So after I spoke to the HUD Counselor, I waited a couple of weeks and then called the bank for a complete update. (I believe I have done all that has been asked of me and I think it is time for SOME kind of answer, or at least an indication of one).
I called the bank and spoke to a representative that seemed like she knew what she was talking about. She told me that the recommendation was in from the HUD approved Counselor. (I apologize for those of you that don’t know what HUD means, it stands for the department of Housing and Urban Development. I did not take this into consideration in Part 4 and I noticed it after I wrote the post so I am just trying to make sure we are all on the same page).
I asked her, “where do I go from here? what is my next step?”
She mentioned that we had gone into “Final Review” (WOOHOO! Final Review! Could this be the end? Could I finally get some closure on this subject and move on with my life?)
She quickly mentioned that the “final review” could last from 30-90 days. (AAAAAARRRRRGGGGGHHHHHH!!!!)
She then began to state the rules that are effect while I am in “final review”, here is a list:
- Send in a hardship letter
- send in a financial worksheet
- updated proof of income
- Do this every 30 days from here on out
The first thing I asked was, “didn’t we do this all at the beginning? (I am starting to get a feeling like I am going around in circles. It almost feels like they are making all these changes and just waiting for me to mess up in order to tell me that I was not in compliance and deny my modification) It might just be me, but that is what it feels like.
She answered with the fact that things could have changed from the beginning and they need to update the information. (OK but every 30 days? I don’t get it)
Anyway, even more interesting was the fact that each page needs to be signed by all borrowers, dated, and with the loan number on them. (I guess they are trying really hard for things not to get lost over there.)
I need to fax these pages every 30 days to a fax number that was provided to me.
Why does this feel so much like Part 1 to me?
Let’s see if all the games start again, Now I am starting to get worried!
What do you think? Let me know.
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To Your Success!
9. April 2010 at 6:50 AM
This is my first time to visit your blog and I would say you share nice information. You definitely do research and write very well. Keep it up!
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Caraballo & Associates Reply:
April 11th, 2010 at 12:44 AM
Thanks for the compliment. I hope you visit often.
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12. April 2010 at 11:06 PM
Wow this is a great resource.. I’m enjoying it.. good article
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Caraballo & Associates Reply:
April 13th, 2010 at 3:17 PM
Glad to hear it,
Hope it is helping you out.
Thanks for the visit.
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11. September 2010 at 3:39 PM
Reapply every 30 days, wow!!
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Caraballo & Associates Reply:
September 12th, 2010 at 12:03 AM
Yes Joe,
I have come up with two reasons why this may be happening. Your financial can change in a short period of time (especially in this economy) so:
1. If it gets worse, you may no longer qualify for the terms they are offering you.
2. If it improves, well, do you really think that a bank is going to pass up a chance to get more money out of you if they can?
Thanks for passing by and sharing a comment.
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