Laid Off Mechanic Saves $358 per Month with Mortgage Modification

Steve had a good job as an airplane mechanic with plenty of overtime when he bought his house four years ago.

• Issues: Negative equity, working part time
• Property: 2 bedroom house
• Purchase price: $90,000
• Loan amount: $86,000
• Loan to Value: 107%
• Credit score: 570
• Debt to Income Ratio: 50
• Old payment: $1,990
• New payment: $1,632

Situation: As the airlines cut flights, the need for maintenance dropped. When he was laid off last year Steve was forced to rely on savings. He found part time work fixing cars in his neighborhood and learned about MortgageOutreach.org online.

“The site’s been great,” Steve says. “Talking to my lender, I felt like I was hitting a wall. When I found MortgageOutreach.org I found the solution that made everything clear. I wrote a hardship letter to my bank, listed my new income and slashed expenses. They were able to reduce my monthly payment without a credit check.”