"Nothing beats a happy smile", I always tell my employees. Today, my office staff obtained close to ten modification agreement. This will result in an equal amount of smiles and sighs of relief. I took a look at some of those files, in particular three of the files.
The first one was of a newly immigrant family. They moved to California in 2004 in hopes of staring the American dream. By the middle of 2006, they put all of their savings as a down payment for a condo in the city of Reseda. There realtor took advantage of this family because English was there second language and put them in a negative amortized loan. After the first three months, their monthly payment jumped by an average of 10% every financial quarter. I directed my team of negotiators to use the language factor to gain leverage and obtain a modification faster.
The second file is for a war veteran. Current lending regulations provide a wide range of protection to members of the armed forces. While deployed in Iraq, his wife bought a small house in Oceanside, San Diego County, close to Marine barracks. After the deployment period, the couple's income was reduced due to missing bonuses. They examined their options and a local priest directed them to my office. Using the "Three Step Modification" program, my office renegotiated both their interest rate and principle to lower numbers.
The last file, the third file is for an elderly lady, a retired junior high school teacher. A smooth talking loan officer talked her into refinancing her paid off house. The money cashed out was supposedly going to be used to fix up the property which was to be done by a friend of the loan officer. She quickly found herself out of money and with a mortgage payment.