KVCR-FM created this NPR news spot pertaining to the Southern California mortgage crisis. Listen to the segment here (approximately 5 minutes).
Click the arrow below to play.
MORTGAGE MODIFICATION CONSULTANTS
91.9 KVCR – June 19, 2009
By Anthea Raymond
For homeowners struggling to make their monthly mortgage payment, a loan
modification can be a lifeline. But negotiating a modification is
complicated. While banks encourage borrowers to work directly with them,
often homeowners turn to so-called “consultants” for help. Some have had
success. But others have been burned by fraudulent promises. When DOES
it make sense to turn to use a consultant? And how do you pick the right
one? In this report Anthea Raymond offers some guidelines for
modification seekers.
June 20th, 2009 at 7:59 am
I have a friend who was successful with a loan modification at [URL deleted]. He said this reduced his payment through a rate reduction and extended term. However, there was no talk of a principle reduction. Does anyone know how that aspect works? I have heard of people getting their principle reduced but does it show up later at the sale of the property?