Bank of America Department of Justice Loan Modification With Principal Reduction Obtained in South Lake Tahoe, CASubscribe to Rss Feed
The Law Offices of Michael Gaddis recently obtained a Bank of America Department of Justice loan modification for a client located in South Lake Tahoe, CA. The Bank of America Department of Justice loan modification is a trial modification with initial payments of $930.00 a month beginning on March 1, 2013. The Department of Justice loan modification also has a proposed principal reduction of $85,675.67 contingent upon the successful completion of the trial. The subject property was a non-owner occupied rental property. The owner of the home had tried unsuccessfully to modify this loan several times before contacting Michael Gaddis. The homeowner found Michael Gaddis while searching for information on Bank of America NPV denials and decided to take advantage of the free consultation offered by Michael Gaddis. During the consultation Michael Gaddis noticed several issues with the NPV and determined that the homeowner had a very good chance at successfully obtaining a Bank of America Department of Justice loan modification as long as the homeowner’s loan modification package was underwritten and reviewed properly. The homeowner, a real-estate broker, was fairly informed as to the loan modification process but decided it was best to retain Michael Gaddis.
From the date of submission to the time the Bank of America loan modification was delivered to the homeowner was less than forty-five (45) days. The homeowner responded by sending Michael Gaddis an email with “You Rock!” in the subject line. The body of her email read, “I cannot express my gratitude enough on assisting me with this modification! I am forever thankful. I’ve already gave your name out to three people. We need someone like you in Tahoe!! Peace, success and happiness to you!”
The Bank of America Department of Justice loan modification trial payment amount of $930 represents a potential savings of $484 per month from what the homeowner was paying prior to becoming delinquent.
As always, Michael Gaddis and his staff will continue to monitor the Bank of America Department of Justice loan modification trial period in order to ensure that a final Department of Justice loan modification is obtained.
To view the Bank of America Department of Justice Loan modification trial 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/