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Armando Alvarez is a former amateur boxer who scored a knockout in his toughest fight — getting a bank to modify his adjustable-rate mortgage.
Alvarez, who turns 55 in March, was able to cut his monthly payments from $1,655 to $535 over the next five years. It took two years to achieve the modification and was, he said, one of his most formidable bouts.
He is one of an estimated 7% of the applicants nationwide under the government’s Making Home Affordable program to receive a permanent modification.
Read more from the Fresno Bee
