Loan Modification: Are these programs actually working? Was anybody able to successfully renegotiate their mortgage payment and/or reduce loan amount? Everybody talks about loan modification, but are there any “success stories?”

Tax Advisors
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Aug 7, 2009 by Tax Advisors
Category: Home Loans

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Steve Selengut
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Steve Selengut
Aug 17, 2009  
Hi, sorry but I'm not in the mortgage business or industry. I'm an investment manager and educational workshop providor.
Alan D. Fisher
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Advisor: Alan D. Fisher, Real Estate
Aug 16, 2009  
Yes I have helped several clients with their loans. Do you have a project or loan you need help with?
Rada Roberts
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Advisor: Rada Roberts, Real Estate
Aug 13, 2009  
Sorry I am not mortgage broker. I am Realtor and I did hear from agent in my office that whole process gets complicated and expensive
Premier Financial Services
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Advisor: Premier Financial Services, Bookkeeping
Aug 13, 2009  
Sorry I'm not sure I'm not in the mortgage industry. I'm a Bookkeeper and QuickBooks ProAdvisor.

I would consider contacting Todd at Value Mortgage, Inc. todd@valuemortgageinc.com.

Thanks!
Randy Brunson, CFP
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Randy Brunson, CFP
Aug 13, 2009  
I'm not aware of any, but I'm not a loan or mortgage officer, so the value of my input may be quite limited.
Mark Goldman
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Advisor: Mark Goldman, Home Loans
Aug 13, 2009  
Yes. But you may need to go delinquent on your mortgage before the bank will consider a modification. You will need to show a financial hardship and some ability to pay your revised mortgage payment. Be prepared for a long hassle. But the effort can help save your home and a lot of your money.
Dave Kramer
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Advisor: Dave Kramer, Home Loans
Aug 13, 2009  
yes, my friend got his payment chopped in half!

i heard that you have to be behind on your payments by at least two month befor the lender will even begin to negotiate. it would be ashame if you have to sacrifice credit rating, but if there is a need then it's probably worth it.
Tamara Vesna
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Advisor: Tamara Vesna, Real Estate
Aug 13, 2009  
Yes. My client save $800/mo by just calling his bank. He has good credit and good job. Tamara Vesna TV www.TVcondo.com
Sally K. Hanson
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Advisor: Sally K. Hanson, Real Estate
Aug 13, 2009  
Yes...sometimes it does work...and we have done this successfully at no charge for homeowners. It does not work for people under or not gainfully employed but can work for many people.
James Mollica
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Advisor: James Mollica, Home Loans
Aug 13, 2009  
The programs are working but very slowly. I know of a few people that have had their mortgages reduced to 2%

The process is long and tedious
Kristina Milano
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Kristina Milano
Aug 12, 2009  
Yes, this works, I am currently working with a company that does Loan Modifications.