deeezldoc,
that is the case with any of the modifications coming from
CW directly..........they are all for a period of 5yrs to 10yrs and then they go up from there..........and they have not reduced principal in any cases on first liens.......whether using an attorney or going it alone............it is their investor model and it is written right on their website............the attorneys can only achieve what the investor on the note is willing to do............unless the loan is a FannieMae/FreddieMac loan in which case the outcome would be according to those specific guidelines.
these are the three types of programs that everyone that goes through
CW and qualifies, gets............and they are...........
A fully amortizing loan modification with an interest rate reduction to the introductory rate or lower for
five years and an automatic conversion to a fixed rate for the remainder of the loan term. If the new payment will not be affordable at the time of conversion, the borrower will be considered for a single two-year period of reduced rate financing and the conversion to a fixed rate will occur at the end of the seventh year.
An optional
ten-year interest-only period on the loan; and
Reduction of the interest rate with
fixed step annual rate adjustments, subject to an interest-rate cap.
that isn't the third party.................it's Countrywide...............
If your friend wants to acieve a low fixed rate modification and that is the only property that they own...............they can try NACA...........NACA does their own Home Save modification program and the services are free.........they are a HUD approved counseling agency and have been around for over 20 years.........here is the link to read through and see if they may be able to help.............
https://www.naca.com/refinance/refinanceTenStep.jsp