Some Homeowners Are Lucking Out With 2% Mortgage Modifications.

CnnMoney.com reported some lucky homeowners are getting loan modifications with 2% interest rates.

According to the latest figures available from Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision, nearly 80% of all loan modifications resulted in lower payments in the second quarter. That figure is up 50% higher than it was three months earlier. The sad part is, only 4% of all homeowners who need the workouts are actually getting them.

Borrowers who are made loan modifications that are affordable are less likely to default. According to the OCC report, a year after receiving a modification just 34% of borrowers whose loan payments were reduced 20% or more had re-defaulted compared with the 63% of borrowers whose payments had been left unchanged.

Homeowner Rodney Wynn is a great example of a borrower who was drowning in a $1,800 per month, 13.4% interest rate mortgage one day and a 4.7% loan with a $970 monthly payment the next.

You can read more about Rodney and other homeowners who received modifications that saved their homes here.

Has a loan modification helped you to save your home? Were you declined for a modification? Feel free to comment and tell us your story.