I spoke with a friend who was has been working on a loan mod for over a year. They had put $120,000 down payment into the home and wanted to stay in the home. They had to stop making payments to get the bank to even talk to them. They were very frustrated by the end.
They had a second loan. The first loan agreed to the loan mod but the second wouldn’t budge so they ended up moving to Temecula this week to rent a home and let their old home foreclose.
I continue to hear the stories of failures and I have yet to hear of a success.
I guess I can say I have now heard of one successful loan mod…Zakaria’s. I can’t say his particular story gives me confidence that he will be in his home 5 years from now.