Today I spoke to First Franklins “Prevention” department. The prevention department works with clients who mortgages have adjusted and they can not handle the change.
I called and “interviewed” a “prevention” department lady, who explained to me that if the borrower’s loan has adjusted, and this is the sole cause of their woes, First Franklin will work with the client about lowering their interest rate. First Franklin will review with the client, how much they bring home, and they will need to prove it with bank statements or pay stubs. They will go over there out going bills, and pull a credit report. The credit report is just to confirm payments and not for scores. If after they adjust the payment down, and you show that you can afford all your bills, they may adjust your payment downward. I was told that is some cases they will put your rate back to what you had, before you started to adjust for up to two years.
Now I don't know if all lenders have a "prevention" department. We as agents have to tell our clients about all options that they might have.
In some cases this might help you clients. Good luck!!
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