Just got an approval on one of my first super Jumbo loan modification through Countrywide now B of A. The loan was 1.2 million and it was a fixed rate for 30 years at 6.5%. I was told originally that fixed rate loans in this category were not eligible for modification but I kept pushing and was able to get 4% for 3 years reverting back to the original not rate of 6.5%. The relief saved my clients $74,800 over the 3 years. Not bad.
Needless to say my clients are very happy and will enjoy the next 3 years of lower payments.
More good news to follow.