Final Bank of America Department of Justice (“DOJ”) Loan Modification Obtained for a Homeowner Located in Ramona, CA Principal Reduction of $87,875.95

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The Law Offices of Michael Gaddis recently obtained a final DOJ loan modification for a homeowner located in Ramona, CA.  The homeowner contacted Michael Gaddis after several attempts to modify her loan on her own failed.  The homeowner had even contacted the executive office of Bank of America and was still unable to obtain a satisfactory result.  The homeowner contacted Micahel Gaddis after seeing one of Micahel Gaddis’ commercials on TV.  Although a little apprehensive at first the homeowner made an appointment to see Michael Gaddis and retained him shortly thereafter.

The terms of the loan modification call for a principal reduction of $87,875.95 which effectively brought the value of the homeowner’s house to the current market value.  The loan modification program is a step-rate modification with an initial interest rate of 2.125% for the first 5 years followed by 3.125% in year 6 and 3.375% for years 7-24.  The initial payment for the first 5 year period is $1,797.54 and represents an over $900 a month savings from what the homeowner was paying prior to going into default.

As always, Michael Gaddis and his staff will continue to monitor the file in order to ensure that Bank of America receives the signed loan documents; that Bank of America properly uploads the modified terms into the system; and that Bank of America returns the homeowner’s account to regular servicing.

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