QUESTION
What can we do if we are put into a home that we could never afford?
Asked on Dec 08th, 2012 on Foreclosures - North Carolina
More details to this question:
We were approved for a loan of $2500 but received a loan for $3700. We were told that our payment would only be no more than $1950 but then it turned out to be $2572. I only had disability and my husband worked for the union then was laid off a year later. I was not on the loan but the deed of the home but I was the buyer. My income is only $1200 a month from a work injury and the underwriter still used it even though it would never be enough to repay the loan. Now we are losing are home because of my husband losing is job but our mortgage company said that they would help us. I just want to know how this kind of loan happens to so many who could never afford their home but the loan is accepted. I have been questioning and fighting this from the first payment that was taken just over two years ago. I was not ever in debt but now I am more in debt over this one big mistake. Is there any kind of action that can be taken so that this doesn't keep happening to others?
1 ANSWER
Chapter 13 Bankruptcy Attorney serving Winston-Salem, NC
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Love and Dillenbeck Law
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This was common during the era of getting people into loans at all costs. Unfortunately, these matters are difficult to resolve and in many cases Courts find that if the loan was unaffordable, the buyers should have walked away instead of doing the closing. You should call an attorney that specializes in mortgage foreclosure defense to get an evaluation.
Answered on Dec 11th, 2012 at 1:21 PM