Mortgages & Foreclosures Support Group

I went through a divorce and had to refinance my home to give my ex his share of the equity. Unfortunately I ended up with a shady morgage broker. I was not made aware of the fact that the payment I had agreed upon was a 'negative amorization' payment. With the option arm interest rising there was no way I could afford the principal & interest payment. In fact my original loan papers did not even include the ARM documents. Three days after signing paperwork I was called by the bank and the morgage broker urgently telling me to sign these papers that were forgotten because at that moment nobody owned my home. A bell went off in my head and I said I wanted my lawyer to see the paperwork. They pressured me and I stupidly signed.
I couldn't make payments, I went through ACORN and NACA and tried to get my loan modified. Same old story, higher payment than before due to missed payements and fees, balance at end of loan, extend loan to 40 years, lowered interst rate not permenant. I paid my 3 trial payments and got some paperwork which did not make anything permenant. I found an attorney who has been working with people to fight their foreclosures. He is hoping to be able to negotiate with the bank regarding the deficiancy balance if they foreclose.
I never wanted something for nothing. I had excellent credit before the refinance for the divorce. I just wanted to keep my kids in their home so as not to uproot their lives any further. But I was lied to regarding the loan I was taking out.
I am so afraid that I will have a deficiancy balance due to the fact that the housing market has tanked. And I owe more than what the house is worth. I am so tired and defeated. I have panic attacks and feel like a zombie. I can't find happiness in anything anymore and just wish this all would be in the past.
Thanks for letting me vent. Glad I found the board.
Posted on 03/01/11, 09:12 pm