A recent study found that homeowners who received counseling prior to obtaining a loan modification were at least 67% more likely to be current on their modification payments nine months after a loan modification. The study also found that those who received counseling were more likely to obtain a modification and were able to get significantly lower payments.
I think this data and information may be skewed somewhat by the source but seems accurate overall. After a short counseling session with many of my clients, we have a good idea of what types of modifications they may be eligible for and the amount of a modification we expect to see. This reinforcement gives most clients a better idea of what can be done for them and makes them more willing to do what it takes to obtain a final workout.
If you are considering a modification or want to discuss your options regarding your home, please give us a call. We can go over all your options including loan modification, short sale, deed in lieu, and bankruptcy. Call us today at (877) 346-7411.