In 2007 I purchased a a home through sovereign bank. Sovereign was later purchased by Santander. When I purchased my home it was at a time in our country when very shady lending practices were n't just going on, they were status quo. The interest rate on the loan is 7 % for a first time home buyer. I have my finances well in order and have never missed a payment. The loan is the exact description of a predatory loan. I had a subpar credit rating, low income, and a small down payment. I have scratched and clawed to be able to stop foreclosure, improve my credit and keep my home. Post mortgage meltdown the same regulations that would have stopped me from having a loan like this in the first place are stopping me from moving on from the predatory lending practice. I have been denied a loan modification on two occasions, and been denied a refinance once. I have been told from lenders " You need to start missing payments to qualify. '' Imagine the hypocrisy, a loan that I have been struggling to pay ca n't be changed unless I begin missing payments, but If I start missing payments I run the risk of foreclosure if I do n't get approved for the modification. I fail to see how my income, which I higher now then when I originally obtained the loan, and my credit which is higher now then when I originally obtained the loan, are n't enough to get me a lower rate. I currently have a loan with an obscene rate generated from a predatory lending practice, and the very stipulations that are in place to stop the predatory lending are stopping me from getting a fair mortgage. How can this be allowed to go on, am I just the one person caught in limbo who did n't default, but also ca n't qualify for any resolution because I put payment of my home a top priority. Predatory lending is obscene and the fact that it went on is abhorrent, but to not correct a rate more then double the current status quo is unconscionable. Santander the lending institution has denied all my attempts at resolution. Other lending institutions wo n't refinance my loan because I do n't make enough money, even though I am currently paying, and have almost 10 yrs of on time payments at a higher rate. What is going on how can this be ok, or even remotely possible, what does America stand for anymore. 
