Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

4 of 6
BACKNEXT
Burt Carlson: Permanent fix
Burt Carlson: Permanent fix
Burt Carlson with his wife, Lydia Montgomery, at their home in Phoenix.
For Burt Carlson, the path to a lower mortgage payment was relatively easy.

A mortgage consultant who saw his income plummet in recent years, Carlson first turned to the Hope for Homeowners program, which was set up last year to assist troubled borrowers lower their principal and monthly payments.

But his fortunes improved when he was put into a trial modification in the spring that lowered his monthly payments on his primary mortgage to $1,075, down from $1,665.

Carlson, whose home has lost nearly half its value since he bought it three years ago, learned earlier this month that he received a permanent modification that lowers his interest rate to 2% for five years, making his monthly payment only $944. The rate slowly rises until it hits 5.125% in year nine, where it is frozen for the next 31 years.

"I am thrilled and grateful that the process is finally over after starting this effort about a year ago," he said. "It was a little bumpy at the outset, but I have absolutely no complaints."

NEXT: Jose Rivera: Still waiting

Last updated October 24 2009: 8:56 AM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
17 cool gadgets that tease the future Smart telescopes, surveillance for dogs, an electric roadster and more from CES 2018. More
These 12 airplane beds let you really sleep on a flight For the price of a premium class ticket, you may just get a space that's comfortable, private, and quiet enough to ensure a good rest. More
CES 2018 kicks off with oddball gadgets The biggest tech show of the year opened with a collection of quirky gadgets. More

Special Offer