Bank of America Department of Justice (“DOJ”) Trial Loan Modification Success for Homeowner in Laguna Beach, CA Proposed Principal Reduction of $399,550.53

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The Law Offices of Michael Gaddis recently obtained a Bank of America DOJ trial loan modification (“DOJ Trial”)  for a homeowner located in Laguna Beach, CA.  The DOJ Trial has a proposed principal reduction of $399,550.53.  The homeowner discovered Michael Gaddis while searching the Internet for information on Bank of America’s DOJ program.  After reading numerous success stories and reviewing the numerous samples of previous modifications on the “Approved Trials and Modifications” page of Michael Gaddis’ website the homeowner decided to contact Michael Gaddis for a consultation.  The homeowner had tried numerous times to obtain a loan modification from Bank of America all of which had ended in NPV denials.  Michael Gaddis reviewed the homeowner’s situation and determined that the homeowner should be able to qualify for a loan modification, if not a DOJ, then, at least, an investor modification.

Michael Gaddis submitted the homeowner’s loan modification application and was immediately stonewalled because Bank of America said that the homeowner could not be reviewed again because the homeowner’s situation did not represent a satisfactory change in circumstances.  In other words, Bank of America was using the homeowner’s prior submissions against him.  Thankfully, Michael Gaddis was able to overcome this obstacle and get the homeowner’s loan modification file reviewed again.  However, within a couple of weeks Michael Gaddis received a DOJ denial.  After reviewing the DOJ denial, Michael Gaddis appealed the denial, and, at the same time, recommended to Bank of America that the file be reviewed for an investor modification.  Bank of America reran the DOJ NPV test which resulted in the issuance of a DOJ trial loan modification.

The resulting payment of $5317.87 reflects a potential payment savings of over $1100 a month.

Michael Gaddis and his staff will continue to monitor the trial period in order to ensure that a final DOJ loan modification is obtained.

To view the DOJ Trial Loan Modification please click the following link:  http://californialoanmodificationattorney.com/2012/11/bank-of-america-doj-trial-loan-modification-success-for-laguna-beach-homeowner-principal-reduction/