ILL, ILLITERATE & Seeking Help on Note Modification

WE GOT A MORTAGE ,BECAUSE WE WERE IN A SITUATION THAT WE WERE NEEDING HELP BAD, DUE TO ILLNESS (MY HUSBAND HAD HAS 2 CANCER SURGERIES) . WE DID NOT WANT TO LOOSE OUR HOME WE HAD WORKED SO LONG FOR, SO WE ACCEPTED THE MORTAGE. AT THE TIME, WE WERE SO DESPERATE TO SAVE OUR HOME, WE SIGNED THE PAPERS. NOW WE LEARN THAT 100% OF ALL MONEY PAID IS ON INTEREST ONLY. NONE OF THIS IS APPLYING TO THE PRINCIPAL OF THE LOAN. MY HUSBAND CAN NOT READ OR WRITE VERY WELL, AND THE BANK MANAGER EXPLAINED THE LOAN TO HIM, BUT I SOMEHOW BELIEVE WE ARE BEING MIS LED. PLEASE HELP US, TO SAVE OUR HOME, AND EXPAIN WHAT WE CAN DO TO FIX THIS. WE ARE ON A VERY SMALL INCOME, AND WANT TO KEEP OUR HOME THANK YOU VERY MUCH

Hello,

I am so sorry to hear about your husband's illness. I hope that his surgeries were a success and that he is well again! I am concerned that your husband signed documents without the assistance of a literate advocate. This is something that you may want to share with a professional loss mitigation company (there are thousands of them: google one in your area). Be careful, however, and do not pay anything upfront. Most are working on a success fee now. In other words, they do not get paid unless they successfully negotiate your loan. MAKE SURE TO MENTION THE CIRCUMSTANCES AND THAT YOUR HUSBAND IS ILLITERATE!!!! Lenders are not the bad guys they are made out to be. They will likely assist you in some manner: lower rate, longer repayment terms, both, etc. Review some of the blogs in the past on this site. You may find some helpful insight.

MortgageMaster