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post #1 of 18 (permalink) Old 03-22-2009, 01:18 PM Thread Starter
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good and bad news

Hello everyone:

Mark and I were approved for a nice 5% for the life of the loan thanks to NACA.
We got both predatory loans combined, we couldn't be happier then on Friday around 4:30 pm Mark gets laid off.. I guess It could have been worse, they could have let him go before we got the modification approved.

Maria
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post #2 of 18 (permalink) Old 03-22-2009, 02:01 PM
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Re: good and bad news

Oye! *slaps hand to forehead* Best of luck to Mark in job-hunting.
h



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post #3 of 18 (permalink) Old 03-22-2009, 02:16 PM
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Re: good and bad news

Tell Mark he joins good company in the laid off pool...me! Hope his experience with Unemployment is better than mine!

Maria, I hate to be a wet blanket, but is the loan modification completely processed or just approved? If it's not complete, you may run into issues. I knew that a layoff or hour reduction on my job was coming and started refinancing my house to reduce the payment. I was told it was approved and given a closing date a week and a half later. A couple days later I was laid off. The bank didn't send the employment verification until a few days before the closing. I ended up losing the loan. Totally ridiculous since I was trying to reduce the payment, I'd have a much better chance of making a payment of a lower amount when laid off. Since it was the same bank, you'd think they'd figure out for themselves that both of us would be better off if the loan went through, no reasoning with them though.


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post #4 of 18 (permalink) Old 03-22-2009, 06:53 PM Thread Starter
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Re: good and bad news

Quote:
Originally Posted by doodlebug
Tell Mark he joins good company in the laid off pool...me! Hope his experience with Unemployment is better than mine!

Maria, I hate to be a wet blanket, but is the loan modification completely processed or just approved? If it's not complete, you may run into issues. I knew that a layoff or hour reduction on my job was coming and started refinancing my house to reduce the payment. I was told it was approved and given a closing date a week and a half later. A couple days later I was laid off. The bank didn't send the employment verification until a few days before the closing. I ended up losing the loan. Totally ridiculous since I was trying to reduce the payment, I'd have a much better chance of making a payment of a lower amount when laid off. Since it was the same bank, you'd think they'd figure out for themselves that both of us would be better off if the loan went through, no reasoning with them though.
It has been approved but I have not signed any paperwork yet, I swear if this doesn't go thru I am going to just walk out, we can't keep paying this much and then end up losing our house anyway.
Last week someone called Mark's work and spoke with the dispatcher, they (who knows who it was.. the bimbo didn't ask!!!) asked if Mark worked there and she said yes, and then says thanks.. we are not sure it was NACA or CW, they did ask for pay stubs when we first applied, but I don't know if they will check again??
I am REALLY scared now

He has had a job for the last 10 years.. so he doesn't have any experience, why how was yours??

Maria
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post #5 of 18 (permalink) Old 03-22-2009, 06:54 PM Thread Starter
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Re: good and bad news

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Originally Posted by Heidi n Q
Oye! *slaps hand to forehead* Best of luck to Mark in job-hunting.
h
Thanks Heidi, he is going to need it.

Maria
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post #6 of 18 (permalink) Old 03-22-2009, 07:02 PM
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Re: good and bad news

I'm so sorry you're faced with such rough decisions, Maria. My prayers are with you.




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post #7 of 18 (permalink) Old 03-23-2009, 12:11 AM Thread Starter
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Re: good and bad news

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I'm so sorry you're faced with such rough decisions, Maria. My prayers are with you.
Gracias Juanita, We are going to file online right now, any experts???

Maria
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post #8 of 18 (permalink) Old 03-23-2009, 12:55 AM
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Re: good and bad news

Fingers and paws crossed for both you and Mark, Maria.

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post #9 of 18 (permalink) Old 03-23-2009, 01:29 AM
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Re: good and bad news

I didn't want to put down that I was paid for vacation and sick pay when I was laid off, but I did report it, of course. Turns out, it doesn't count against your benefits at all. So I'm not sure why they even ask that question.

The forms in California are very confusing. For some of the answers, I just did the best I could. The way they're asked made no sense at all. Good luck!

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post #10 of 18 (permalink) Old 03-23-2009, 01:43 AM
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Re: good and bad news

Phew - this sounds utterly nerve-wracking!! Fingers and paws crossed for both of you....

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