Help with my mortgage-MGC

[Joel Fraser]

I am writing for help with my mortgage situation. I had to refinance my home back in 2006 due to falling behind with Countrywide home loans due to a disability. I could not refinance with Countrywide, credit and self employment issues, so ended up refinancing with Quality Home Loans. We ended up having to take a higher interest, ARM loan and also realized (later) it was interest only. We also don't understand after researching subprime lending practices how Quality Home Loans was able to get us in a loan with our credit issues and not being self employed for 2 years, we had no taxes to back up our claims of income at that time. Our loan is now due to reset at a higher rate in November and we are barely making the payments now, so I know we will fall behind once it resets. We are currently not behind on payments but are still unable to make the payments until the end of the month, so we are steadily getting fees added each month. Our loan was sold to Select Portfolio Servicing and we submitted a request for modification through HOPE NOW and before we could even start the process our loan was sold to MGC, who just got our information in their records. We are stuck in between a rock and a hard place. We have lived in our home for 11 years and have around 50 to 60,000 worth of equity still in our home but are unable to refinance out of the current loan due to issues stated above. If anyone has any suggestions it will be greatly appreciated.