We had a home loan for our home in Arizona. After paying on
We had a home loan for our home in Arizona. After paying on time and never late for 2 years my husband became disabled with terminal cancer in January. He is unable to work and has applied for disability but they are very slow. I am disabled and my income is just under $800 a month. Our payments were $477 a month and our interest rate was 12.85%. We could not make the payments as we still had to pay all utilities, taxes and insurance. In March I asked for a reduction in the interest and to put the three months owing on the end of the loan. Their offer was to reduce the interest to 9% for six months and to make the payment $577 a month. When I said that it was unexceptable because the payment was more then the original payment they said that they did not have to give us any kind of deal as they are a mortgage company and not a bank. I told them that I know other mortgage companies are helping others I know and the reply was "we are not like other companies".
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We tried several more times between March and July to deal with them, but they refused to budge. Our home was scheduled to go to Sheriffs sale on August 5th so we tried one last time to deal with them on July 29th and were told that there was no way they would deal.
We had to move and had to borrow and beg for deposits we could not afford. We finally found a place thanks to a good friend.
On August 4th we received a call from the company offering a deal if we wanted to stay in our home. It still wasn't great but it was lower payments for 6 months. Unfortunately by that time we already had paid rent, deposits and had started to move (we had to be out by 8am on August 5th or we could be arrested for trespassing and anything left in the home would be confiscated).
The worst part about all of this is that our home was valued at $159,000 and our loan was only $38,000! We had paid cash for it and it was going to be the last home we would have. The loan was a "home repairs" loan. In December we were in the process of looking for a new loan with a lower rate when my husband became unable to work.
BOTTOM LINE: Don't trust this company. If I could I would rate them at a -5 stars. Do not use this company. If you are desperate, still do not use this company. I truely believe they looked at the value of our property and the amount of the loan and thought they could make money on it. We feel cheated and angry. It is hard enough to deal with cancer, but having the added stress of having to move in 110-120 degree heat, having to go further in debt and having to apply for assistance for deposits was almost too much to handle. My husband and I are still feeling the effects of it today.