ARM Mortgage payments increased

ARM Mortgage payments increased and have made it difficult to make payment. Loss of income changed jobs.
Option One was foreclosing. We thank you for not only stopping our foreclosure but you also helped get a fixed rate loan you were able to stop Option One from foreclosing and convert our ARM to a fixed rate plan. We had been trying to get them to work with us and they refused but you were able to get them to accept payments and put us on a workout that we can afford.

City: North Branch
State: Minnesota
Foreclosure help in Minnesota
County: Chisago

Both my husband and I make a good income and were able to afford our mortgage even when it increased to 1500.00  However, since the ARm went up to 10% and our property tax increased we are paying over 2100.00 a month plus late fees.  The increas in the cost of living hasnt helped either with 3 kids. We love our home and want to keep it our credit is poor.  Can you help? American servicing company Loan Modification

City: Peoria
State: Arizona
Stop foreclosure in Arizona
County: US

On my first mortgage with GMAC I did not know I had an ARM which started January and my payment went up from $830 a month to $1160 a month and my second Mortgage with National City was $630 a month and is a HELOC.  GMAC is now supposed to increase every 6months.  BUT I called GMAC when I was current in Jan. and told them that after receiving the letter in the mail about the increase that I was unaware of, I wouldnt be able to afford the payment and If they would be able to freeze my current rate of 5.5% and the payment at $830, I would have no problem paying, and it showed in my payment history that I never had a problem in the 5yrs I owned the house. They told me they couldn’t do anything for me. And they wouldnt take partial payments, it would have to be full payments. Which it would be a waste to pay National If I couldn’t pay GMAC and possiblly face forclosure.  After 3 months of bugging them, they finally sent a FEDEX package with remodified loan papers but we were out of town on a family emergency and when we got back and found the package, the new deal was to pay them $2200 by July 1st and they would modify the loan but we got back the 3rd. Help stop foreclosure

City: ST Cloud
State: Florida
stop foreclosure in Florida
County: Osceola

Income decreased over $20,000. Mortgage company set up escrow account to pay property taxes and payment increased $700 a month.  ARM loan set to adjust in October 2008. Can not refinance because home is worth considerably less than mortgage owed.  Wells Fargo loan modification
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City: Suffolk
State: Virginia
stop foreclosure in Virginia
County: Suffolk

I became unemployed twice! First in October, and then again in March. I am in sales and have been for 41 years. This industry is very volatile, especially during a slow economy. Since March of this year, i have been borrowing from one credit card to pay another, to where all of my CC are maxed out. ($65,000 total) For the first time in July I missed the 1st Mortgage payment ($2,123.47 Interest Only Mortgage) Friday the 1st of August I will be 2 mos. behind on this mortgage. I have a 2nd as well, but the lender on that mortgage has agreed to accept 1/2 payments for 6 mos. until I am on my feet again. The 1st mortgage is a whole different story? After days and nights on the phone with the lender’s Loan Midigation Dept. I found that there’s nothing they can do other than to reduce the interest from 6.5% to 6.0%, but it would have to be a Principle and Interest Mortgage and not an Interest Only Mortgage such as it is presently! In this case, the mortgage payment would increase instead of decreasing. Along with this, you have to qualify for any loan modifications which means; all of your monthly obligations have to be listed, cars, CC, utilities, cable, phone, food, etc. If the total monthly obligations exceed your current monthly income, which obviously being unemployed they would, you cannot qualify for any type of loan reduction! It doesn’t tale a Rocket Scientist to figure out that with no income, other than my wife’s income ($2,359.60 NET per mo.) the figures will not show enough to cover either the mortgage payments, or the other bills per month (Cars, CC, Utilities, Food, etc.) After 2 1/2 weeks of dealing with these people in their Loan Modification Dept. I then called their Collections Dept. I went through this whole saga again and explained that this situation is temporary since I start a new job tomorrow’. Obviously, during the first 30 to 45 days I am not going to see a lot of income since it takes a while for commissions to pipeline to where you’re receiving adequate income indictative of my past incomes per month. The girl I talked with was very nice and she took a brief accounting of my bills and obligations per month She told me that it would be submitted and based on her experience she said they would probably tack these 2 payments onto the bottom of the term, meaning my next payment would become due 9-01-08! I asked her 5 times if she was confident that this would be approved, and in all five times her answer was affirmative? Today I received a call from one of the reps with \”Home Assure\” who informed me that this girl with Citi-Mortgage doesn’t know what she’s talking about? That in Virginia as of 60 days default, the mortgage company will proceed with Foreclosing processes? The girl at Citi-Mortgage in the Collections Dept. said that usually they do not start foreclosing processes until the borrower is 4 months in the rears? The girl from \”Home Assure\” is chasing a $2,000 fee to assist me with whatever they think they can do? I explained to her that I am not interested in a QUICK SALE, which I have been educated on, due to the fact that this problem is temporary and also due to the fact that I would lose about $100,000 that I’ve put into this home via upgrades since i bought it in 2000! Secondly, it would cost me over $2,500 just to move, and that doesn’t include deposits for rent somewhere else, etc.  this whole process seems like a pack of hungry sharks who smell blood and are more interested in profits than they are helping a wounded person who is in trouble due to circumstances that were not of my control? What can be done, who is telling the truth here and i need facts not opinions! Citi-Mortgage 1st (Interest Only @ 6.5% 30 year fixed. $320,000………payment $2,23.47 Franklin Credit Services 2nd mortgage $80,000 @ 11.5% ARM after the first 5 years from loan inception. $773.00 a month, but now only $387.00 for the next 6 months.

City: Port Saint Lucie
State: Florida
Foreclosure help in Florida
County: St. Lucie

my husband is not working at the present time, I am the only source I am in my current job for over 22 years, also my son is in third year of college and I have to help him. He is applying jobs without success.  We also has another mortgage with IndyMac Bank that my husband always have been paying with a lot of sacrify, the paymenhts in the beginning of the loan was $543.00 iand we felt countable paying it, but payments has increased drastically.  My mortgage company in my main residence is Countrywide. how to stop foreclosure

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