[StBernard] sba loans

[Westley Annis]

Westley,
I have a relocation loan from the sba, and it has been one headache after
another. We closed on our new house at the end of January, and just received
the check to refinance last week.
Here is how it works (at least the info that I was told):
They will put a lien on your disaster address, AND on your new home.
I sold my house on Judy Drive, so I had to file paperwork prohibiting the
lien on the house. There is a lien on the new house, and you must include
sba on your insurance policy as a lien-holder.
BUT (isn't there always a but?)
The sba requires that you try to sell your disaster property within 2 years.
And the money that you receive from the sale needs to be sent in to them to
buy down the loan amount.
Now, I confused them completely by selling BEFORE closing on the loan. And I
was trying to have my loan amount reduced to include the sale price of Judy
Drive BEFORE closing on the relocation loan to reduce my payment amount.  So
I am still in limbo on that issue.
It's all very confusing, and it is a lot of paperwork. The information is
very challenging, and you practically need a degree to understand what is
going on.  Just gather up your patience before you start this
process.........because it seems to me that they try to frustrate you to the
point of giving up!
Good luck!

Tracie Brown