Frustration!

As many of you may already know Terence was unemployed for 14 months.
That in and of its self was quite a challenge but with Terence on unemployment
and us not sure how long it was going to last we decided we needed to try and
make some changes financially.  We applied to the "making home
affordable" program back in January with the hopes that we would be able
to get our mortgage modified to stay in our house.  Our mortgage company
put us on a modified payment plan while they reviewed our file and the modified
payment reduced our mortgage by $500 a month.  Then there was nothing we could
do but continue to make our payments and wait, and wait, and wait.  We would
get the occasional call from them asking for more paperwork, or in most cases
they had no idea why they had called us we just came up in their queue.  Then good news!  Terence got his new job and we were very
excited about that.  Terence was able to
take that job at a considerable cut in pay because we were making the modified
mortgage payments.  Just as luck would have
it, they finally got around to processing all of our paperwork shortly after T
started his new job.  Because of that we
were DECLINED for the modification. Their reasoning was that our mortgage payment was not more than 31% of
our income even though we have lost money by him going back to work (since we
pay for daycare and commuting expenses). So on top of our mortgage going up $500 a month we now have to pay back
$3400 by the 10^th of October. If we don’t we will be reported to the credit bureaus as delinquent on
our account (even though we have NEVER been late or missed a payment) and our
house could fall into foreclosure.  This
all seem so backwards and frustrating to me! We are trying to do the right thing and this is what happened.  On top of all of that, when we got the letter
stating that we were denied they also gave us options to either short sale our
house or deed it back to the mortgage company and walk away.  It seems to me the more logical solution
would be to keep people in their home and have them pay their mortgages rather
then walk away but what do I know.  The
whole thing is just so very strange. Thankfully we have some amazing people who have stepped up and are
lending us the money so we can pay it back by the 10^th and not be
reported as delinquent on our mortgage (even though we have NEVER missed a
payment or been late!  Did I say that
already?  Just wanted to emphasize that).  It’s just been another incredibly frustrating
situation on top of an already rough year. 
P.S. once again blogger wants to make this look like a poem.  I'm not rewriting it so enjoy!