Mortgage Info & Industry Info
 
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Date Created:
April 2, 2008
Category:
Money & Work »
Mortgages & Debt
Group Type:
Public
Owner:
RHunnicutt AARP Member
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RHunnicutt
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AARP.org
Mortgage Info & Industry Info
A source for information relating to mortgage finance on "layman's" perspective. To give you straight and honest input on mortgage financing.
  Post to Topic     Print   Mortgage Help for Self-Employed
http://www.aarp.org/community/groups/displayTopic.bt?groupId=2102&topicId=2995942
LStJames said:
on July 23, 2009 02:47 PM ET

I have a very small business that maintains itself and me, but doesn't make megabucks. When I bought my condo/townhouse 4 years ago, I was  put into a 30 mortgage with a 5 year ARM. That ARM is due to roll in 2010 and I have tried, unsuccessfully, to re-mortgage to a lower, fixed rate. I keep getting rejected because of the "self-employed" stigma. If ANYONE knows where I might turn to seek assistance, I'd be eternally grateful! Thank you and thanks to AARP for this forum. 
2 posts by 2 users
LStJames
Post #2
LStJames said:
on August 5, 2009 02:55 PM ET

Thank you, I will check out both these organizations. I appreciate your feedback.

 

Lynda 


DALSF
Post #1
DALSF said:
on July 23, 2009 10:27 PM ET

PLEASE contact NACA (Neighborhood Assistance Corporation of America) at NACA.org and/or ACORN right away. Both are free services. Please do not contact agencies professing to have attorneys that can "help" you. There are no guarantees -- not even from NACA or ACORN -- the track record of "for pay" services is worse than NACA (with a 90% success rate) or ACORN.

The fact that the bank does not want to cooperate with you has nothing to do with the fact you are self-employed, although they will use that as an excuse. Most banks do not want to help anyone, even though they are sitting on millions of taxpayer dollars. I was (and am again) gainfully employed but my bank doesn't really care. My income is approaching what it was when Wells granted me the loan. It is going to be interesting to see what excuse they come up with.

Well-connected friends have been told by New York bankers that the banks have no intention of helping anyone; they plan on keeping the taxpayer's dollars to stay afloat.

Contact NACA or ACORN asap. They are seriously back-logged. The process is stupidly slow.

When I saw what 6-10 months of my life would be like starting December 2008, being a responsible citizen, I contacted my creditors and mortgage holder. All of the creditors cooperated with lowered monthly payments, reduced interest, etc. However, Wells Fargo seemingly has NO interest in helping anyone with anything, lost my paperwork several times (even that sent in by a professional negotiator), didn't return phone calls for months, shifted me from department to department, sent letters saying they would negotiate followed within 7 days with letters that they wanted to foreclose. I still don't have an answer.

You can't do this directly. Again, most banks will not cooperate. It is a long slow process, so please, bit the bullet, and start it right away.

I'm positive that people are starting to think of me as "that nut case." They'd be wrong. And I'm going to, figuratively speaking, hang a few people. You WILL see me on television in the next several months. What is happening to hard-working people is just plain wrong.

My definition of Middle Class from all of this: Social service agencies tell us we make too much money and they can't help us. Banks (the holders of our mortgages), tell us we don't make enough money, so they won't help us.

BITE BACK!!!!