Yesterday, I helped my cousin her with her LOAN MODIFICATION paperwork she had received from BofA. She told me, she had not paid her mortgage loan in about 4 years, and was told not to make payments by different people she encountered during her 4 year hardship. The lender filed foreclosure paperwork to sieze her home about a year ago, however, they have not actually set the sale date. I was amazed at her story.
HOW CAN YOU LIVE IN A HOME FOR 4 YEARS AND DON'T PAY YOUR MORTGAGE, AND STILL BE ABLE TO KEEP YOUR HOME?
I hope that after she sends in this paperwork for her loan modification that she is approved and given an affordable loan modification. I so want her to keep her home.
DO YOU WONDER HOW SHE GOT THE HOUSE FROM THE GET GO?
Well, it seems that she applied for a loan with a mortgage company and they padded her loan and gave her an adjustable rate loan. They added a second job with additional income to her application! She also had a boyfriend that lived with her initially and he helped her pay bills. They broke up about six months after she got the house and she has had problems making the mortgage payments and other bills ever since.
The company that padded her loan is being sued by another lender and she will be involved in this litigation and may receive some type of settlement from them padding the loan without her knowledge.
Actually, if the system would have worked the way it was intended, she probably would not have gotten the loan to buy the house. She would not be in the situation she is in. However, she did get the HOME and now I think it would be cruel to take it from her and her children. She is still a single parent and struggling to make ends meet. I hope they approve her LOAN MODIFICATION.
Comments or thoughts on this scenario?