OPTION ONE/AHMSI Loan Mod reduced rate by 2.5%

[Mike]

Well it took almost 6 months from the time that I initiated the loan modification process with AHMSI so that I can reduce my 11.5% interest rate ($4,000 monthly payment). I had to pay a fee of $500 in order for me to get in line for the investor to to review my file. They said it woul take 10 days and it actually took 20. I just got word from them that they will modify my loan from 11.5% to 9.0% which really doesn't seem to help much considering that my debt load is still very burdensome still showing a negative of about $1200.00. They said since I wasn't late making a payment I am not that much of a hardship. even though I am negative each month by $1700. Should I be satisfied with this reduction in interest of only 2.5percent given my situation and consider myself lucky? Is there anything else I can do?