Dreams shattered...sorry long

[Joel Fraser]

My husband and I bought our home in 1997. Every decision about this house has been horrible! I guess you could chalk it up to being naive? We have been in our home since June 1997. I still remember talking to the real estate agent who really did not want to bother with us lowly buyers. She was used to selling 200 k + homes and shoot we were looking for our first home with a budget of 75 k. We wanted to live close to our family in a specific area so we were very limited at the time on our budget. She wanted to just get rid of us asap(gut feeling) because everytime she showed us a home she would say " ok if you like it we need to put a contract on it NOW" So I have always felt we were rushed into this house to begin with. We were young (21 & 22 yrs old) & dumb. Well this house is only a 2 bedroom and needed a ton of work. Very outdated and major problems like new heating/cooling, electrical and our really big expense a new septic system that was to the tune of 20 K because we live on a lake and the codes are so strict. We did refiance several times to pay off a few credit cards and to prepare for our first child(which turned out to be twins!) Again, dumb dumb move. Every time we refinanced it would cost us 10-12 k. The brokers would always tell us that's the normal charge. I mean how could it not be? How could they charge that if it were not the norm? We had a few friends that finally ask about our refi's and they were so shocked! That's when it all came to light. Now we are really screwed. My husband and I had seperated for a short time actually divorce papers were filed so he had to refi the home into his name. Well we worked things out and I looked at the loan docs and it's an ARM and no escrow set up. I was really angry because my husband said this broker reassured him that he could refi again to a fixed rate but he HAD to do this after all he only had 60 days to refi the loan into his name alone. We have had this loan since Nov 2006 it says it will adjust in December 09 but the loan has sold 3 times and now Citi mortgage (whom we have never received docs from) says it will reset THIS December as a 24/6. Since the loan is in my husband's name I cannot call on this they will not speak to me. My husband's credit score is 705 and we cannot (even though I don't want to again) refi to save our lives because our house appraised @ 142,500 in 06 now it's @ 78k! So needless to say we are upside down. We got a letter delivered by Citi Mortgage saying they will "do anything" to keep us if we would just lock in with them. We called and they said to do a stream line refi with them just pay them 250.00 to lock in the rate. We did that and they did a county search or something they called it and declined us because it's a soft market and they said we forfieted our 250.00! I'm angry, sad, confused..everything! All this for a house I cannot stand we are paying 1000.00 month, no escrow...taxes of 950.00 in December on top of personal property and insurance of 800.00. I am ready to walk away and rent a much bigger, nicer 3 bedroom for the same amount without the taxes, headaches, ect. I am reading all of these conflicting stories of tax deficiency, loan deficiency, vacant house ins..ect ect. I just want to scream!!! No one will help those that pay on time and have good credit. WHY IS THAT? My husband is just sick he feels responsible. I say let them sue us. I guess if they want to garnish my wages, starve my children and leave us without a pot to piss in..go ahead! The lady @ citi already told us to look forward to a rate of 11.5 % and she said it without a care in the world. THEY DO NOT CARE SO WHY SHOULD I? Oh we live in Cedar Hill, MO 30 mins south of St. Louis. And our loan bal is 117 K no second. Thanks for letting me vent! Anne