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Meet Yvette. Mortgage (re)modified in 2012.

‘Don’t settle for “no” from your mortgage company. Contact the investor, and ask for their help.’


Yvette lives in an older home in northern New Jersey she bought in 2008. Her two adult daughters and granddaughter live with her. Yvette works fulltime as an executive assistant, and anticipated that when her daughters graduated from college they would contribute to the household finances.

But that hasn’t been the case. They graduated into a stagnant job market and neither daughter—one with a master’s degree the other with a bachelor’s—has found employment in their desired field. One works in a shoe store, the other as an administrative assistant.

Their combined income leaves Yvette struggling to pay the bills.

Yvette approached her mortgage company about a modification in 2010, but she was underwhelmed with the result. “By the time they were finished, my mortgage payment was about ten dollars less than before,” she notes.

A friend suggested contacting the Fannie Mae Mortgage Help Center in Philadelphia (Fannie Mae owns Yvette’s mortgage). A Fannie Mae representative worked with Yvette’s mortgage company to modify the mortgage—this time saving Yvette $447 a month, money she is using to upgrade the home’s plumbing and electrical systems in anticipation of remodeling.

Her advice? If your mortgage company can’t or won’t help, find out who owns your mortgage and see if they will. “Don’t settle for ‘no’ from your mortgage company. Contact the investor, and ask for their help.”

Previous Interest Previous Payment

Monthly Savings

7.5% $2,179
Trial Mod Interest Trial Mod Payment
4.625% $1,732

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