Nikki
Coconut Creek,#2Consumer Comment
Tue, January 13, 2009
I understand you have never been in this predicament and called them to find out what your options are. The reps and supervisors are only allowed to do what their company will allow them to do and unfortunately, you did not meet the criteria. So, they gave you some options (car, credit cards). They probably get 100's of calls daily from those who cannot qualify for their programs and the supervisors are probably just as frustrated as the borrowers. The main problem is if they see (from your financial info) that you cannot even qualify to make the payments at the original interest rate (in the case of an ARM), they aren't going to refinance you. Many think if they show the mortgage company they have so much debt, they cannot afford to pay, the mortgage company will help them. Not so. You must show that you can at least make the payment at the initial rate (if your mortgage was an ARM) or they may not even try. If your mortgage was a 30 year fixed, and you are trying to reduce the payment, that is even harder. Unless the supervisor and rep called you names, they were not exactly rude. They just couldn't help you in the way you needed them to (which wasn't their fault either). I see the super hung up on you, but if you were venting your frustration, and there was nothing more the super could do for you, the super probably just hung up to take the other 100 calls on hold. If you have no way of coming up with any money in the near future, you may want to explore other options.