Mortgage problems

[Teezer]

What is the name of your state? Virginia

When will it ever stop? I just talked to my mortgage co. They went up on my house payments @ 40.00 a month. I asked why. I just modified my loan last year so my payments would be lower. They added 10 years to my mortgage. thats @ 36,000 extra dollars. Now I find out that the agreement was to lower my payments for the first year only?? So I saved 600.00 this year and now have to pay back 36,000.00 ... And now Im back in the same boat I was with the original payments? I am on SSI and only get a lil over 500.00 a month to live on for me and my son. The original mortgage was 303.00 They reduced it to 254.00 now its back up to 296.00. I cant pay that. That was the whole point of adding 10 years to my mortgage to make the payments afforable.

This is not how it was explained to me but they say I signed the contract and all they can do is go by that. Is there anything I can do? Its just crazy to pay 36,000.00 to save 600.00. I never would have done that if I had understood. Is there anything I can do? I only owe a lil over 32,000 on the house and now with the 10 yr addition I will be paying 4 times what the house is worth. HELP... please.

 

[seniorjudge]

I signed the contract and all they can do is go by that

You are correct.

If there is any way you can add $100 per month to your regular payment and mark it as principal only, that will cut down on what you owe after a few years.

 

[Teezer]

I am on SSI I make 579.00 a month. My mortgage is now 296.00 a month..which leaves me @280.00 a month for me and my son to live on. There is no way I can pay extra. I cant even pay this.

I went by what I was told on the phone. It was evidently not what was in the contract I signed.

 

[seniorjudge]

I am on SSI I make 579.00 a month. My mortgage is now 296.00 a month..which leaves me @280.00 a month for me and my son to live on. There is no way I can pay extra. I cant even pay this.

How much does your son make?

 

[Teezer]

My son does not work hes in school.

 

[HUD-1]

Is the increase in payment due to an increase in the Principal and Interest, or is it due to an increase in Taxes and Insurance??

 

[seniorjudge]

My son does not work hes in school.

Do you have any equity in the place?

That is, is it worth more than what you owe on it?

If so, sell it and move to a less expensive (even subsidized) apartment.

 

[Teezer]

no there is no real equity in it eventhough I have been paying on it for 11 years now. I would be lucky to get enough to pay it off, if that much. The increase is due to them adding 10 years to my mortage in order to give me a lower rate for this ONE year.

Also the mortgage as high as it is now would still be less than most apartments around here.

I just cant beleive they are charging me 36,000 to save 600 dollars. talk about taking advantage.

 

[seniorjudge]

Don't sign anything you do not understand.