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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] HUD Assignment/Forbearance Posted by Peggy on November 11, 2001 at 2:23 PM My mortgage was taken over by HUD under an assignment for a 3-year period. During that period, the mortgage was turned over to a private mortgage company. Under the terms of the HUD assignment, I paid a reduced mortgage payment--based on my financial situation--and after the 3-year assignment period ended, I went back to my regular mortgage payment plus an additional amount to cover the arrearages accumulated during the assignment period. I submit financial information to the mortgage company yearly and that information is used to determine how much I can afford to pay towards the arrearages. My problem is that this mortgage company is strangling me. They are very aggressive in collecting this arrearage and have put my payment at a level that I cannot afford. Does anyone have any experience with this situation, or knowledge of any limits to what a mortgage company can collect on a forbearance? Unfortunately, I was under the impression that the amount owed would be spread out over the remainder of the mortgage. Now I get the impression that they want to collect ASAP. I contested the recent monthly increase, and in the process, the company got their wires crossed and a phone rep informed me that the old payment was due, when in fact they wanted the new payment. I was confused because of the negotiation in progress. Three days after a representative on the phone told me I owed the "old" amount, I received a certified letter notifying me of an "Acceleration Warning" and if I did not pay the additional $90.00 that was due on 10/01 by 11/30 they would begin foreclosure proceedings. Due to my financial situation, I feel like my back is against the wall and that I am being squeezed out. The bad part is, that even if I was able to find a higher paying job so that I could pay my bills, or take on a second job, the mortgage company would probably take any additional money I earned. I feel like I'm living in poverty, with an income too high to qualify as being at poverty level, and that this is where I'm going to be for years. I need a new roof, with an estimate of approximately $4,000 to fix, and the terms of the forbearance prohibit me from taking on new debt. I have no savings and the calculations for determining my monthly payment do no allow for any home maintenance or repairs. I feel desperately in trouble. Any input would be appreciated. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : My mortgage was taken over by HUD under an assignment for a 3-year period. During that period, the mortgage was turned over to a private mortgage company. Under the terms of the HUD assignment, I paid a reduced mortgage payment--based on my financial situation--and after the 3-year assignment period ended, I went back to my regular mortgage payment plus an additional amount to cover the arrearages accumulated during the assignment period. I submit financial information to the mortgage company yearly and that information is used to determine how much I can afford to pay towards the arrearages. My problem is that this mortgage company is strangling me. They are very aggressive in collecting this arrearage and have put my payment at a level that I cannot afford. Does anyone have any experience with this situation, or knowledge of any limits to what a mortgage company can collect on a forbearance? Unfortunately, I was under the impression that the amount owed would be spread out over the remainder of the mortgage. Now I get the impression that they want to collect ASAP. : I contested the recent monthly increase, and in the process, the company got their wires crossed and a phone rep informed me that the old payment was due, when in fact they wanted the new payment. I was confused because of the negotiation in progress. Three days after a representative on the phone told me I owed the "old" amount, I received a certified letter notifying me of an "Acceleration Warning" and if I did not pay the additional $90.00 that was due on 10/01 by 11/30 they would begin foreclosure proceedings. : Due to my financial situation, I feel like my back is against the wall and that I am being squeezed out. The bad part is, that even if I was able to find a higher paying job so that I could pay my bills, or take on a second job, the mortgage company would probably take any additional money I earned. I feel like I'm living in poverty, with an income too high to qualify as being at poverty level, and that this is where I'm going to be for years. I need a new roof, with an estimate of approximately $4,000 to fix, and the terms of the forbearance prohibit me from taking on new debt. I have no savings and the calculations for determining my monthly payment do no allow for any home maintenance or repairs. I feel desperately in trouble. : Any input would be appreciated. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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