I am 70 years old, living in a modest home I saved up for for 16 years to purchase. I was excited I could finally get my own home. I purchased it in November of 2003. World Savings gave me an ARM mortgage beginning at 4.44% and I was told I could transfer it to a fixed rate mortgage after one year. I made arrangements to fix the loan after one year, but the mortgage company discouraged me and told me it was not the best thing to do since interest rates would be going down and the loan I had is the best loan on the market - so I didn’t fix the loan. Interest rates kept going up and I became alarmed because I was having trouble making the payments, so I finally fixed the loan at a 6.72% rate. Much of my savings was eaten up by the recent meltdown and I am now trying to live on social security and my dwindling savings account. I lost my job, and my art business is at a standstill with the stagnant economy.

I’ve gone back to school in order to get a credential to teach adult education and expect to work for a very long time, when and if I can find a job. In order for me to keep my home in the long term I need to have my interest rate lowered to what it would have been if I had not listened to the mortgage lender so that I don’t become another Foreclosure statistic. I always thought the home would maintain its value and I could sell it if I couldn’t keep up the payments for some reason. I have always paid my bills, have excellent credit and everything I have is tied up in my home. I don’t think it is fair that banks are only willing to help people in foreclosure who have defaulted on their loans. I will become one of those statistics if I don’t get some help.