A client had housing troubles that had left him with an unaffordable mortgage. He was paying $2,265/month with an interest rate of 6.880%. He was 4 months late on payments and knew he needed help. Fortunately, he was able to hire a loss mitigation company to provide the assistance needed for him to continue living in his home.
The modification took over 8 months to achieve but the results are stunning. Not only did he keep his home while we were working the case, we secured him a new monthly payment of $1,300.72. That’s a savings of $964.28. He only has to pay one month’s mortgage payment to the lender to get reinstated and the rest of the $27,200 owed to the lender has been brought current and placed at the end of the loan.
We tell clients all the time, be patient. It’s not easy getting a loan modification and lenders are tough to work with. This is a perfect example of what can be achieved with hard work and patience.
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