can anyone give me an update on this so called subprime help that lenders are supposely helping home owners,KS

Question

I am on disability, and when I purchased my loan got sold, the emc, changed my term, & even throgh mila ok'd my loan change at the table & i have copies & have sent Emc copies since 2005, with no results but credit report & higher payments, I'm paying out $1100 a month on a 80,000 loan just to have a roof over my head? i faxed & called this wonderful mod square several times since the 1st, & there my lender? They call to ask about a payment & transer me to the mod square but usually my agent is gone, so yes you quessed it, Just like I tried to get help, before I got behind, with no help, & no results or credit on my incorrect P&I, since 2005. I tried to get help b4 my pymnt due date due to being in an agreement, of foreclosure already. But I keep seeing news releases about all the changes that can but done to put people in a term & payment & fixed interest rate. Will why can't I get help when asked instead of being forced to take what they want to give me? Y qualifiactions? HELP?

Answer 1

Unfortunately, there is no organized program offering help to those in trouble due to sub primes or ARM's. You are pretty much at the mercy of the lender who owns your loan. Some are being helpful, and others not nearly so helpful.

I can only suggest patience and persistence in attempting to deal with your lender. I understand your frustration, since I hold multiple mortgages on various residential rental properties. I CRINGE every time I need to contact them about some silly error on their part. I have found it helpful to ask the name and extension number of people with whom I am in contact. At least, if you run into a decent person, you can try to get back to that person.

My best wishes to you. Keep the faith !