Mortgage counselors still caution that most troubled homeowners won’t qualify for a better loan deal, either because their finances aren’t solid enough or their lender isn’t willing to deal. But enough success stories are emerging to provide glimmers of hope.
Janet Davis of Mesa is one, having received a principal deferral on her main loan that she doesn’t have to pay until she moves or the home is sold. Davis said she also was able to settle a second mortgage on the property for 10.5 cents on the dollar.
“My payments are down to what they were on the original first mortgage, and I now have no second at all,” said Davis, who works in sales support for an electronics-infrastructure firm.
