Loan Modification
I posted in the past on the frustration of trying to obtain a loan modification, which I know is an issue for many. I started this process last fall, with a perfect record re: payments, but had recently incurred an income loss. My request was simple, so I perceived, to change our 15 yr. loan into a 30 year loan, thereby cutting our payments nearly in half. I won't belabor the phone calls (hours), faxed documents, etc., all for not, as we were denied twice. I tried one last time, in February, when President Obama introduced his loan modification program. I heard absolutely nothing. In mid-May, a representative from my lender called and congratulated me on our qualifying for a loan modification. I truly thought it was a prank call at first, as it had been 9 months of an exercise in futility. We have now completed our trial period (3 months), have remained on time with our payments, and just received permanent approval for the modification: it will NOT affect our credit, which was a vital element for us. The terms were better than I expected, which was a pleasant surprise. I have had a lot of support in the past from other bloggers and I wanted to express my thanks, andit is true, never give up hope. (Special shout out to TheraP!)
