Any opinion and advice is greatly appreciated here.
I am trying my best to keep it short, but please understand if I can't.
We were placed on a mortgage Forbearance Agreement with a smaller monthly payment for a nearly a year. The object was the mortgage co. would then start a modification and the arrearages would be dealt with within the mod. Well, my wife was called back to work about a week or two before the plan ended. At that time we were not offered a mod. due to the "income being restored". The mortgage co. then demanded all of the arrearage, immediately, or forelosure. To avoid that, we agreed to a 24 month "Forbearance Agreement" that SPECIFICALLY states all mortgage monthly payments would be made each month while a specified additional amount (nearly 1k) extra each month would pay off the arrearage.
So, both plans were called a "Forbearance Agreement". The first was a discounted mortgage payment to avoid foreclosure. And, the second was the normal mortgage payment with an additional specified amount to go towards the arrearage. Well, we have done this faithfully for the past 13 months and will have actually eliminated the arrearage prior to the 24 mos agreed upon.
So, I check the credit reports and the mortgage co. has reported 120 days late for the past consecutive 24 months. Now, I understand that we stll owe an arrearage. No arguing that. BUT, we tried to and did what was morally right by not walking away. We followed their terms. The plan says in writing that each monthly payment would be made as normal, and they would be taking the specified additional amount to pay off the arrearage. It does not seem right that there would not even be so much as an entry stating that we are at least paying as agreed or something less damning thatn just being 120 days late each month for so long.
Does anyone have any experience with this type situation? Anyone have an opinion or advice on whether this can be repaired, if possible? Or am I just S.O.L.. and be thankful we didn't lose the home and pat ourselves on the back for not walking away like a lot of others are doing?
