HAMP Bank of America Loan Modification Obtained for Homeowners Located in Menifee, CA

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The Law Offices of Michael Gaddis recently obtained a Bank of America loan modification for homeowners located in Menifee, CA.  The loan was serviced by Bank of America but owned by Freddie Mac.  The Bank of America loan modification was a Home Affordable Modification Program (“HAMP”) Tier 1 modification.  As is frequently the case the homeowners had tried to modify and failed numerous times prior to retaining Michael Gaddis.  In this case the homeowners’ previous submissions caused some problems.  When Michael Gaddis submitted the file he obtained a trial modification from Bank of America within 30 days of the submission of the loan modification application.  When Michael Gaddis reviewed the trial Bank of America loan modification he immediately noticed that the trial payments were not correct.  Michael Gaddis contacted Bank of America and was told that due to previous submissions the homeowners file had been hardcoded and that the homeowners were not eligible for HAMP.  The trial Bank of America loan modification that was issued was a Freddie Mac investor based modification with terms far less favorable than HAMP would have provided.  Michael Gaddis appealed the hardcode and eventually got it removed so that the homeowners could be reviewed for HAMP.  The second time, the homeowners were approved for a trial HAMP loan modification.  This file is a perfect example of how homeowners really put themselves in a bind if they do not know what they are doing.  Homeowners that have received a denial should seek professional help prior to resubmitting loan modification applications numerous times.

The trial payment of $1,302.52 potentially represents an over $450 per month reduction from what the homeowners were paying prior to becoming delinquent.  As always, Michael Gaddis and his staff will continue to monitor the file in order to ensure that a final HAMP Bank of America loan modification is obtained.  To view a copy of this trial HAMP Bank of America loan modification as well as other successful loan modifications procured by Michael Gaddis please click the following links: http://californialoanmodificationattorney.com/trials-modifications/ and http://californialoanmodificationattorney.com/trials-modifications/approved-trials-modifications-pg-2/