We just completed a loan modification for a client with an effective interest rate of 1.5%, 20% principle reduction and monthly PITI payments of just over $2,100. They had a previous payment of $4,300. Oh, and it is a 40 year loan too!
As much as I love sharing these success stories, I am SO GLAD we are almost DONE with all of our mod files and are closing out HRCS. Banks are jerks, it is just not worth it anymore to fight with them. The lending industry is just a huge disappointment in so many ways. You do not see what I see everyday because if you did, you would all agree with me.
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