looking for options that are available to avoid foreclosure - we just keep paying all this money

by Sheila Terpening
(Kingston, NY)

Hello
We are looking for options that are available to avoid foreclosure - we just keep paying all this money
My husband and I have been in our home for appr 5 yrs. However, in 2006 we had fell behind, it was at first 1 payment - the mortgage people put us on a repayment plan which we paid faithfully all the way into 2007 until approx. June - this was due to him losing his job and I am self-employed and lost income also. We had always contacted them! The payments were beginning to be out of this world. For we entered into a repayment plan because of financial hardship and in turn what they offered was a special forebearance agreement, however, they needed a downpayment of 3440 and then 3 monthly pyts of 2549 and then they told us they would be contacting us to negotiate a loan modification. Well, the special forebearance agreement was money that was very high. We struggled and borrowed money to get this paid with the thinking that by paying these pyts the loan modification would be lower. Well, we were just served papers by fed ex stating that they need another 3400 down as a contribution and the interest rate they would fix at 8.375% and our payts would be 2549 for the 30 years. First of all - HOW IS THIS HELPING US - FROM THE BEGINING THE FOREBEARANCE AGREEMENT AND THE LOAN MODIFICATION ARE ALL HIGH MONIES. HOW IS THIS HELPING US TO KEEP OUR HOMES. WE BEGAN THIS PROCESS IN A FINANCIAL HARDSHIP AND WHEN YOU WANT TO TRY TO RESOLVE THE ISSUES - WHAT THEY COME BACK WITH ISA PYT HIGHER THAN THE ONE YOU STARTED WITH? i can see a little higher but not over $1000 higher. Is this legal. We have paid almost $14,000 in the past 4 months and now in order to get the loan modification they are requesting by May 1st - that we have another contribution of $3,000 approx and a payment of $2549 - how is this legal and feasible?

Your help in this matter is greatly appreciated. I have been up and looking for ways to see a light at the end of this tunnel and just keeps getting longer.