Wednesday, April 13, 2011

SPS: An update

I am quite pleased and frankly amazed to report that my Loan Modification came thru and is everything I wanted and more. Re-reading my frankly hysterical last post, I wish I could hang my head in shame, say "Aw, Gee, silly me!"... But.  Big But... Bigger than any big butt you could imagine...
It took me a year to be heard and understood. A year. I was on the phone with people for hours that I wish I could bill for. And what was I asking for? A ridiculous bail out, for my foolhardy spending habits? A government handout? No dear reader, no. I was asking for a conforming loan, a non-adjustable rate loan, to leave my horrible interest only loan behind. A loan I deserve because I am a good risk, have excellent credit and pay on time. I can hardly believe it has come to pass, but it took contacting the Better Business Bureau and the company's Ombudsman to make it happen.
I am nothing if not dogged. Actually I am a terrier. I will snarl and snuffle and worry something until I get my way. Fair warning.
And if anyone out there is dealing with trying to get a loan mod,  find out who the ombudsman is and get that person to help you. Don't be defeated by the foot soldiers, the people who reject you on the front line. If you are an actor, or any kind of self employed person, it is going to be YOUR responsibility to educate the loan people. They don't know how to deal with you, so you must do your research and have the answers.
1. Learn what a profit and loss statement is. Make one now. Keep updating it.
2. Keep ALL your pay stubs.
3. Document all the places your income comes from. You are going to have to explain the concept of "residuals" several times.
4. Get ready to explain why you have w2's and 1099's. And why so many
Get smart about your finances. No one is going to bail you out except yourself.
And for anyone wondering why I had one of those horrible, recession causing, market destroying loans in the first place, I did it because no one would rent me an apartment because I had no rental history, so buying was my best and only option. But I ALWAYS paid into the principle, and I knew what I was getting into and I also knew I needed an exit strategy.
Feel free to ask any questions. I will help if I can.

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