I was making $49 grand a year and was able to pay all my bills. I lost my job due to downsizing in 02/2011. I told Flagstar what happen and they did not seem concerned. I drained my savings, my 401k and a credit card to stay current on my mortgage in the hope that I would get another job. In 05/2011 I spoke with Flagstar about my mortgage and asked what I could do. They said they could not help me unless I was late on my payments (and I was not) but they said applying for a loan modification may help.
In 07/2011 I called and asked the status of my loan modification and they said to qualify for their loan modification I would have to not qualify for all their other programs. They said I qualified to refinance (which I knew was not possible). I asked them how and they said since my husband has a job we qualify. But I had a better interest rate than they we offering so the refinance would not help.
In 08/2011 I accepted a job making $39 grand a year just to be employed. Since I was not making enough to make my mortgage payments and I ran out of all my extra money, I informed Flagstar that I would not be making my payments anymore. I ended up applying for another loan modification in 11/11 and I contacted an attorney to help with my loan modification.
In 1/12, I accepted a new job making $58 grand a year but I would not start until 2/6/2012. On 2/8/2012 I let Flagstar know that I was not employed and could start making my payments again. They said sorry, you went into forclosure today and there is nothing they could do. And they also told me that day I got denied for my loan modification on 2/8/2012. They also informed my I had until 3/1/2012 to vacate the property. Flagstar actually told us they would rather forclose on us then help us because FHA will pay them what they did not get from the sale of our forclosed home. My problem with this is if I could have made everything right with my new income and our economy is in a MAJOR FINANCIAL need, why are they wasting money, I could payed, to forclose on my house.
So at this point I had 3 weeks to find a place to move and move. The problem I had was no one wanted to rent to me because I was behind on my mortgage. So I was forclosed on, my credit is ruined and I dont know what to do.
Product or Service Mentioned: Flagstar Bank Loan Modification.
Monetary Loss: $250.