Judging by today...pretty darn fine. Today, my team and I were able to cut through the "no's" and slammed doors in my client's face, going on for over a year, and we took another approach and got results: How does 2% fixed for 5 years interest only, then graduating payments up to 5.25% sound? Do-able, right? And a few weeks ago, we got a similar deal closed with Citibank for a client who waited 6 months for an answer. It takes time, patience, and the right set of financial elements to work. Most are turned away. Many who are turned away are actually qualified. There seems to be a "tell them NO ten times" policy in the loan mod business. Only the persistent and stubborn survive. And loan mods aren't going to work for all. If you truly cannot afford even a reasonable payment because your income is erratic or non-existent, you won't qualifiy. But if you can establish an ability to pay...establish a pattern of commitment - you have a fighting chance.
It isn't popular as a Realtor for me to say that. Trust me, I've lost many a commission this year by telling people the truth and encouraaging them to try again before short selling. But I feel I have gained friends and contacts that will serve my "book of business" in the future. We're in crisis folks - and anybody who pushes somebody into a sale when a work out is still possible needs a conscience check. I do plenty of short sales, but only after all other avenues are exhausted. If you want a modification ask. If you are told no - ask again, and get some professional help to help you cut through the red tape. My clients pay nothing up front, a modest hourly fee to my assistant only upon successful modification - and I ask only for their referrals and testimony in payment for my services. And guess what, I'm one happy camper. Let's help each other through this - remember who helped you tomorrow, and we will all dine well at the banquet together.