Our client is a 53-year-old man, who has lived in his home for 19 years. Seven years ago, he was sick and unable to work. He was facing foreclosure because he fell behind on the payments. We helped him refinance his mortgage, obtain long term disability benefits, and remain in his home.
Recently, he received a time-limited offer in the mail to refinance his mortgage. The offer looked attractive and promised him great savings. He turned to us for guidance.
We reviewed the projected mortgage modification. We explained that the calculated payments are estimates and that if he accepted the offer, the final prices could be higher and he would be forced to accept them. Once we explained that the mortgage modification process has more room for negotiation on costs than the offer provided him, he felt empowered.
He no longer felt pressured to accept the time-limited offer and decided to consider his options on his own time table.