When seeking a loan modification for our clients, we aggressively pursue the best possible result by efforts to guide the lender to a favorable outcome based on the facts. This requires extra work by phone calls and letter writing, but the results are worth it.
We recently obtained an "in-house" loan modification for a client that was not qualified to receive a HAMP loan modification that included a large deferral of principal that will be forgiven over three years if the borrower successfully makes the loan modification payments. While this is only possible where the loan exceeds the value of the house and the house is "under water," this is still an excellent result that is the exception to the rule. Also, the borrower's interest rate on the life of the loan is only 2%.