Tuesday, June 23, 2009

A Suprize in the Mail Today, A Big One

During my last conversation with my $hitiFinancial gal (Annette) from "The Executive Response Team," she informed me that since we were makeing 33, 000 per year (gross) that we would not qualify for any sort of a loan modification, not even to lower our 8 3/4% interest rate! Her only advise to us then was to just keep making the minimum payment of $519.37 per mo. I reminded her that I just got a letter from $hiti informing me that they had created an escrow to pay 4,000 in back taxes for us (which has already been incorporated into our Chapt 13 BK re-payment plan) and so now they are telling us our minimum payments, instead of $519.37 per mo will jump to $932.83!!! Well Annette tells me that she doesnt have that showing on her data base (yet) and advised me that I should just go ahead and send in the $519.37,...adding that we will worry about the rest later, once that data catches up with her system (Geeze, in this day and age of lighnting fast electronic transmissions - why wouldnt all $hitis datafiles have all relevant info on them? What can the hold up Be?

Well, today I was getting ready to send $hiti our monthly payment of $519. 37, had the check all made out and was ready to send when I opened the mailbox only to find a letter from $Shiti which was the mortgage bill for July. I was pretty certain that this was the dreaded bill with the escrow in it that would raise our monthly payments from $519.37 to $932.83. However, MUCH to my suprise, the current minimum payment due is indicated at $10,814.61!!! Wow! Talk about not working well with others, we are getting out and out screwed, without even any vaseline! Unless, (I am thinking) this is her way of making it impossible for us to afford the payment - just so we will qualify for a lan modification? Wouldnt that be nice?! Wont know til she returns my call tomorrow (I hope)

I dont understand how this "minimum" payment got so high, but I can give you a little bckground on the case;

In 2008 my husband lost his job and was out of work for a period of severn or eight months. All during this time we were unable to make any payments on the mortgage. However, I do believe they put that amount ($10, 475.58) into an Escrow Balance that did not increase our minimum-payment of $519.37, you know, like "tacked it on" to the back of the loan. I believe this is because we let them know that that amout ($10,475.58) was being incorporated as a debt in our Chap 13 plan. It is important to remember that $hiti is not a named Creditor in our bankruptcy and hasent even commenced a foreclosure on us yet, nor have they fild a claim with the BK as a Debtor. Anywas, I do understand the jump from $519.37 to $932.83 - which was due to $hiti paying $4,000 in our back taxes (which I have said before, were also included as a debt in our Chap 13 and $hiti knew this! Nevertheless, they went right ahead and created a seperate escrow for the $4,000 in taxes which DID jump our minimum monthly payments to $932.83.....but what I dont understand is how they got the "current payment due" as $10,814.61!!!!

Here is how the bill reads;

Account Information
Type of Mortgage: Fixed Rate
Principal Balance: $67, 123.58
Extension Interest: $2,801.94
Interest Rate: 8.18000%
Escrow Balance: $10,475.58
Interest Year to Date: $1,834.40
Taxes Paid Year to Date: $5,175.88

Account Activity

Payments Recieved Current Payments Due

Date: 06/02/09 07/01/09
Principal $61.39 $69.85
Interest $457.98 $449.52
Escrow: $413.46
Total Mortgage Payment $932.83
Delinquency Expenses: $284.00
Late Charge $249.12
Past Due Amount $9,348.66
Total Amount Due $10,814.61

We have had this mortgage and been paying on it for NINE years, except for that period of 7 or 8 months when my husband was out of work. Alltogether, $Shiti paid maybe $8,000 in back taxes over those years.,...plus the $9,000 we are in arrears for the time my husband was out of work. All these figures are included in our Chapter 13 repayment plan which $hiti knew about and confirmed with our BK lawter! So why did they do things to our account using these figures knowing they were being paid off through the BK. This, and their late fees and "Extension Interests" and "Delinquincey Expenses" are what boosted our (affordable) minimum payments of $519.37 to $932.83, and now, to an all time (impossible high) of $10,814.61!!! Who do you know that has a mortgage payment that high, I mean, except for the filthy rich?

It will be interesting to know how this pans out because I too am undecided about how to handle this. I keep thinking to fight fight fight but what good is that if the town and county keep raising our taxes to the point where we cant even afford them. Maybe I will get away from it all by riding out of here in my donkey cart with all my worldly belongings in it. I can travel around the country "for the cause" of bashing greedy bastard bankers....particularly $hiti-Bank. I can almost see the signs hanging off of the sides of my cart, "$$hiti took our house, made us homesless. Took everything but my ass!" Hee Haw Hee Haw Hee Hee Haw Haw. Aint lifegrand!

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