First franklin, will they remodify

[Joel Fraser]

Hi everyone,Great web site. Thank you Moe. This was my first home and I was so excited, but now it is keeping me awake at night with stress and worry. I am in a predatory loan!!! My home was purchased In April of 2007. The loan will adjust in 8 months and I am having trouble paying it now. I am self employed and I have to work 7 days a week just to keep my head above water. The poor economy is slowing my business down. Luckily I am still able to manage.The loan is an 80/20, 8% and 12 1/2%. It was appraised for 325.00 when I bought it, I paid 292.500. It is a 50 year loan, with a balloon payment in 30 years. It has a prepayment penalty equal to 6 months interest. There were high fees with this loan. My homes value has dropped from 325.00 to 250.00 or less, so I can not refinance. I would never have agreed to buy this home, but they said over and over again, we will refinance in two years not to worry. The mortgage company would not let me claim self employment, I was a sub contractor instead. They also told me to lie on my income, because that is the only way that most people can get a loan. I was really uncomfortable with that. My lender is First Franklin loan services. I have called them and they are supposed to send a package for a possible loan re modify. I was told it could sometime! I am not holding my breath. I called them last year when I seen trouble coming and asked for a 30 year fixed rate. They told me OK, as long as I was willing to pay the prepayment penalty of almost $14.000 and the interest rate would be 9 1/2 %. I turned that down.I am willing to work harder to keep the home! If I can not re modify due to self employment, should I bail out? I need the interest to drop with a fixed rate or I have to foreclose. Is possible to re modify, most of my income last year was written off, taxes showing 47.000. My accountant wrote things off I didn’t even know I could. It was all legal. I was sick part of year in 2007. My X boyfriend was living with me at the time and helping me out.This year, I will not show a whole lot more, but a little more. I have paid my mortgage on time, every month for 15 months. I am wondering if I should stop paying it and hire the attorney on this web site?Can you advise me, should I seek legal help and stop paying my mortgage?