I was in the market looking to buy a home and when I saw this home under 1,200 square feet with 3 bedrooms, 2 bathrooms and a single garage with a fenced yard, in a safe neighborhood in Lithia, Florida with great amenities and schools I knew it was what I needed.
In June 2002 they handed me the keys to my first Florida home. The price has now been reduced from $124,900 to $119,000.00. The final price was closed at $117,000 with five years fixed rate 6.3% with closing and payment totaling $12,000.00 up front.. and a monthly mortgage of $989.00 (including principal, interest, insurance and taxes).
After four or five years of being at home, my finances started to get out of control. I used up the savings I had left in my 401k after working for Dow Jones. I kept my hand in the jar dipping and did not refill. Before I knew it I had taken every cent, and was trying to live on the same salary that I was making in New York, when in fact my salary had decreased by nearly 50.
Unlike my imagination, Math is a reality and I could no longer afford to continue in the same way I was when I was in the north. We would go out to eat more than three times a week, go shopping, and go to the movies almost every weekend. When I moved here, I not only wanted to stay to shop and go out like I did in New York and New Jersey as an escape from my depression, but when I got here, I was also dealing with the loss of my mother. and starting in a new state after my divorce, naturally the escape from things continued and escalated, when my income was reduced by almost 50% and the difference was much more painful.
My credit score got so low, it’s like struggling with limbo. They were generally illegal.
Against my better judgment I bought a new car in 2006, another unexpected expense. Things are so bad that I couldn’t even keep up with my utility bills. I’m getting the last notes, and I’m closed. I would just tell my neighbors that it was black, but it only affects my house. Having to pay $370.00 per month just for the car payment alone, put me in the same color as the car – red.
Before I knew it, my mortgage payments were late, and I started missing payments.
I tried budgeting, cutting expenses, renting a room, all to no avail, a little late. While the market was still good, I got a few offers on the house so I contemplated selling it. I kept fighting and trying to stay and I didn’t want to lose my home.
In my words, the modification program is a government program that allows home owners home owners who are against foreclosure to stay in their homes if not they can save more with their mortgage payment. Lenders at mortgage will work with you to reduce your mortgage payment to a more manageable amount.
Some are not easy for me. However, there are lawyers and/or agencies that will work with you for a fixed fee to help you collect the necessary documents and work directly with your mortgage companycredit card bills, insurance, bonds and any other document that the banker needs to see if your net income will be enough to cover your mortgage loan.
I was constantly on the phone with them, checking to see if any updates were available or if additional documents were needed. During the process stage, many documents have expired and I need to get a loan.
I remember sending my documents three times before they could gather all the information that was needed. I continued to ask about getting updates and observed the broad spectrum of people I had spoken to and the status they had given me. When someone claimed that they did not have a record of my conversation about the present matter, I had the name and date and a handy phone number in my trunk. I watched the track of all phone, I remember that I have more than twenty phone calls start during the waiting period. .
After many attempts to get a modification (about six months), I was placed on a forbearance plan that allows the home owner to pay a significantly lower mortgage amount, in my case it was reduced from about $1,000.00 to $450.00. six months, who have helped me.
When the forbearance plan expires you can continue with your regular mortgage payments. I kept working with my bank, the modification is still in progress and the forbearance plan has already expired and I still haven’t been able to pay off my mortgage.
When I tried to find an agent in my care modification to no avail, I searched online for additional resources and found HAMP could, representing actual, things separate from the mortgage and loan type, which helps you with the process in your case, which your bank is not cooperating in a timely and efficient way.
After constant hard work and persistence, and many, many phone calls and mails and the opposite documents needed, duplicate and sometimes more than three times sent documents meaning that I was approved.
I remember being on the phone with one of the representatives from my lender, and she repeated to me and made sure that this was a real thing. After so many struggles for approval, I hesitated in believing that I had finally achieved it.
It wasn’t easy going through this process, but the significant reduction in my mortgage payment was worth all the frustration I experienced during this process because it played a bigger role in helping me keep American dream alive. Perseverance and consistency have paid off for me, and it can pay off for you too. Please don’t stop, the answer to your prayers is closer than you think.
For more information on the Home Modification Program please see the link below:
https://www.hmpadmin.com/portal/index.jsp
Wishing you the best and hoping that my story can be a window of encouragement when other doors seem closed.
