[StBernard] SBA loans -- why are some getting more than others?

Westley Annis westley at da-parish.com
Tue Jan 24 20:41:21 EST 2006


i had never heard about the re-location loan either until i went to the
closing on the $24,900. mortgage they were going to give me. they had it
set up that i was going to repair my home on judy drive. i explained to
them that i was not going back to judy drive and that i had already paid
that loan off with my flood insurance money and took the balance of my money
along with a second mortgage and purchased a home north of the lake. the
lady, who was with the legal department at sba told me that i could do a
relo loan. she said that all i had to do was write a letter to them
explaining why i was moving (because of the levees/oil/mrgo/etc.) and they
would send it back up to underwriting as a relocation loan. we did have
some equity in our home as when we purchased it 15 years ago, it only cost
us $68,000. (can you believe!!). we refinanced over the years, but still
had enough equity to pay off the loan and put money down, along with a
second mortgage, to purchase another home. anyway, i am still waiting
(legal dept lady said takes 6-8 weeks for answer and that was on 12/12), but
as soon as i get a call, will let you know the outcome.

one other thing sba did tell us, you cannot pay off old debt, meaning any
old debt we had on judy drive was not able to be included. but, you can pay
off a 1st and 2nd that was used to purchase a home AFTER katrina.......let
me know if this confuses you. my e-mail address is nancmmi at bellsouth.net if
you want to ask me any more questions. wish me luck that i hear from sba
soon as this house note i have right now is killing me!!!!!! good luck to
you also,

nancy sinopoli

Nancy, I have never heard of a relocation loan. What happened to your house
in St. Bernard then? Did you have full coverage to be able to walk away and
buy a new one? We want to relocate but can't because we have to pay off our
existing mortgage first. Thanks, Mudpie

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