Never been late on a mortgage payment, but still getting foreclosed..?

My husband and I bought our first house at age 20. We were stupid, and got into an ARM. We have lived in our house for 2.5 years, and have never been late on a mortgage payment. Since I am a full time student living off my student loans our debt to income is crazy high. So we can't refinance. I even contacted our current mortgage holder (American's Servicing Company) and completed the paperwork for loan modification. However, they said our debt to income is too high and we were denied. I asked them, " So you would rather forclose on a property than help us keep our current rate when we have never been late on a payment?" I am not sure what my question is. I guess want to know if anyone else thinks that is crazy on ASC part?

Never been late on a mortgage payment, but still getting foreclosed..?paramount theater

you are right, it doesn't make sense on the banks part. However, no matter what you need to make the payments.

I would suggest getting a part time job. MANY students work and go to school full time. Or get a full time job and go to school part time.

Husband can also work more.

Never been late on a mortgage payment, but still getting foreclosed..?theatre opera theater

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Never been late on a mortgage payment, but still getting foreclosed..?

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