Difficult Bank of America Loan Modification Success Story

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Difficult Bank of America Loan Modification Success Story

January 2014

This video describes how the Law Offices of Michael Gaddis obtained a trial Bank of America Loan Modification for a homeowner who had many previous failed attempts. Bank of America is a lender who is traditionally difficult to modify through still, Michael Gaddis was able to reduce the client’s monthly payment over $800.00 a month. If you need help seeking a loan modification with Bank of America call for a free consultation 760.692.5950 or email contact@michaelgaddis.com for a preliminary case review.

Difficult Bank of America Loan Modification Success Story Video Transcript

**Video auto-transcribed by YouTube, please excuse any inconsistencies.

Hi I’m Michael Gaddis. My office recently obtained a trial loan modification  for a homeowner that had Bank of America in fact what I mean by reason is  little early today January 2013 doesn’t 14 so Bank of America  literally sent this to me just probably half an hour ago  this one made me extremely happy because when this owner came to me  and you tried several times like most my clients  and to obtain a loan modification US in chapter 13  he was paying an incredible amount of money  for this house his payment plan is  around thirty one hundred dollars plus because he was in a chapter 13  he had to pay a trustee payment the only reason he was in chapter 13  was to save his house so years ago  someone advise and that the only thing you can do to save his house was to file  chapter 13 he had no other debt  nothing else other than the house and so what he did is he file chapter 13  and continue to make the payments on the house plus the trustee payment so he was  paying  a lot of money to stay in this house so when he approached me  you know he said years he didn’t know how much longer he could  keep paying both this payment and the trustee payment any just was  wondering whether it wasn’t worth it for him to continue doing the chapter 13  he asked me if I can help them with a loan modification even though he was in  bankruptcy and I told them that I could  when I look at a situation and I could tell it was a little bit more  challenging because the self-employed and  you know self-employed people tend to have a little bit more difficult I’m and  others to try to get their loan modifications to but I had no doubt in  my mind that he should be able to obtain a loan modification  absolutely no doubt in my mind and I told him that I said I I am very sure  that I can get you a loan modification on your house  I am I mean every all the variables were there you know that he is a  bank deposits were reflecting good depositing good income sources  is on is value was low versus what he owed on the property  and everything was just looking really good is all payment was high  verses way is projected new payment would be all these things were  definitely  pointing in his favor so in I was sure is I could be  as someone can be that I could you know I had a great shot at getting a loan  modification  so we submitted a file and we ran into some obstacles  a course Bank of America is a very difficult bank in  it seems that their initial really responds to everything is to deny  deny fail net present value do this or do that  so you know if I never take their denials  her very seriously especially initially I  you know because I’m usually fairly certain that better I’m right and  they’re wrong  a I say that quietly but it’s true I’ll  so I challenge it I’m the first time we had a chance because they can run his  value  so I had to appeal it and appealed about you get some new comp the sport where I  thought the value should be an unhappy  rerun they took a long time during the appeal process and  and rewriting it wasn’t quite as easy as what a  are as a timely as I thought it would be and it kinda trickled into this new year  and what happened is after this the initial  after January 10th this year the CFPB consumer finance Protection Bureau  change the rules  which in turn I cause to Bank of America to change their decision in June in the way  that they generate approvals and denials  so what happen is even though the appeal was granted in in was  in process we had to wait so that the new decisioning engine kit run the  scenario through so patience pays off  and today I was on my weekly conference call at Bank of America and they told me  that this one had been approved for  a modification on a trial plan. The trial plan starts March 1st and is the payment is going be 2,374 dollars now this is a huge differences over eight hundred dollars a month less than  he was paying just for his payment alone  not including the trustee payment see now that he’s got a modification in the  only thing that revolved in this situation  are in the chapter 13 had to do with this house you just need to continue to  chapter 13 anymore so he can basically wrap up all of his problems in today s  and that payment difference between what he was out laying in cash before  and what he will now is significant I mean life changing  I mean he is East he is definitely in much better shape than he than he was  when he first saw me so  and he’s an extremely, extremely happy man  so and this is a great example as to what happens when you use patience persistence and knowledge  about how Bank of America works can benefit you and just keeping in touch in  and making things happen so my advice would be never give up  on your loan modification if you have any questions or comments or would like  to talk to me about your scenario please give me a call  is all tell you straight out whether I think I can do it or not if I don’t  think I cannot tell you  and I’ll tell you why I don’t think I can do it either but if I think I can  it’s it’s definitely worth your time before you give up before you say well  I’m gonna let the house to foreclosure on a short sale mejor de lo  before you do anything and ask to just please give me a call  if you live in the state of California it will definitely be worth your time  so thank you again for watching this video if you would like to get in touch  with me you can reach me  at 760 692 5950  760 692 5950  and are you can visit me in my web site www.californialoanmodificationattorney.com thank you so much.

Bankruptcy Loan Modification with Bank Of America Obtained by Michael Gaddis

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Bank of America Bankruptcy Loan Modification Successfully Obtained

Bankruptcy Loan Modification with Bank Of America Video Transcript

**Video auto-transcribed by Youtube, please excuse any incongruencies.

Hi I’m Michael Gaddis. My office recently obtained a final Bank of America loan modification for a homeowner located in Carlsbad California. When the homeowner approached me they had told me that they had tried numerous times to obtain a loan modification, numerous times they said I’m  so many times in fact they finally had filed chapter 13 (bankruptcy) in an effort to  try to save their house  so during the process they were actually at  as I said actively in a chapter 13 and they were  you know they’re making their house payments plus the trustee pain and it  was getting to be quite a bit for them  on they were a little bit skeptical because they had been with quite a few  different a  people in their attempts to a obtain a loan modification that got a lot of  counseling from  different types identities I believe they did not go they had been too  you know how they had been to you in a local you know housing counselors  they had approached other attorneys and it seems like they were just  scrambling trying to get anything they possibly could.

Finally they were referred to me by one in my previous clients and on when they came to me I thought there was a way to do there since their situation they did have a complicated situation. They’re self-employed and they had their incomes a little bit difficult to put on paper. However, we sat down to spend a lot of time going through it we were able to prepare financial package in loan modification application and send it to Bank of America and in the end we ended up getting a positive result and this is a pretty significant difference.

Their old payment was four thousand a hundred seven dollars that was just the principal and interest payments there  I’m as for a was 136 dollars insignificant  the modification  gave them a payment 2,614 dollars  so you’re talking about and at 2200 are swinging  in what their payment was and is now  and the modification is a step 3 modification  and this is this is the bankruptcy loan modification here it’s a step to rate my vacation  I’m that’s I’m I believe stars  at I will tell you in one second starts at 2 percent for the first three years  the with monthly P&I  2614 goes to 3 percent in your for with a payment  3,058 in your five it fixes for the remainder the terror at four percent  you with the payment of $3000 529  and I stand corrected it goes to 4.75  in year 6 for a final payment of $3000  897 dollars and thirty cents so  even in years six I’m sorry yeah even in your six  when it goes there and the payment is still significantly lower than underpaying for almost a thousand  dollars lower  you’re sick stay with their pain before so this is this  this loan modification is a significant improvement in their  situation allows them to keep their house  and Eddie and at the end of the day it was  it was in extremely important thing to them in and they were  most gracious in their appreciation at  loan modifications in bankruptcy date  their little bit different than regular loan modifications this particular loan  modification requires  bankruptcy approval other loan modification before it can close  so in other words even though we have a final modification here goes to the  post-closing Department a  America and we had a year a and order from the bankruptcy court basically  approving it  so that they could close out the file at Bank of America which we did take a nap in it is in the very final stages oppose closings as I  do this video

So, hopefully this a this video will give you kind of an idea some into situations that I encounter and if you have need a free consultation  please give me a call you can call me at area code 760  692 5950 760  692 5950. I’m Michael Gaddis and I help people throughout the state of California with traditional and bankruptcy loan modifications and no matter where you are you can call me or come into my office whichever you  prefer  and we can discuss your situation and I’ll let you know whether I think  realistically you have a a good chance that obtaining a loan modification or  not or whether I think I  I might be able to help you or not so thank you so much for watching this video.

See more successful Bank of America Loan Modifications Here

Rental Property Loan Modification and Principal Reduction Bank of America

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Bank of America Department of Justice Loan Modification Obtained in San Marcos, CA

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The Law Offices of Michael Gaddis recently obtained a final Bank of America Department of Justice loan modification for a homeowner in San Marcos, CA.  This final modification is a reward for the homeowner’s decision to stop dealing directly with Bank of America and retain Michael Gaddis’ representation.  Distressed homeowners seeking loan modifications frequently attempt to work with their lender prior to retaining professional help.  While this fact is understandable, for many homeowners, it is also unfortunate.  Homeowners frequently put too much weight into what their dedicated point of contact at the lender tells them.  What many homeowners do not realize is that their dedicated point of contact does not have specialized knowledge regarding loan modifications.  In the end, these homeowners end up frustrated and facing impending trustee sales.  This homeowner was no different.  When the homeowner contacted Michael Gaddis the homeowner was stressed out and on the verge of giving up.  However, after a free consultation with Michael Gaddis the homeowner decided to try one last time.

Michael Gaddis’ knowledge of Bank of America’s loan modification programs, policies and procedures provides homeowner’s utilizing his services a significant advantage in their pursuit of a loan modification.  For this homeowner, the result was nothing less than amazing.  The final Bank of America Department of Justice loan modification permanently forgives $462,027.18 from the homeowner’s principal balance leaving a new unpaid principal balance of $445,000.  Zillow.com estimates the current market value of the home at $526,000.  The interest rate of the final Department of Justice loan modification is 3.375% for five years followed by a fixed interest rate of 3.625% for the remainder of the term.  The initial principal, interest, taxes and insurance (“PITI”) payment of $2,629.56 is nearly $600 per month less than the PITI  payment homeowner was paying prior to becoming delinquent.  Plus, the old payment was an interest only payment while the new payment is a principal and interest payment.

As always, Michael Gaddis and his staff will continue to monitor the homeowner’s file in order to ensure that Bank of America 1) received the final Department of Justice Loan Modification paperwork; 2) properly uploaded the new Department of Justice loan modification terms; and 3) returns the homeowner’s file to regular servicing.  If you would like to see a copy of the final Bank of America Department of Justice Loan Modification referenced in this article or review 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/.

Free Webinar- Your Questions Answered

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Your Questions Answered at this Free Webinar on Foreclosure, Short Sales, and Loss Mitigation

Get Your Questions Answered at this Free Webinar on Foreclosure, Short Sales, and Loss Mitigation. Hosted by Attorney & Real Estate Broker of Michael Gaddis, J.D. Realty Group

Hosted by Michael Gaddis, J.D. Attorney, Real Estate Broker, and Short Sale Expert.

This is a 1-hour live Q&A session where attendees will have the opportunity to get their personal foreclosure, short sale and loss mitigation questions answered by an attorney free of charge.

Seats are limited to give attendees adequate attention.

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Bank of America Department of Justice (“DOJ”) Trial Loan Modification Success for Homeowner in Laguna Beach, CA Proposed Principal Reduction of $399,550.53

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The Law Offices of Michael Gaddis recently obtained a Bank of America DOJ trial loan modification (“DOJ Trial”)  for a homeowner located in Laguna Beach, CA.  The DOJ Trial has a proposed principal reduction of $399,550.53.  The homeowner discovered Michael Gaddis while searching the Internet for information on Bank of America’s DOJ program.  After reading numerous success stories and reviewing the numerous samples of previous modifications on the “Approved Trials and Modifications” page of Michael Gaddis’ website the homeowner decided to contact Michael Gaddis for a consultation.  The homeowner had tried numerous times to obtain a loan modification from Bank of America all of which had ended in NPV denials.  Michael Gaddis reviewed the homeowner’s situation and determined that the homeowner should be able to qualify for a loan modification, if not a DOJ, then, at least, an investor modification.

Michael Gaddis submitted the homeowner’s loan modification application and was immediately stonewalled because Bank of America said that the homeowner could not be reviewed again because the homeowner’s situation did not represent a satisfactory change in circumstances.  In other words, Bank of America was using the homeowner’s prior submissions against him.  Thankfully, Michael Gaddis was able to overcome this obstacle and get the homeowner’s loan modification file reviewed again.  However, within a couple of weeks Michael Gaddis received a DOJ denial.  After reviewing the DOJ denial, Michael Gaddis appealed the denial, and, at the same time, recommended to Bank of America that the file be reviewed for an investor modification.  Bank of America reran the DOJ NPV test which resulted in the issuance of a DOJ trial loan modification.

The resulting payment of $5317.87 reflects a potential payment savings of over $1100 a month.

Michael Gaddis and his staff will continue to monitor the trial period in order to ensure that a final DOJ loan modification is obtained.

To view the DOJ Trial Loan Modification please click the following link:  http://californialoanmodificationattorney.com/2012/11/bank-of-america-doj-trial-loan-modification-success-for-laguna-beach-homeowner-principal-reduction/

 

Bank of America Trial Loan Modification Success in Chula Vista, CA

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The Law Offices of Michael Gaddis recently completed a Bank of America trial loan modification success from Bank of America in Chula Vista, Ca. The homeowner had a very difficult time obtaining a loan modification because of the complexity of his household income.  Additionally, the homeowner owned multiple properties which added to the level of difficulty.  Homeowners with more than one property always have a more difficult road than homeowners with one property.  The property in question was the homeowner’s owner occupied property.  The scheduled trial payment is for $1,946.73 and starts on November 1, 2012.  The trial payment represents a nearly $1200 reduction from what the homeowner was paying prior to becoming delinquent.  This file actually went through underwriting rather quickly, from submission to trial documents only took 68 days.  That was fast loan modification timeline for Bank of America.

Michael Gaddis and his staff will continue to monitor the trial in order to ensure that a final loan modification is obtained.  To view a copy of the Bank of America trial loan modification please click the following link:  http://californialoanmodificationattorney.com/wp-content/uploads/2012/03/Bank-of-America-Modification-Chula-Vista2.pdf


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Bank of America Department of Justice (“DOJ”) Trial Loan Modification Obtained for Homeowner in Vista, CA Proposed Principal Reduction of $133,181.66

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The Law Offices of Michael Gaddis recently obtained a DOJ trial loan modification from Bank of America for a homeowner located in Vista, CA.  The trial plan proposes a principal reduction of $133,181.66 contingent upon successful completion of the trial period.  The trial period states that in addition to the principal reduction the homeowner will receive a reduced interest rate of 2.5%.  The first trial payment of $1805.93, due August 1, 2012, reflects a nearly $600 reduction in the homeowner’s payment.  As always, Michael Gaddis and his staff will continue to monitor the trial period in order to ensure that the final loan modification is received.

To view a copy of the DOJ trial loan modification please click the following link:  http://californialoanmodificationattorney.com/wp-content/uploads/2012/03/B-of-A-Modification-Vista-7-3.pdf

Final Bank of America Loan Modification Obtained for Homeowner Located in San Diego, CA

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The Law Offices of Michael Gaddis obtained a final loan modification for a homeowner located in San Diego, CA.  The story behind this particular loan modification is an example of what happens to a homeowner when the homeowner trusts the lender too much.  The homeowner called Michael Gaddis on a Friday around 1:00 in the afternoon and told him that she had a sale on Monday morning at 10:00am.  Michael Gaddis asked the homeowner why she had waited so long before contacting him.  The homeowner responded that she had been working with Bank of America’s customer outreach office in San Diego and that she had been told by her CRM that her modification was under review and that her sale was on hold.  The homeowner went on to say that she believed that Bank of America was going to help her and did not believe that she needed the assistance of a lawyer or any third party for that matter.  However, the night before, Thursday, at around 5:45pm she received a call from her CRM who told her that her loan modification had been denied and that her sale was moving forward as scheduled.  The homeowner told Michael Gaddis that she would have called him before 1:00pm but she had to track down her neighbor that Michael Gaddis had already helped and he, in turn, had to find Michael Gaddis’ contact number and that took him until 12:58pm and that is why she was calling at 1:00pm the business day before her scheduled sale.  Michael Gaddis told her to get into the office ASAP and that while he could not promise to stop the sale he would try.  The homeowner came into the office with all of her documentation and Michael Gaddis contacted Bank of America and stopped the sale by resubmitting the loan modification application.  The file was expedited and within 3 weeks Michael Gaddis was able to obtain a trial loan modification.

The final loan modification is a step rate modification starting at 2% for 3 years, then moving to 3% for year 4, 4% for year 5 and then 4.375% for the remaining term.  The loan is owned and serviced by Bank of America.

Michael Gaddis and his staff will continue to monitor the file in order to ensure that the final loan modification paperwork is received by Bank of America; that Bank of America properly uploads the modified terms into their system; and that Bank of America returns the homeowner’s file to regular servicing.

To view a copy of the Bank of America loan modification please click the following link:  http://californialoanmodificationattorney.com/wp-content/uploads/2012/03/B-of-A-Modification-San-Diego.pdf

Bank of America Department of Justice (“DOJ”) Trial Loan Modification Obtained for Homeowner Located in Murrieta, CA With Proposed Principal Reduction of $189,597

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The Law Offices of Michael Gaddis recently obtained a DOJ Trial Loan Modification from Bank of America for a homeowner located in Murrieta, CA.  The trial payment of $1,341.05 represents a considerable drop from the payment the homeowners were paying before they defaulted.  The trial also states that should the homeowners comply with the terms of the trial modification Bank of America will reduce their principal by $180,597.05.  As one of the borrowers on the loan passed away prior to the modification Michael Gaddis will have to address this issue with the appropriate department within Bank of America prior to the issuance of the final loan modification documents.  When a borrower passes away prior to signing a loan modification agreement the lenders are faced with tremendous administrative issues on how to legally effectuate the loan modification agreement.  From experience, Michael Gaddis knows that the sooner that this matter is addressed the better.  The lender was already put on notice as to the situation during the underwriting process, however, underwriting a loan modification application is one thing; finalizing a fully executed loan modification agreement is another.

Although the 3 month trial is set to begin on July 1, 2012 Michael Gaddis and his staff have already begun the process of contacting the appropriate department within Bank of America in order to ensure that execution of the final loan modification agreement occurs without any surprises.

Micahel Gaddis will continue to monitor the trial loan modification in order to ensure that a final loan modification agreement is obtained.

To view a copy of the DOJ trial loan modification please click the following link:  http://californialoanmodificationattorney.com/wp-content/uploads/2012/03/B-of-A-Modification-Murrieta.pdf