Loan Modification Process, it can work!

Okay so you hear about the elusive Loan Modification process, but does it actually really happen to people and is it worth the hassle? Well I have been working with a client on getting her loan modified… took from approx April 6 through June 22 to make it happen. She went from $1391 payment to $836. The interest rate was changed from over 12% to 5.375%, they kept the same amount of years 28. So we have a success story. Granted I assisted my client with getting all the paperwork together, I called in on her behalf to make sure there wasn’t anything else needed. We made sure she continued the outragous payments until they could fix but all in all it went fairly smooth, it took longer than we wanted but it worked out in the end and she is now a very happy, much more relaxed lady who can make her payments. My $150 charge for a year of my services was well worth her while since she still has me as a resource, for another 9 months, as she moves forward. Now that she has her mortgage under control, there is no stopping her continued progress.

So we know it works, be ready for some work, but it can happen. Her loan was through ASC (Wells Fargo).


~ by debt2dreams on June 26, 2009.

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