I had a house that I could afford ...
... then my wife and I lost our jobs within 2 weeks of each other.
After almost a year of being unemployed, I got a job, and tried to negotiate with the bank ...
... they forced me into bankruptcy
After bankruptcy, I hired a lawyer to try to negotiate with the bank again to save the house ...
... they still refused to negotiate ...
... and the lawyer I hired was raided by the FBI because they were a scam.
Now, I find myself debt free and gainfully employed, but looked upon by some as a pariah because supposedly I did something wrong. I did not over-buy based on my then income. I did not try to walk away from my mortgage ... in fact, I went to the bank before I missed my first payment and tried to work with them. I did not intend to walk away from my debts ... but again, raising my interest rates to 31% and refusing to negotiate left me no choice. I did not want my house to go into foreclosure, but when told that I had to write the bank a check for $180,000 before they would negotiate with me ... I walked.
No bank should ever renegotiate a loan, especially lower the principle!!!
Any that do are defraduing me as a depositor!!!
Pay your contracted amount or go live on the street!!!