In August 2008, due to serious, debilitating sickness, I lost my job. This created financial difficulties, and shortly after, I was facing Foreclosure, despite the fact that I only missed two (2) payments. I consulted an Attorney, and after paying the sum of $1500.00, I was able to get a Loan Modification. At first I was extremely happy, because it meant that I will not lose my home. However, after reading the Contract I am very angry. First off, despite the fact that my Loan was modified, I am still paying the full sum that is twice the value of my home. The initial value of my home is $175.000.00. I am paying a full $325,000, on a FORTY YEAR Mortgage. I am fifty nine (59) years old. In forty years, I will not be alive- which means that I will never own my home. In other words, I am simply paying rent. Worst, is that despite the fact that the Modification became effective on June 1st 2010, In March 2011, my Payments were increased a whopping $77.00. At this rate, I am afraid that in the long run, I will not be able to make the payments. Refinance is not possible, and I have tried to get out of this Loan Modification, but I am not having any success. PLESE, Plesae help me. hre are the Facts:
1. Initial Cost of home $175,000- 5.5%-30Yrs
2. Modification Cost: $325,000- 2%- 40Yrs- with Annual Increased percentage rates.
The Modification has not helped. I fought for this Nation- I was shot repeatedly in Vietnam, 100% Disable, Bowel/Bladder/Prostate/PTSD/Gastro-intestinal ailments, and I fear, that along with so many US Veterans, I am going to end up Homeless. Disable fifty nine (59) years old with a Forty year Mortgage- this is a Disgrace. Please help me, as I am certain that there has to be a way to get out of this Modification- that is not a Modification.
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