For a year I have been trying to obtain a Making Homes Affordable loan modification from Vericrest. Last spring they gave me a loan modification that lowered my payment by about $200 a month (except that a change in my property taxes raised it to that the net savings was about $100. However, in the process, they changed my 6 1/2% FIXED RATE LOAN to a 4 1/2% ADJUSTABLE RATE LOAN. This adjustable rate loan remains at 4 1/2% for 7 years then adjusts UP NO MATTER WHAT THE MARKET DOES 1% per year until it reaches 8%, where it stays for the remainder of the loan. A bankruptcy lawyer told me that it was a bad deal and to refuse it and declare bankruptcy, but I really did not want to do that. I was behind 3 months due to the economy and shattering my kneecap, which put me out of work for nearly 2 months. When I went back to work I had to work back up slowly because of my injury and my income suffered for at least 6 months. Consequently, to avoid bankruptcy, I believed that I had to accept their bad deal. I have tried to renegotiate a Making Homes Affordable loan with them using a HUD counselor. My income falls $400-800 below my expenses and Vericrest confirms that. However, my family has been helping me stay afloat and at this time I am only 1 month behind (again). Vericrest denied the loan modification because they say that I make enough to pay the loan. I was told over the phone that I am only one month behind and I seem to be doing ok so there is nothing they can do for me even though my income is far below my expenses. They acknowledge that my income is hundreds of dollars below my acceptable expenses. I am sure they just want me to be further behind so that they can get more fees tacked on. My family cannot continue to help me. I am going to be forced to declare bankruptcy and possibly lose my house because they are so greedy. I am still working with my HUD counselor to try to get them to be reasonable. The stress of this situation is taking a huge toll on me. I don't believe that refusing to give me a Making Homes Affordable loan modification is right. I don't believe that changing my fixed rate mortgage to an adjustable rate mortgage that ONLY ADJUSTS UPWARD, NO MATTER WHAT THE MARKET DOES is right either. This adds injury to injury.

I want Vericrest Mortgage to give me a Making Homes Affordable loan modification that is in line with my real income. I want them to give me a low enough interest rate within the limits of the Making Homes Affordable program to make this possible.