If you are starting to think that this process is becoming long and drawn out, you're right!
By this time, we have had many calls, looked for much paperwork and basically we are just tired of the whole thing. We are not giving up though, especially because it seems that this is where most people just kind of throw up their hands and say, "no mas"! One must be patient AND diligent in order to see the process through. It does however, get frustrating that after all this time and effort on our part, we still have no idea where we stand as far as getting approved.
First, we are going to talk about the phone appointment we had with a HUD approved counselor. This is another requirement for approval that must be met before you know if you are even in the running for a modification approval.
I have to say that the HUD counselor was very friendly albeit not very helpful in the greater scheme of things. I would think that a HUD counselor would be able to at least tell me if I am a good candidate for this modification, no such luck.
This had to have been the most personal finance questions I have ever been asked in my life. When these people say they want to get a clear financial picture, they mean CRYSTAL clear. They asked me question like:
- How much do you spend in gas per month for your vehicle?
- How much do you spend on maintenance for the vehicle?
- How much do you spend for renewing your driver's license? (HUH?)
- How much do you spend renewing your registration for your car? (WOW)
- How much do you spend on medications?
- School?
- Entertainment?
- Public transportation?
- Tolls? (Really? Tolls?)
You get the picture, everything under the sun, they asked! I was literally tired at the end of this one and a half-hour inquisition.
In the middle of this...counseling session I thought to myself, "didn't I already go over my finances with the bank rep? Why do I have to do this again with a third party and so much more in depth?"
It seems as though the bank cannot make a decision without a third party recommendation and this is why one has to go through this twice. Once with the bank and once with an approved counselor. By the way, if you are looking for a HUD approved counselor in your area, you can find one HERE.
If you want my personal take on this (and I assume that you do) this is just a simple mechanism for the counseling agencies to have you on the line for a good while and pitch their many different services to you. The initial counseling for the modification is at no cost, but each of the services that are offered while on the call can cost you, just something to be weary of.
After the call, the counselor said that they would make a recommendation to the bank on whether or not they thought we were good candidates for the modification but she would not tell me what the recommendation was, I tried and tried but she would not provide me with an answer.
A week or so later we received some letter restating our financial situation as it was spoken on the call and another batch of cross-selling letters to their different services.
On the next post things get a little interesting with the bank and the rules they start to apply as we get closer to the end of this treacherous journey. Make sure you keep visiting to ensure you find out what happens next. Until then, keep your fingers crossed.
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To Your Success!
Jose H. Caraballo
President
Caraballo & Associates, Inc.
caraballoassociates.com caraballoassociates.com
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