April 29, 2008

The lender is punishing me.

1. I can't benefit from refinancing my home, because my credit was good enough to score a good initial rate.

2. I was just told that because I've never been late on payments and I'm current on my account, I won't benefit from the lender's assistance programs. He said those programs are designed to help people get out of foreclosure. He actually suggested (if you can believe this, which I can't) that I just skip a few payments--yes, it would affect my credit and I would receive late fees--and THEN I could qualify for those assistance programs!!

I said, "So, basically even though I've been a good customer for four years, have never missed or been late on a payment, you guys can't help me unless I purposely mess up my loan?"

He replied, "Well, we would prefer you continue making your payments, but the only way we can help you is if you let your loan go into foreclosure."

3. Because I earn just enough money, I don't qualify for the program that would allow me to skip a couple payments and have them basically prorated over the duration of my loan.

I feel like I'm being punished for 1) having a good credit rating, 2) being on time and current on my payments, and 3) making a decent salary.

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