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Review 3/31/2010
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Tim Stafford and his staff were extremely helpful during the entire process. I was in the mortgage industry for almost 20 years prior to the collapse of the lending industry. Accordingly, I struggled to make my mortgage payment for almost 2 years and finally threw in the towel back in June of 2009.
As I became further and further past due and wasn’t getting the help I needed from my lender, I knew I had to reach out for assistance. I was several months past due and beginning to feel depressed but I researched all the companies that I could find and I finally contacted Modification Services to assist me with a loan modification. It was from that day forward that I felt like I had "HOPE" once again. The process was long and drawn out, but Modification Services stayed in contact and continued to encourage me.
As the story goes, my wife, 4 children and I are still in our home!! We had a $971,000 loan at 5.50% and they negotiated it to 4% interest only for 5 years. Modification Services was also able to get over $50,000 of delinquent interest, late charges, legal fees, etc. put onto the back of the loan. All I had to do was send $2999 to the lender and begin making payments once again...but with a payment of approximately $1000 lower than my previous payment!!!!
I also have a rental property and I was losing money on it every month so I stopped making payments. Modification Services told me it would be harder to get it modified than my primary home but they would try if I was willing to chance losing money if it wasn’t successful. Not only did they get it modified, they were able to get the rate so low (below 3%) that I am now making money off of the rent that I get from it each month.
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