Hi Cat - yes, the system is completely messed up right now when you are rewarded for missing payments...even thought your credit is messed up but you get to keep yoru house. In regards to your loan change, that they cannot do without it being in the agreement. You need to check you paperwork and speak to your agent and lender to find out what is going on with that. Happy Holidays!

Randall Sandin
Carolina One Real Estate
843-209-9667
rsandin@carolinaone.com

You know the system is screwed up when the borrowers behind on their payments are the ones who get "rewarded". There are some exceptions to this however. I have heard that some borrowers are being let out of "option arm" loans and being given low fixed rate loans. This is because this type of loan has a very high foreclosure rate. If your loan I similar you may have a chance.

It all depends on how the lender paperwork is authored. Yes most lenders wont adjust rate unless you can show hardship, sorry to hear about your circumstance, if you miss payments it reflects on credit score lowers your overall score.

Hi Cat,
Sad but true, this is how they are handling this. This is something that must change to end the delima we are in. You must be behind on payments before they will work with you. The government needs to address this or you will have more people walking away from thier homes. I hope we get some legislation or just some changes in the banks on there on soon. Best of luck to you!!!
Nancy http://www.nancydrealtor.net

P.S. Some small local banks are working with home owners, because they know if not, they will own more homes.