Mortgages & Foreclosures Support Group

I was always honest and up front about our finacial problems. We went 90 day behind and six moths worth of dealing with the bank. they lowered our payment to 31% of our income. It worked like this when we new we were going to get behind on morgage we called them. then we ran out of savings totally exuasted paying morgage.we were turned over to loss midigation they looked at our books and said they would lower our payment from $1200.00 to $760.00 for five years then the rate wold go up 1% per year for five and no more than 5.5% total. So that give us 5to ten years at a lower payment keep us in our home and give the economy time to figure out what its going to do.mike
Posted on 08/31/09, 07:08 pm