Shortly after we successfully modified Dawn Streakers first mortgage, she suggested that we settle her second mortgage and make it go away. EMC has been a decent lender to work with in the past, but we always set the expectations with the client that we’re never 100% sure what the settlement amount will be if any. Sometimes the lender will only offer a modified payment like 2% at 20 years which is still not bad for a second mortgage.
The balance on her second mortgage was over $87,000 and in just 3 short months we got a settlement of $26,000. We’re pleased to report that our client has saved more than $200,000 from the first mod with a $140,000 principal reduction and the settlement on the second.
Thank you for the many referrals. Enjoy your home Mr & Mrs Streaker, you are now in a good position moving forward and we’re glad we could be of assistance.