Clemente Cardosa was a very complicated case since both loans where FHA.  One property with 3 units and the other being a single family home.  At the time he was living in the single family home.  We submitted financial proposal for both properties knowing that a positive outcome for a modification wasn’t really probable.  Eitherway, the HRC team had a game plan and the patience to negotiate with the bank, this wouldn’t be an easy task.  During this process documents where misplaced by the bank, sent to other departments by mistake internally, and it seemed the bank did not care what was going on with it all since FHA insurance was paying the investors. 

We submitted these cases various times until finally we received a partial modification offer (forbearance or repayment plan offer) for the single family Mr. Cardosa was living in at the time.  We accepted this offer with the clients request and moved on to the other property.  Immediately we resubmitted the proposal for the second property, this time as the primary residence, now that Clemente accepted the offer for the other property and moved to one of the units of the complex he owns. This allowed us to resubmit the proposal as his primary residence.

After waiting a period of time we received an offer for 2% fixed rate interest for this property and a 5.25% fixed rate on the other property.  But the most important part is that Clemente achieved his goal of keeping his properties thanks to his patience and confidence in the Home Resource Center team.