After being denied a loan modification through another company, these homeowners were down on their luck thinking that it was only inevitable that they would lose their home. Once contacted by PFF, this family was highly skeptical about the service because of their previous denial. They came to us with an adjustable rate mortgage at 7.5% that PFF fixed for the next 10 years at 5.5% with GMAC mortgage. There was no contribution (modification down payment) required and $10,961.61 in delinquent payments were pushed to the back of the loan. The file began with PFF on 6-19-08 and was completed on 9-16-08.

CASE #2: -  Click to see actual loan mod from bank

This was an adjustable rate negative amortization loan at 7.125% that we were able to fix for the next 5 years at a 4.25% interest only payment for a savings of $595 per month. There was no contribution (modification down payment) required and $7,678.16 in delinquent payment were pushed to the back of the mortgage. The file began with PFF on 6-14-08 and was completed on 9-12-08.

Click here to view testimonials
 

CASE #3: -  Click to see actual loan mod from bank

This was a fixed 6.1% interest rate principal and interest mortgage with Washington Mutual. A step modification was achieved with a 3.611% interest rate for the first 2 years then moved to a 4.611% rate in year 3 and finally a 5.611% rate for the remaining term of the loan. PFF was also able to push $3,809.72 in delinquent payments to the end of this loan. This case began on 8-10-08 and was completed on 9-25-08.

CASE #4: -  Click to see actual loan mod from bank

This modification came from American Home Mortgage which initially had a 7.95% interest rate that was dropped down to 5% flat. These homeowners had been previously tried a modification on their own and had been denied. By the time they had been denied, their lender had issued a sale date to auction their home off on 7-23-08 as a foreclosure. After finding PFF, these homeowners put their faith in our organization and PFF was able to postpone their sale date for another 30 days to complete the modification. After all was completed PFF was also able to save these ecstatic homeowners $684.62 per month and get them a $250 Visa gift card from their lender for coming to a solution on their property. This case began on 7-3-08 and was completed on 8-1-08.

CASE #5: -  Click to see actual loan mod from bank

The case above was with Wells Fargo and these homeowners had a sales date of 8-15-08 for foreclosure auction. The modification process began on 5-10-08 and was completed on 9-23-08 because we were able to postpone their sales auction date. This was a 10 year fixed mortgage which we dropped the interest rate from 7.875% down to 5.5% for the life of the loan. Wells Fargo initially asked for a contribution of $2,685 which PFF was able to negotiate down to $0. This family also had a second mortgage which PFF was not able to negotiate because their lender would not work with a third party. Furthermore, there was a 3rd mortgage on this property which was initially a 6.1% interest and was knocked down to a 1.5% rate. The payment on this 3rd mortgage went from $126.76 per month to $31.11 for $95.65 in total monthly savings. The total savings per month came to $313.77 and these homeowners avoided foreclosing on their home!

The modification above was conducted with American Home Mortgage which initially had a 10.99% interest rate that PFF was able to reduce to 5% for 60 months. The initial contribution (modification down payment) was only $248.54 for these homeowners and $3,512.20 in delinquent payments was pushed to the back of the mortgage. In addition, a $250 Visa gift card was also received by the borrowers, which was negotiated by PFF from their lender. This case began on 6-20-08 and was completed on 9-29-08.

This was a Hard Money mortgage lender who initially suggested to the client that they do a short sale because there was no way that they would modify a loan that only had 1 year of payments left on it. This client got the hard money loan for a temporary financial solution and ended up in not being able to recover with this new loan. Further financial difficulties caused them to fall behind on this hard money mortgage as well and they were extremely scared of losing their home with approximately $140,000 (30%) of equity in their home. They could not refinance due to their credit scores and after contacting PFF, this homeowner decided it was either try the modification with us or lose their home to this Hard Money lender. They were extremely happy they trusted PFF to solve their dilemma as they saved $921.88 per month on their payments and pushed $14,442.70 in delinquent payments to the back of the mortgage. This case began on 6-18-08 and was completed on 8-11-08.

Wow! This modification saves the homeowner $440,370 over the life of her loan.  This client came to PFF with an 11.25% interest rate that was going up on her every month.  Once PFF negotiated with GMAC mortgage they agreed to not only drop the interest rate by 3.25% but to fix it for the life of the loan as well.    Furthermore, this homeowner received a  $115,484.47 reduction in their principal balance meaning that they do not owe that money and they do not have to pay any income tax for the forgiven debt.  On top of the principal reduction, an additional $9,782.20 in delinquent payments was wiped away.  This case began on 8-4-08 and was completed on 12-8-08.

After trying to work with their lender directly, these homeowners were worn out trying to get a response from their lender, Select Portfolio Servicing (SPS), and they were ultimately denied.  After these clients contacted PFF for professional help they were reassured that their lender was approached in the wrong manner and that we would be able to get results.  Since they were already denied, they were extremely skeptical about the whole process but figured that this was their only chance to keep their home.  Fortunately they decided to hire PFF and were very thankful for their results.  Their interest rate dropped by 3.2% which will save them a total of $149,254.56 over the remaining 26 years of their fixed loan.  These clients were so happy with their results they have sent 3 referrals the first week after their modification were received.  This case began on 9-10-08 and was completed on 12-1-08.

The case above was with IndyMac Bank.  The result was a great step modification that started at 9.95% before PFF.   The first 5 years of the new terms dropped all the way down to 3% and will go up 1% per year until it gets capped out at 6% for the life of the loan.  These homeowners are going to save $48,576.68 in the first 5 years of and $216,616.65 over the entire term of the mortgage. $7,892.89 in delinquent payments was pushed to the back of the loan to make the borrower current on the mortgage and there was no down payment needed to complete the modification.  This case began on 5-22-08 and was completed on 12-4-08.