I just spoke to someone that did an Obama Making Homes Affordable loan mod. It took about 30 days to get approved. There are plenty of horror stories but lots of successes also.
I have a friend that had two properties – a $2M+ in SD and $1M+ vacation home with about $1M owed on each. He’s an entrepreneur who lost many millions last year and was about to lose both homes. He got forbearances (they added the missed payments to the principal) and both got modified at affordable rates (about 3 to 4% 30 yr fixed). He’s back on his game and making a very good income again. In a few years he’ll probably pay them both off as the last year took a toll on him and he just wants to simplify his life. He plans to retire quietly and debt-free in a few years. Knowing him as I do, I beleive he’ll have no problem doing so. You would never see him telling his story in a publication.
