“Homes are a great investment.”
“And even if they don’t keep going up in value, I will at least be able to sell my home for what I paid for it with all the sweat equity and improvements.”
Those were the kinds of comments and thought behind the purchase of a home I made at the end of 2004, at what was to be the height of the mortgage movement, right before the meltdown.
After losing my job years ago, I have managed to hang on to this interest only ARM between other part-time jobs and unemployment.
I am now facing repayment of the principle in a home that been washed out in the eye of that mortgage storm. It is now worth approximately half of what I now owe on both mortgages. The mortgage “expert” did no money down because she could just mortgage this into my home payments, easy peasy my arse!
The new payments to come will be over $500. more a month and I can’t afford the current payments. I have run out of all savings and almost all options at this time so I guess when it rains it really does “poor.”
What makes me angry is the fact that all this has happened through no fault of my own. Since I purchased my home as a much older woman I as well as the banks knew that I would never be able to pay that home off in my lifetime since they had access to all my financial information. I had planned on selling it a few years down the line for at least what I paid of it, no problem. This was not to be since within a couple of years there was trouble in the mortgage industry and the value of my home was down about $10,000 or so. I decided to try and keep it longer in hopes the value would soon rebound. My bad!
I played by the rules, this was not what I wanted to happen but it has. I think of a number of people I knew that deliberately walked away from their homes beside the fact that they still could afford the payments at the time. Now they have everything so slanted to help the mortgage companies only and the hell with private citizens trying to survive. This is killing me because I have an immaculate credit history and I am very anal retentive. What makes me angry is they will harass and molest me and try to make me look like the bad guy, even though I have no choice or control in what has happened in my circumstances and they are the very ones that caused all these problems.
I have begun to get documentation together to sue my original mortgage company to at least take this predatory mortgage off my hands if I can do this pro-bono! Wish me luck!