Lender said "They would pray for me"

Life after foreclosure

After losing their homes, these 4 families thought they'd never recover. They've found it difficult to rent and their credit is wrecked, but life is looking up.

Stephanie Thomson's troubles began when her husband Rich, a highly regarded hair designer, became disabled with neuropathy and could no longer work.

The income loss made it impossible for the couple to sustain the payments on their home in a Chicago suburb.

When they bought the house, they took out a hybrid ARM mortgage. The original bill was $1,400 a month. But it went to $1,900 after three years and more than $2,000 after the second reset six months later.

"With my husband unable to work, we could have paid the mortgage without the ARM reset but nothing more," says Stephanie, who tried for months to get help from her lender.

"They told me they would pray for me. That's an exact quote," she says.

:wow:

http://money.cnn.com/galleries/2009/real_estate/0908/gallery.Life_after_foreclosure/index.html

I have less sympathy for this 2nd couple. He quit his job then they spend 50K on Sylvan learning in one year for the goddaughter.

Life after foreclosure

Apparel sales rep Lori DiBacco and her musician husband, Bill, were living a dream life in their five-bed, three-bath home with pool in beautiful Oceanside, Calif. They bought the place in 1994, and they lived well, but not wisely.

"We took great vacations, if we saw something we wanted we bought it," says Lori.

The couple was childless by choice, as they both traveled for work. Then, five years ago, their goddaughter came to live with them. That radically altered everything.

Bill stopped working so someone would be home, which halved the couple's income. Then, there were big expenses for taking care of the child.

"She needed a lot of extra care," Lori says. "We put a lot of money into her education, dropping $50,000 the first year into Sylvan Learning Center for remedial work."

The coup-de-grace happened when Lori injured her back and couldn't work.

They burned through their savings and took out a second loan on the house. Their monthly mortgage bill, about $1,400 when they first bought the house, ballooned to $4,400. They started missing payments; they simply didn't have the money. They went nine months without paying

http://money.cnn.com/galleries/2009/real_estate/0908/gallery.Life_after_foreclosure/2.html

Or maybe they said 'pray,' and they only lied by one letter.

That's damn insane. How could someone imagine they needed to spend that much to educate a young child? Pick up the books and start reading and studying with them and save yourself a big ole chunk of cash.