When I first started at the non-profit as a certified personal finance counselor, I privately referred to principal reduction loan modifications as unicorns. In other words, when clients would come in and ask me the likelihood of getting a reduction on their mortgage principal, I would respond that those types of modifications very rarely occur. Fast forward three (3) years. We have received several loan modifications in the past couple of months that have included principal reductions. We just acquired a loan modification today that allows for a $78,185.48 reduction in the principal!! We also lowered their payment by $200.00 a month. What was once my unicorn, is now reality. If you are stuck in a position where you believe that you have no options, think again, you ALWAYS have options! Let us help you FIND them!
Patrick
