Hello,
I began my journey in May 2009. I don't have loans that qualify for HAMP and in hindsight I am grateful because I don't think I would have had this success.
Purchased home in Aug 06 in So Cal. for $440,000 with no money down. 80% value 1st-7.25%; 20% value 2nd-11.875%. (Current value via BPO = $190,000.)
SLS modified immediately-very smart since they are unsecured at this point- to an acceptable 7.55% in a matter of 2 weeks from request.
Midland took a little more effort and creativity on my part to reach just the right higher ups to get the ball rolling. Today the modification was final at 5.25%.
Both loans terms stayed the same. The only change was the interest rates.
Total monthly savings = $994.67 !!
Thank you to the loansafe.org family for the guidance/support/advice along the way. My lenders are not the common lenders everyone is dealing with so I hope my success story gives encouragement to the other small fries out there to be persistent!
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