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
Five most expensive cars sold at Pebble Beach These classic cars went for seven figure sums at the world's premier classic car event. More
Seats that move! Rain! Movie-watching goes beyond 3D How can movie theaters compete when many prefer to watch streaming video from their own comfy couches? Some hope a new interactive technology will lure audiences with immersive effects. More
15 cool cars for sale at Pebble Beach While these events are best known for seven-figure classics, just about everything crosses the block at Pebble Beach. More

Special Offer