I have a really cool story for you all, because thanks to the help of loan modification companies, my father is now sitting pretty on a new loan that will allow for him to keep his house. My dad bought a newer house a few years ago using a stated income loan that had a low introductory teaser rate, but that later reset to nearly double the payment that it was initially. When business slowed down, by terrible chance his rate reset. My dad found himself struggling to make his payments on time and nearing the foreclosure process. Scared to lose his home, he called around to a few loan modification companies. I even told him about the loan modification companies that my younger brother had used to modify his home loan. My dad ended using one of the loan modification companies that was on our list from previous experiences, and they really came through for him and saved the day! Now dad has a new rate that he can afford, and it will never reset again!
