I had a client who was turned down for a modification and he finally got the modification approved using the help of NACA. Check them out at www.naca.com . The client got a 40 year term with a 4.8% rate - the first 5 years of the loan are reduced payments.
When he called the bank (Wells Fargo) they commented that NACA had no pull but he was previously turned down. So, perhaps they do have pull. The client received a denial letter and called the bank and they said, "Oh no, the modification is approved". He asked about the denial letter and the comment was "that is a computer letter and does not mean anything."
The client did have to sit thru a 4 hour seminar and did deliver documents but he was happy with the process and the results. If you have not seen the IndyMac/One West video going around you want to watch this. It explains basically why the banks do not want to modify.
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