Day 258 of my Financial Freedom Countdown
I have discussed previously how fantastically awesome it was for us to achieve what they say couldn't be done...Get a loan modification on our our investment property.
We had started the process of getting a loan mod on our primary home back in March and on our rental property a few months later. The thing is we are still working on getting a modification on the primary, but we were able to get the mod done on the rental property in a matter of two weeks. Now the bank is saying we don't qualify for a loan modification on our main residence. What!?
Our bank is telling us we don't qualify for the another modification because of our debt and that we are upside down with our debt to income ratio. How is that possible? Our debt to income actually went down because of the reduction of our mortgage payment for the investment property. Although, we did have to reduce the rent for our new renter we are still ahead in that respect.
They are telling us we listed 9 credit cards on our monthly expenses and that we actually have 13 cards. Even though I have been dreading doing this, I guess I really need to pull our credit reports and see what is showing up. Something is definitely wrong. With the fact that we don't have 13 credit cards, and why didn't this come up when we received the loan mod on the other property? Stay tuned.
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