Advice and prayers needed... Mortgage - Update Last Page

[budbeerlady]

I am so sick I am getting sick to my stomach. I opened a regular letter today thinking it would have my Mortgage payment coupon inside for next month. They have called our mortage due, we have 60 days to pay the amount. We can contact them for refinacing, cash out options.

I am just ill, I cannot believe they can do this but it was in the fine print we signed 7 years ago. I feel like now that we are paying more on the principal they want to end the loan, we had a 30 year. We havent been late in 4 1/2 years, but otherwise our credit is crappy. To make the house payment we have sacrificed other things and I was an idiot who defaulted on my cards 6 years ago when I was off after DD ( I did pay the colllections off). I dont think the mob would give us a loan. I cannot believe it, you can make the payments and still lose your home!

Any advice, prayers would be welcome, thanks!

 

[Mono~rail]

I don't have any advice, but here's , , , and

 

[Galahad]

Perhaps it is a way for them to force you to refinance at terms more beneficial to them because of your poor credit. Generally folks with poor credit get higher rates and stuff. This might be their "fine print" way to raise your rates.

 

[The Mystery Machine]

More

 

[Tess]

My DH is a banker in MI, PM me, maybe he can help sort it out.

 

[dmslush]

OMG!!! That has to be terrifying!

 

[meeskamouska]

Sending my thoughts to you and yours....

 

[sorcerormickey]

Oh my god - I feel just sick that they can do this to someone!! May I ask, is your mortgage with a big company?? Did they give you a reason???

 

[The Mayor]

I am so sick I am getting sick to my stomach. I opened a regular letter today thinking it would have my Mortgage payment coupon inside for next month. They have called our mortage due, we have 60 days to pay the amount. We can contact them for refinacing, cash out options.

I am just ill, I cannot believe they can do this but it was in the fine print we signed 7 years ago. I feel like now that we are paying more on the principal they want to end the loan, we had a 30 year. We havent been late in 4 1/2 years, but otherwise our credit is crappy. To make the house payment we have sacrificed other things and I was an idiot who defaulted on my cards 6 years ago when I was off after DD ( I did pay the colllections off). I dont think the mob would give us a loan. I cannot believe it, you can make the payments and still lose your home!

Any advice, prayers would be welcome, thanks!

Contact a lawyer...if you can't afford one then search for a group that does pro bono work...another option is to refinance through a bank instead of a mortgage company.

 

[ChristmasElf]

Don't worry there will be a solution to this as the bank doesn't want your house back. Especially in such a slow housing market right now.

Try visiting www.creditboards.com and read some of the posts there as they have a LOT of great advice for you there.

Best of Luck to you that all will work out for the best and you will get even better terms on a new mortgage.

 

[Luv'sTink]

I think that there is a clause in all loans that state they can be called in. But, not to worry because if I am wrong someone on the Dis will tell me!! LOL!

 

[slk537]

I am so sick I am getting sick to my stomach. I opened a regular letter today thinking it would have my Mortgage payment coupon inside for next month. They have called our mortage due, we have 60 days to pay the amount. We can contact them for refinacing, cash out options.

I am just ill, I cannot believe they can do this but it was in the fine print we signed 7 years ago. I feel like now that we are paying more on the principal they want to end the loan, we had a 30 year. We havent been late in 4 1/2 years, but otherwise our credit is crappy. To make the house payment we have sacrificed other things and I was an idiot who defaulted on my cards 6 years ago when I was off after DD ( I did pay the colllections off). I dont think the mob would give us a loan. I cannot believe it, you can make the payments and still lose your home!

Any advice, prayers would be welcome, thanks!

You have pixie dust and prayers from me - the whole idea of losing your house in 60 days is extremely frightening and I will pray that everything works out. The bank can't want your house - this will be in your favor.

 

[WonderfulDreamer2]

OMG.. We have been in our new house for almost 4 months and the mortgage company is already up in arms because we are "ahead" in our payments. They don't seem to like that too much. But thats okay, we are just waiting for the interest rates to drop so we can refinance through someone else any way. If you've paid off your collections, have been current on your house payment, don't have any court actions against you, you may surprised at what you can do. Good luck.

 

[punkin]

This cannot be legal. It may be a scam altogether. The mortgage company may be trying to flip you. If you are not in default, they cannot call the mortgage. Something is wrong. Get an attorney. I wish I knew Michigan law, but this is NOT possible. Also, what is the name of your mortgage company? Some of the bottom feeders may be trying to scam you. You should be able to get a mortgage with another lender within 60 days. In the meantime, call your congressman, the mortgage licencing board, attorney general's office. The last thing these vultures want is publicity. You have rights and you need to find out exactly what they are in Michigan.

 

[Michie]

Do you have a balloon? That is what it sounds like to me!

 

[Nancy]

Do you have a balloon? That is what it sounds like to me!

Me too...they will want you to re fi with them and then sock you with a high rate! If you are dealing with the same company as we are good luck....for such a big name company they are the worst when it comes to customer service and friendliness.

 

[bengalbelle]

Can the names of the banks/brokers not be posted? We refinanced last summer because interest rates were significantly lower than when we got our mortgage.

Good luck, OP!

 

[budbeerlady]

We have a 30year fixed at 8.75%. The paperwork said it was from May 2000 to May 2030, but in the find print there is a demand feature that has a 5 year call option. Being young (22) and stupid we never saw that when we signed. I thought I had a 30 year fixed mortgage. I cannot do much untill monday, then I will call the bank and a lawyer. Dh thinks it is a hoax because it didnt come certified mail, but this is enough to put a person over the edge. I have paid every month, I am not behind but I think now that they arent making as much interest they want my cash (or house).

Thanks for all the prayers everyone and advice!

 

[punkin]

We have a 30year fixed at 8.75%. The paperwork said it was from May 2000 to May 2030, but in the find print there is a demand feature that has a 5 year call option. Being young (22) and stupid we never saw that when we signed. I thought I had a 30 year fixed mortgage. I cannot do much untill monday, then I will call the bank and a lawyer. Dh thinks it is a hoax because it didnt come certified mail, but this is enough to put a person over the edge. I have paid every month, I am not behind but I think now that they arent making as much interest they want my cash (or house).

Thanks for all the prayers everyone and advice!

I can't believe that call option is legal, even if it was in the contract. In any event, you can definately refinance with another company if you have been paying your mortgage on time for 4.5 years and have not had credit card delinquencies for the past 6 years. (that's what I understood from your post. correct me if I am wrong) Furthermore, you will probably be able to get a much better rate now.

 

[akhenaten]

I have no advice to give but lots of and good thoughts coming your way!!!

Good luck!!!