Final Bank of America Department of Justice (“DOJ”) Loan Modification Obtained for Homeowner Located in Riverside, CA Principal Reduction of $212,630.95Subscribe to Rss Feed
The Law Offices of Michael Gaddis recently obtained a final DOJ loan modification from Bank of America for a homeowner located in Riverside, CA. The DOJ loan modification permanently forgave $212,630.95 leaving the new principal balance of the loan at $291,610.00. As of the date of this post Zillow has the value of the property at $280,000. The final DOJ loan modification is a step-rate modification. The initial interest rate of the loan modification is 3% for the first 5 years followed by 3.375 from year 6 until the maturity date of the loan. Effectively it is a 3.375% fixed interest rate. The initial payment of $1,842.80 represents a substantial reduction from what the homeowner was paying prior to becoming delinquent.
As always, Michael Gaddis and his staff will continue to monitor the homeowner’s file in order to ensure that the final loan modification document is received by Bank of America; that Bank of America has properly uploaded the modified terms into their system; and that Bank of America returns the homeowner’s account to regular servicing.
To view a copy of the final DOJ loan modification please click the following link: http://californialoanmodificationattorney.com/wp-content/uploads/2012/03/Bank-of-America-Riverside.pdf