Loan Modification – Approved!

March 2009 I started the process with my mortgage company to get a loan modification. My husband hasn’t worked since January 2009 due to illness and we could not afford our loan. I know we’re not the only ones in this boat. But I had heard about the modification process and decided to sign up. I didn’t realize it would take sooo long. The mortgage company called repeatedly to ask for the information over and over. Mind you we were still paying on time, I just had to borrow money from my mom.

Well in January I decided to not make a payment and see what happened. A friend did this and got results, although she did it for like 4 months. I just wanted to see, I paid in February but we were still behind a month. Well, guess what? They called and said I was approved for a trial modification. I was given a lower payment for 3 months and after that they would most likely approve us for a permanent modification.

Well that time has come and it’s finally official!! Yeah!!

I certainly do not suggest anyone not pay their loans. I was very worried about it and my credit score. I do not like not paying, thrust me. I just wanted to share my experience.

Is anyone else going through a modification process and what’s your experience? Did you pay a company to it for you or go through your mortgage company?


I'm a mother of 2 who likes to get involved in too much! Besides writing here I started a non-profit, I'm on the PTO board, very active in my community and volunteer in the school. I enjoy music, reading, cooking, traveling and spending time with my family. We just adopted our 3rd cat and love them all!

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  1. Shannon "Coupon Princess" says:

    Congrats, wonderful news.

  2. We recently did something similar bc we were behind and took off all the late fees and made our new mortgage just a lil over $400 a month now.

  3. Pinching Abe says:

    I think you hit the nail right on the head. You tell them you can't make the payments, but you do, so they don't care or think you are in need of a modification. Once you withhold, they get the message quick. A friend went through a short sale a few years ago and what it took was them just to simply stop paying to get results.

  4. Katy and Ross says:

    We haven't had to do anything like that, but I'm glad you got approved! I'm sure that takes a huge burden off your shoulders.