SS in Maryland said: “2005 — Husband had heart attack in May, June I was in a bad car accident leaving me with spine damage, so we had to refi and didn’t really understand what was going on, this was with Decision One/HSBC. I was given a loan for $389,000.00 and $312,000.00 was interest only at 6.89% and $78,000.00 was principal and interest for 10.99%, with a pre-payment penalty on the $312,000.00 for $15,000.00. The pre-payment drops Oct.26,2008, but Countrywide bought the first $312,000.00 and Select Profolio bought the $78,000.00.
Our income has dropped and countrywide will not even talk to me. I wish that I knew what was coming before all of this happened. When they brought the paperwork out to sign, it looked like a book and no one ever explained anything, they just fliped thru the pages and showed us where to sign. we have been in our home for over 4 years now and don’t want to lose it, but I know that countrywide is going to hit me with a large amount when the arm sets and thats on Dec 1,2008, it will be about 400.00 to 700.00 increase, so all that we can do now is walk away also. Our income has dropped because my husband was layed off in Dec 07, but he kept his parttime job and just went full time, but he doesn’t have the same hours everyday, so he can’t get another partime job. And I’m on disabilty from insurance from where I use to work.
Our income now is about 45,000.00 a year. It just makes me sick. The worst part is that I make my payments on time, and never late on any of my bills, and everwhere I look for help, I’m told that I should not pay my mortage and get behind so I can get help, but little do they know, we have been living on our 401k that we took out and its running very low and it looks like I won’t beable to pay my mortage or my other bills.I’m 56 and I really don’t know what to do now. Thanks for letting me cry a little bit, I really need it. Thanks again.”
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