"Two months ago, Ivan Coleman was struggling, his mortgage payment having ballooned to $1,200 - more than half his income. Starting June 1, his monthly payment will fall to $725.
'My mortgage company was helpful, eager to have me stay in my home,' said Coleman, who first fell behind on his payments after losing his job.
Coleman, who has owned his Maple Heights, Ohio, home for ten years, is among the first wave of homeowners to have their mortgages modified under President Obama's foreclosure-prevention program. As of last week, for example, Chase Mortgage, the servicing side of JP Morgan Chase, had issued more than 15,000 modifications under the plan."
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Mortgage modifications are happening. Get yours
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