Trying Mod with ASC

[Joel Fraser]

Hi, I am new here. I have been "lurking" for a few weeks. I have found it both comforting and disturbing that I am not alone in my real estate mess. I live in IL and have been in my "dream" home for almost 7 years. A couple years ago we refinanced to pay off a car note and ended up with ASC as our servicer. Last year my husband had a carrer switch which lowered his income for a time, at the same time I had to take out the health benefits for the family at my work which really lowered our income. Also during the same period gas and electric shot through the roof. We were at an income loss of around 2,000 per month. Fast forward to this year. We fell behind and couldn't catch up. My husband was taking care of the bills, and I was blissfully ignorant until I saw the "you're behind and now we want it all" note from ASC. We tried to do a modification but ASC wanted 2500 per month with a final payment in January of 25,000. Then they sent us a statement showing our payment going up to 3,900 afterwards! We've hired a third party to help us, and I hope they can but I realize this is something we might have been able to do on our own. The last 2 weeks (since I found out how bad it really is) has been pure hell for me. Last weekend I seriously considered suicide as an option for the life insurance payout. I have a policy through work, which isn't subject to suicide exclusion and I have another policy I have had for several years so the suicide exclusion has passed. I know that isn't the way to go, but I just couldn't stand the shame and humliation of what I had done (losing my house). This forum has helped me to see that I am not alone, and there is life even if they take my house - life will go on. With the nearly 700 billion dollar bail out of wall street, I hope some of it comes our (homeowners) way and we can find a way out of this mess. So that's my story for now, hopefully we will have a happy ending as many of you have. Sincerely, NB