Final HAMP Chase Loan Modification With Principal Reduction Obtained for Homeowners Located in Vista, CA

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The Law Offices of Michael Gaddis successfully obtained a final Chase loan modification for homeowners located in Vista, CA.  The Chase loan modification is a Home Affordable Modification (“HAMP”) and has a principal reduction of $56,957.28 included in the final terms.  The Chase loan modification is a step-rate modification with an interest rate of 2% for five (5) years, followed by 3% in year six (6) and then fixed in year seven (7) at 3.375% for the remainder of the term.  The new modified payment of $2,037.12 represents an over $900 per month payment reduction from what the homeowner was paying prior to becoming delinquent.   As mentioned, $56,957.28 is eligible for the deferred principal reduction program.  Provided that the homeonwers remain in good standing on their loan on each of the first three anniversaries of the loan modification Chase will forgive the $56,957.28 in 1/3 increments.  After three years the entire amount will have been foregiven.

The homeowners were referred to Michael Gaddis by one of Michael Gaddis’ former clients.  The homeowners attended one of Michael Gaddis’ seminars and met with Michael for a free consultation on two different occassions.  At first they were very reluctant and insisted that they try and modify their loan on their own.  After seven (7) months of stress, worry and frustration they decided to retain Michael Gaddis.  Upon receipt of the Chase loan modification the homeowners thanked Michael Gaddis for helping them.  Michael Gaddis responded by telling them that they would have received this Chase loan modification seven (7) months ago if they had not wasted their time and retained Michael Gaddis after they first met with him.  The homeowner agreed and stated that they wish they had done just that.

As always Michael Gaddis and his staff will continue to monitor the homeowners’ file in order to ensure that Chase receives the signed final Chase loan modification documents; that Chase properly uploads the final modification terms into their system; and that Chase returns the homeowners’ account to regular servicing.

To view a copy of this loan modification as well as other loan modifications secured by The Law Offices of Michael Gaddis please click the following links:  http://californialoanmodificationattorney.com/trials-modifications/ and http://californialoanmodificationattorney.com/trials-modifications/approved-trials-modifications-pg-2/