Modification Videos

LOAN MODIFICATION

I am Alex and I recently received a loan modification. I am self employed, I own a centralized medical billing company. With the economy taking a downturn it trickled down very quickly I just didnít realize how it would hit me but it did. My income went down about 30%, 40%, sometimes 50%, because we work on a commission so there would be months with no paycheck. I know I was embarrassed because you know you figured here I am self employed, I am 40 years old and I built this business and all this, and all of a sudden it's crumbling and you are wondering how did you get there. I walked into a store and I saw Loan Modification For Dummies the book. I started reading it and I read the whole book, took notes and decided this is what I got to do. I have to do this, or else I am going to lose my house and I have worked so hard you know for the last 12 years to just lose it now. Of course walking away is easy; you just have to walk away. But it's not how I was made and I can't walk away from something when I have worked so hard for it. My loan modification dropped the interest rate and extended life of the loan by 10 years. In real terms it meant saving the house, that was the best part. Switching from an arm to a fixed interest and saving about $200 a month so it definitely worked, it saved the house. It took me eight-nine months to get there but the point is, it happened thatís what I was looking for. I would love to tell people donít give up and make sure you donít give up at all and you get help and there is lots of resources out there. I felt like I had been drowning and I was no longer in the water any more so it was a great feeling, it was real good.

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