The first step consisted of basically "throwing my hat into the ring." Like, you have to apply to apply. Then you wait and you have no control over the process. There isn't a different number to call to check on the status of the process.
I am somewhat understanding of what I consider to be reputable institutions. This is new for all these lenders. They don't have the infrastructure in place to really handle this efficiently. I can be reasonable, but I don't want this process dragging out for months. Hey, that's $$$$$$ down the drain.
Perhaps some background would help. I purchased a condo about 3 years ago. Then the condo market went bust in my area. Not planning to move any time soon, I could live with that. Just bad luck, bad timing. Fast forward to November 2008. Cue the dramatic music . . . LAYOFF. Let it be know that I am not one of those people who got a crazy loan or purchased more home than they could afford. In the community I live, small modest homes do not exist, so for us single-working-mother types the choices are to either rent or buy a condo. I am very conservative financially, so I got a 30-year fixed loan. Very affordable and well within my means. Until, of course, the LAYOFF.
So now with very limited income and paying more for a mortgage than my property is worth, I start the process . . .
I'll keep ya posted!
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