Bank of America Final Loan Modification Agreement Obtained for Homeowner Located in San Marcos, CASubscribe to Rss Feed
The Law Offices of Michael Gaddis recently obtained a final Bank of America loan modification for a homeowner located in San Marcos, CA. The terms of the loan modification call for a a step rate starting at 2% for the first 3 years followed by an interest rate of 3% in year 4, 4% in year 5 and a fixed rate for the remaining term of the loan of 4.125%. The initial total monthly payment of $1,362.52 represents an over $300 reduction from what the homeowner was paying prior to becoming delinquent. However, this case was unusual in the fact that although the homeowner’s trial ended in February of 2012 the final paperwork did not arrive until November 2012. Bank of America kept giving excuse after excuse as to what was causing the delay in issuing the final paperwork but Michael Gaddis was on top of them documenting every correspondence and phone call. Finally, after nearly 9 months of pushing, Bank of America finally issued the final loan modification paperwork.
This scenario is evidence that you have to be on top of your lender at every moment. Do not get a false sense of security that everything is okay because it is not okay until you have received your final loan modification paperwork. As always, Michael Gaddis and his staff will continue to monitor the homeowner’s file in order to ensure that Bank of America receives the executed loan modification paperwork; that Bank of America properly uploads the new modified terms into their system; and that Bank of America returns the homeowner’s file to regular servicing.
To view a copy of the final loan modification please click the following the link: http://californialoanmodificationattorney.com/wp-content/uploads/2012/03/Bank-of-America-Modification-SanMarcos.pdf