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Review 10/13/2009
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My real life experience with the Loan Modification Foundation was actually surreal. I first called the Loan Modification Foundation several months ago because I was caught in two high-interest mortgages, the larger of which was adjustable and about to reset. Bridget was very patient and spent well over an hour explaining what her company could do, but I was stubborn and skeptical that they could conduct any work beyond what I might be able to on my own. After several months and several hours of getting nowhere on the phone with the companies that were managing my loan, I was ready to give up. I was told by the loan management companies at both Aurora (1st loan) and Citi (2nd loan) that I would not be considered for a loan modification unless I was three months behind on my mortgages, and told that even if I got behind on payments, I likely wouldn’t qualify for any of the current loan mod plans. Desperate and not wanting to destroy my credit for an outcome that was uncertain, I called Bridget back. She again spent over an hour with me, reassuring me that her company would do everything they could to get both my loans modified, and would not ask for payment unless they were successful. She walked me through the application process very quickly. Within a few months, she called me with a modification offer on my big loan with Aurora which was half the amount I was currently paying. Less than a month later, she called me again with an offer of a modification for my small loan which was modified to less than fourteen percent of my current payment (from $784 to $103) with a 2% fixed interest rate. On top of that, my principle on the second was reduced by sixty-three percent! The balance on my loan was $93,000 and Citi agreed to waive $59,000 of the principal so my new loan amount on the 2nd was $33,000. Importantly, Bridget encouraged me to stay current on my loans throughout the mod process and I did, preserving my credit. Although Bridget reminded me that there are no guarantees in the loan modification business, she provided me with updates every single week which reassured me that her company was doing its best to represent me to the best of its ability. On top of that, she was always available to talk to and patiently and honestly answered questions throughout what could have otherwise been an extremely anxiety-provoking process. She continues to be available to me even though her company has already been paid in full for its excellent work. Thank you to the Loan Modification Foundation for giving me new hope in my home ownership…as you know I have already referred you to several friends who are in similar situations. You are the best and I truly feel like an extended member of your family!
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