Profile: rustysdad
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What's Happening Now
August 20, 2012 12:50 pm
Welcome to Regulation Room, rustysdad, and thank you for sharing your story. Was there problems with the customer service not receiving your paperwork that led to the decision to not lower your payment? Would CFPB’s proposed regulation for providing reliable contact have helped?
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I have been trying to get my payments lowered and keep sending and resending paperwork now I have been informed that there is nothing that can be done. My partner had to borrow against her 401K plan in order to get our mortgage caught up now we have been informed that our payment will be increased from 2016.26 to 2510, now this just seem very stupid to me since we were having a problem making the lower payment and wanted it lowered so it could be made from one of my paychecks. I feel that mortgages should use net income instead of gross income. That would prevent a lot of problems in my opinion.
The problem with paperwork was that they never told us what we were supposed to sign and they made us send everything in at least 4 times. Then when we got it all sent in they informed us that they did not hold the mortgage but it was held by another holding company. Then they said that they were allowed to have the mortgage set at approximately 31% of our income and they are supposedly lower then that
so there was nothing they could or would do. They kept giving us a run around and playing telephone tag. But they would not call back when you called them. It just seems that since we make about $90,000 a year we are just stuck with the payments since we want to keep the house we have to go without so we can make the payments.