interest rate, refinancing the mortgage, and lowering the payment by almost 40%!! I almost cried!! We came SO close to losing our house several times in the past year. I guess it took a major crisis in our actual county to get our mortgage company to look at our problem in anew way.
So here's what happened: About a year ago, we were several payments behind with no end in sight, when our bank's collection department called and offered to let us "repay" the past due amounts by increasing our payments by $200 a month until they were caught up. Helpful, right? Well, NOT! We had no choice but to give it a go, unless we wanted to just let them foreclose. So, we've struggled and struggled for months. So, next thing you know, here comes the Mortgage Bailout deal from the American Taxpayer to the banks of the country.
EXCEPT....our bank never engaged in the risky loans, is not accepting any federal funds from the bailout, and is under NO obligation to help anyone whatsoever!!! However, I think our mortgage collections department got tired of calling me evey month to "encourage" the full payment, plus the extra $200. I got tired of explaining our high medical bills, my unemployment, Dave's paycuts, etc. etc., so I finally just said, "We live in Elkhart County!! Highest unemployment in the nation!! You want to take our house, take it! GOOD LUCK SELLING IT HERE!!!" Suddenly....change of tune! Long story, shortened a bit, they offered to let us write a letter outlining our "hardship and involuntary inability to pay", and requesting a restructuring ofsome sort. To my shock and awe, they accepted everything we said, and agreed to every one of our proposals to make our house affordable to keep! WHOOPEE!!
Just had to share this with you all...we've certainly lamented on the forum enough, and so many of you have sent your thoughts and prayers for our finances! Thanks, each and every one!!
So here's what happened: About a year ago, we were several payments behind with no end in sight, when our bank's collection department called and offered to let us "repay" the past due amounts by increasing our payments by $200 a month until they were caught up. Helpful, right? Well, NOT! We had no choice but to give it a go, unless we wanted to just let them foreclose. So, we've struggled and struggled for months. So, next thing you know, here comes the Mortgage Bailout deal from the American Taxpayer to the banks of the country.
EXCEPT....our bank never engaged in the risky loans, is not accepting any federal funds from the bailout, and is under NO obligation to help anyone whatsoever!!! However, I think our mortgage collections department got tired of calling me evey month to "encourage" the full payment, plus the extra $200. I got tired of explaining our high medical bills, my unemployment, Dave's paycuts, etc. etc., so I finally just said, "We live in Elkhart County!! Highest unemployment in the nation!! You want to take our house, take it! GOOD LUCK SELLING IT HERE!!!" Suddenly....change of tune! Long story, shortened a bit, they offered to let us write a letter outlining our "hardship and involuntary inability to pay", and requesting a restructuring ofsome sort. To my shock and awe, they accepted everything we said, and agreed to every one of our proposals to make our house affordable to keep! WHOOPEE!!
Just had to share this with you all...we've certainly lamented on the forum enough, and so many of you have sent your thoughts and prayers for our finances! Thanks, each and every one!!
