Nationstar Loan Modification Success in Vista, CASubscribe to Rss Feed
The Law Offices of Michael Gaddis recently obtained a Nationstar loan modification for homeowners located in Vista, CA. The Nationstar loan modification was a Making Home Affordable HAMP loan modification. Prior to retaining Michael Gaddis the homeowners had tried to obtain a loan modification from Nationstar for over a year. The homeowners tried on their own and were so frustrated when they first met with Michael Gaddis they were ready to scream. During the consultation they showed Michael Gaddis a notebook full of previous loan modification applications, correspondence from Nationstar and denial letters. Michael Gaddis could tell the stress of the loan modification package was wearing on these homeowners. They were terrified at the prospect of losing their home, especially since they firmly believed that they should be able to qualify for a loan modification. Michael Gaddis thoroughly reviewed their paperwork and determined that they were correct, that they should be able to qualify for HAMP. The borrowers quickly retained Michael Gaddis and the process was started. Within forty-five (45) days of submission of the Nationstar loan modification package the homeowners received a trial loan modification. They were stunned by how quickly Michael Gaddis was able to obtain the trial loan modification. The happily accepted the terms of the trial loan modification and after completing their trial period Nationstar sent them their final loan modification paperwork.
The Nationstar loan modification is a step-rate loan modification with an initial interest rate of 2%. The 2% interest rate will continue for the first five (5) years of the loan modification. In year six (6) the interest rate will increase to 3% followed by a final increase in year seven (7) to 3.375%. Th3 3.375% interest rate will remain fixed until the maturity date. The homeowners’ previous loan program was a 5.875% interest only with a PITI payment of $2244. The new proposed principal, interest, taxes and insurance payment of $1845.17 was a nearly $400 per month reduction from what the homeowners’ were paying prior to becoming delinquent AND the new payment includes principal payments whereas their old payment was entirely interest.
As always Michael Gaddis and his staff will continue to monitor the homeowners’ file to ensure that Nationstar receives the final Nationstar loan modification documents; that Nationstar uploads the loan modification terms into their system; and that Nationstar returns the homeowners’ account to regular servicing.
To view the Nationstar loan modification document referred to in this blog as well as other loan modifications obtained by Michael Gaddis please click the following links: http://californialoanmodificationattorney.com/trials-modifications/ and http://californialoanmodificationattorney.com/trials-modifications/approved-trials-modifications-pg-2/