Modification Videos

LOAN MODIFICATION

Hi, my name is Laurie. We just received a loan modification.

Chip: Well, I am a land surveyor and my job is directly related to the housing. I went from working 80 hours a week to 14 and to 13, I just went down hill from there.

Laurie: They also cut his pay, which didnít help and then on top of that, I had an illness and I was out of work for five months. So I had to go in short-term disability which was just not just enough money to go around.

Laurie: we have thought about bankruptcy, but that ruins your credit and it's with you for seven years, you can't turn around and buy another house. You foreclose same thing, it ruins your credit.

Laurie Plus I was trying to think ahead, you know we are going to have to get college loans for our daughter, nobody is going to look at us, if we have bad credit.

Laurie: I called my mortgage company

Laurie: I explained the situation to them is there anything you can do to help me. And they told me, I would need to start the loss mitigation process. it takes about 8-9 months, you have to hang in there, you have to be persistent, you have to call them two to three times a week, you know where am I in line, when you are going to get to me.

Chip: She is really good at being persistent.

Laurie: He didnít believe until we went to the bank and signed the papers then he was like, okay it's real.Laurie: I probably started jumping up and down in kitchen and then I called him right away. he was like really and I said, yeah, I said this is what our payments are going to be

Chip: even after we signed the papers, I think I wasnít totally believing until where I actually started making the payments you know.

Laurie: we were paying $2,900 and now we are paying $2,162.

Laurie:, I just I know I was relieved that day because I thought, okay we are not going to lose our house.

Chip: it was nice to not have her stressing out and going over what she did through the day, you know faxing this and faxing that and to have her relieved, it was nice.

Laurie: Pick up the phone and call your mortgage company before it's too late, donít wait until you so far gone that you know you can't get the help you need.

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