By: Cathleen Gladfelter

Cathleen Gladfelter — Sat, 05 Feb 2011 06:02:47 +0000

I would like to know statistics on those in modification programs, foreclosures and short sales who are paying PMI? It has been a year and a half since my daughter applied for modification program with Wells Fargo. They put close to 20% down on home and planned to put 20% down & then lender talked them out of it. They purchased home march ‘08- She has a disability and son-in-law lost his job in ‘09- In May ‘09- they called lender who suggested modification program. My kids have done everything they have asked-some things several times-made payments they have asked-did miss 2 payments-ask if they could make them up-they said “no”- there house was up for foreclosure end of Dec.-we called everyday and finally they said they would re-consider motification program-just got a letter-said they approved it-the principal raised from $112,000 to $124,000-and there payment actually raised $100 a month- I don’t think the mortgage company cares because they are paying PMI-and any money they paid this year and a half went only for interest, PMI and ins.& taxes-like I said there payment went up $100 a month- and in between this time they were paying either trial modified amount which was suppose to just be 3 months-they just would not return phone calls or the regular payment except those couple of months-so, i was thinking how many other vulnerable kids and elderly are getting taken advantage of because the banks etc. can screw them since their money is insured through PMI? I would love to know if any statistics on this-

Comments on: Stop House Foreclosure

By: Cathleen Gladfelter