B of A Loan Modification Success for Fallbrook Homeowner

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Bank of America Loan Modification

For Fallbrook, California Homeowner

The Law Offices of Michael Gaddis recently obtained a B of A or Bank of America Loan Modification for a Fallbrook, California homeowner. See if Michael Gaddis can help with your loan modification with a free consultation. Call 888.242.2272 to schedule an appointment.

Bank of America Loan Modification Video Transcript

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

I am Michael Gaddis. Recently my office obtained a loan modification from Bank of America for a homeowner Barbara California. When the homeowner originally came to me they were basing a trustee sale, I think it was just a wee seven to 10 days away. They were panicking they’ve been trying to obtain a loan modification for years. It’s the usual story their use many other people all everybody seemed to fail you know that type of thing, so when I initially spoke to them on the phone I kinda went through their situation realize that you know based upon what they were telling me verbally. They have had a pretty good chance at getting a loan modification. I was in understanding what with the problem lies so I invited him to come to my office which they did and they brought all their documents and I did a thorough and reading reviewer weather situation was in. After I reviewed a decade even more convinced that they should be able to obtain a loan modification. I didn’t really understand what the pitfall was. I didn’t look at any other prior loan modification applications see it maybe they were presenting it incorrectly or not, but they’re fortunate because they found me do because they have a America and I have a very good relationship with Bank of America. I’ve been working with Bank of America since 2008. Since the inception of this housing prices and during the course at that time, I have established many many solid the contacts. So I have a lot of connections at Bank of America that allow me to challenge issues and make sure that underwriting is completed correctly and this is no exception. Once I submitted the the loan modification application my initial first to Corso duty was to a get the trustee sale stuff which I did and then I had to work on getting mister underwriting now in this situation. The underwriting didn’t take that long I mean it wasn’t is laborious as it can be I’ll I think it’s a matter presentation as I told you earlier. I was fairly certain that they should have gotten one initially and sure enough they did they got a trial modification which I now holding in my hand right here in this little modification is really good it’s really important to these people as everyone who calls me their house forces is very important to them, but some more than others summit summits home some it’s a business and home and in this case these people were self-employed in their business was run at their home and they had to hold special outfit to accommodate their business. So if they lost their home they would in essence be taking it several steps back in their in their business and it would affect them both from an emotional standpoint and a financial standpoint. So it was really important that that they save their home and distraught modification is great prior to this trial modification their payment was six thousand seven hundred and fifty dollars a month piti as principal interest taxes and insurance about the trial loan modification is for four thousand two hundred and seventy nine dollars that is over a 2400 holder to difference in in in Pavia test that’s huge and this represents this 4200 79 represent future piti as well. So it’s comparing apples to apples so this is a great trial loan modification for these people and and because it they’re going to be able to save their home. So if you have a question any questions or comments regarding out a loan modification; if you are at a bank of America loan modification are Bank of America alone and you’re having difficulty getting it through, please feel free to give me a call. I give free consultation sit doesn’t cost you a dime to talk to me for me to come pick through your situation and see what I think you can reach meat. My local area code 760-692-5950, 760-692-5950 or you can visit me through my website which is WWW.Californialoanmodificationattorney.com. Thank you for taking the time to watch this video and I look forward to hearing from you in the future.

B of A Loan Modification Success for Temecula Homeowner 2014

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Bank of America Loan Modification Success

For Temecula, California Homeowner

B of A loan modification obtained for a Temecula homeowner who had an FHA laon. Michael Gaddis, California Loan Modification Attorney explains how he and his team got the deal done. Call today to see if The Law Offices of Michael Gaddis can help you with your loan modification. For a free consultation call 760.487.8266 or Toll Free at 888.242.2272
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Bank of America Loan Modification Video Transcript

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

Hi, I’m Michael Gaddis. Recent office obtain a loan modification for a homeowner in Temecula California. His particular loan modification proved to be challenging. I know I say that a lot but it seems that everyone ever challenging and this one was no exception and check this from my little more challenging and most for three reasons: one Bank of America service salon to the homeowner had filed a previous bankruptcy they’ve been discharged but that meant that department was gonna be handling it  America is a special apartment base with bankers Department on and three is an FHA loan so those three things thrown into a pot add up to a very difficult situation at Bank of America. I have a specific team which is I’m dedicated to you helping me with my files. Unfortunately they’re unable to assist me with bankers files so that means that I have to work directly with the banker C Department bank America. Now I like Bank of America overall they’re very difficult to deal with but I also know a lot of people obey America so that I can overcome things that other people have very a lot of difficulty doing. So my relationships babe America are strong and I think they proved to be pivotal in this particular situation on. When I initially met with the borrower I knew that the their situation is challenging and I told her that from the get go. I also told her that she need to be patient it could take one or more submissions before we were able to try to get a definitive answer and I was right. This file was resubmitted I think two or three times. The reason is because the first time in particular WiFi we filed a loan modification application was denied. your own is ley I challenge it an appeal it and the file got stuck in the appeals Department and it was just sitting there. So after talking to my contact bank of America, we decided it was probably better for me to dismiss the appeal in just three filing new loan modification application which is exactly what I did. The second loan modification application, I went through underwriting after a lengthy period but it got stalled on in decision mode I am so it actually you have put out a tune i’ll when I reviewed in I’ll work she didn’t agree with it, I point these things out my contacts bank of america and again my contacts that we can go to the appeal process or you can just resubmit it and we can try to get you the correct way this time. So knowing the mistakes they made last time I rescinded and I got my people at Bank of America involved to help me get through this. I’m so they advocate for me within the bank to be a big gercity department in with their assistance we were able finally to procure a a loan modification for the homeowner and this is a great modification FHA loans are extremely difficult to modify their waterfall a is just not as aggressive as other loan modification programs are. That’s because their insured so the risk of loss to the investor is nominal a so they don’t do quite well you know maja will do by stretching excision germs forty years are they don’t typically Cup principle they don’t do those types thanks they’re very rigid on their rules but in this scenario it worked out great for the homeowner just ate it up with a payment piti a minute 1512 there okay it was 1734 piti. So it’s over two hundred dollars about 220 our savings for them so we’re separate you know before we robtain the trial I mean final loan modification, the homeowner was actually on the verge giving up and I told her I said don’t give up yet. Let’s keep pushing this and let’s see if there’s a way that I can get this true I said at the end of the day. I’m give up and I tell you I can’t do what we can talk about short sale at that time and let me tell you something I don’t give up very easy and it’s very difficult for lenders to you convinced me that I’m wrong I’m starter and I believe that I’m right and until they prove me wrong. I just keep pushing and pushing and pushing and pushing in on FHA loans that turns out to be a very very good shape because you have to be tenacious with FHA loans you just have to be but in the end it turned out to be a good to a good ending for the homeowner. They’re very happy. You keep their house and that’s all the best I can hope for. So if you have a situation you would like me to check out please feel free to give me a call. I help homeowners throughout the state of Californiaso if you’re in Northern California Southern California anywhere California, please feel free to give me a call. My office is located in Carlsbad and Southern California but again I can talk to you on the phone I can talk UPS guy. I had people from Northern California actually come down here into my office just to visit me. So if you have a scenario that you want to run by me please feel free to do so. You can call me and here area code 760-692-5950, 760-692-5950. You can visit me on my website at WWW.Californialoanmodificationattorney.com or if you’re in Southern California stop by my office is 6104 innovation way in Carlsbad California Again thank you for a taking the time to watch this video. I hope you found it informative and I look forward to speaking to you.

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

Bank of America Department of Justice Loan Modification NPV Denial

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I have been assisting homeowners in their attempts to obtain Bank of America Department of Justice loan modifications since the inception of the program in early 2012.  During this time I have reviewed countless Department of Justice (“DOJ”) net present value (“NPV”) denials in an effort to help homeowners determine whether or not the NPV denials received by these homeowners were, in my opinion, valid declines.  The Department of Justice loan modification program is alluring to many homeowners because it allows for principal reductions all the way down to the fair market value of the home.  The possibility of such a substantial principal reduction is very attractive as an underwater homeowner.  However, while the program does allow for principal reductions the DOJ underwriting guidelines are somewhat restrictive in other ways.  Most importantly, the DOJ loan modification program does not allow for extension of the amortization period or maturity date of the note.  The inability of the loan term to be extended in any manner causes significant qualification and/or affordability issues.  For example, if a homeowner has only 21 years left from a 30 year note, the DOJ program will attempt to achieve a qualifying payment based on the current fair market value amortized over 21 years.  Keeping the repayment term within the remaining term of the loan can result in a much higher qualifying payment than would, say, a modification without a principal reduction that is amortized over 40 years.  This is especially true for homeowners that are eligible for the DOJ loan modification program that are not that underwater on their loans.

Obtaining Department of Justice loan modifications is becoming more and more difficult.  Rising property values and higher interest rates are negatively affecting the mathematics behind the DOJ loan modification program resulting in more and more NPV declines.  Additionally, as Bank of America has already met their quota as required by the Department of Justice AG settlement, Bank of America has begun removing DOJ eligibility flags.  This means that homeowners that may have been eligible for the DOJ loan modification program at one time are no longer eligible leaving only HAMP loan modifications and investor based (in-house) loan modifications as their only viable options.

Adding to the urgency of the situation is the fact that Bank of America continues to transfer the servicing of millions of borrowers to new servicers.  Once transferred, there is no guarantee that the new servicer will run the borrower through the DOJ program, even if the borrower was eligible for the DOJ program at Bank of America.

Personally, Bank of America is my favorite lender.  While I do not always agree with their decisions and while underwriting can sometimes take forever, the people that I work with at Bank of America are extremely competent and open-minded.  They work well with me to find a resolution to whatever might be causing the loan modification application to fail.

If you have any questions or would like me to review a recent NPV denial please feel free to contact me at 888-242-2272.

Bank of America Loan Modification Obtained for Self-Employed Homeowner in Valley Center, CA

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Obtaining a Bank of America loan modification can be extremely difficult to obtain, especially for the self-employed.  There are many reasons why self-employed borrowers have a more difficult time than W-2 wage earners but the realty is that the majority of the people that contact Michael Gaddis for a free consultation are self-employed.  The majority of homeowners that attempt to modify their loan on their own experience frustration and disbelief as loan modification application after loan modification application are denied.  The Law Offices of Michael Gaddis recently obtained a trial HAMP Bank of America  loan modification for a homeowner located in Valley Center, CA.  The homeowner, had already received one loan modification from Bank America and had made over 25 payments on it before becoming delinquent again.  To the homeowner’s credit his previous Bank of America loan modification was not very good.  It was a high interest rate interest-only that converted into a fixed principal and interest at 5.5% but on an amortization schedule of 21 years.  The short amortization was going to cause a huge increase in his payment.  The homeowner was self-employed and had tried to modify on his own.  He was referred to Michael Gaddis by a friend of his with a similar situation that Michael Gaddis had helped. 

The trial payment of $2,202.00 represents a nearly $350 a month reduction from what the homeowner was paying prior to becoming delinquent.  However, keep in mind that as is the case with all HAMP Bank of America loan modifications, the $2,202.00 represents a future principal and interest payment (as well as taxes and insurance) while the homeowner’s previous, and higher, payment was interest-only.  Plus, HAMP modifications are typically step-rate modifications which have very well thought out payment escalations.  This Bank of America trial loan modification was a big win for the homeowner who nearly cried when he obtained it.  The homeowner’s first trial payment is July 1, 2013.  The trial ends on September 1, 2013.

As always Michael Gaddis and his staff will continue to monitor the homeowner’s file during the trial period in order to ensure that a final Bank of America loan modification is obtained.  To view a copy of this trial 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/

Bank of America Department of Justice Loan Modification Obtained for Homeowner in Antioch, 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 located in Antioch, CA.  Homeowners frequently put all of their trust and faith into the hands of their designated representative at their lender with the belief that 1) their lender has the homeowner’s best interests as their #1 priority; 2) their designated representative is going to provide them with valuable information and guidance that will give them an edge in their pursuit of a loan modification; 3) their designated representative has special inside knowledge or skills that will help them advance their loan modification package; 4) in the event something goes wrong their representative is the best source on what to do; and 5) in the event of an appeal, their dedicated representative will be their advocate through the appeal process.  This Bank of America Department of Justice loan modification is an example of why all of those beliefs are not true.  This homeowner contacted Michael Gaddis six (6) weeks away from a trustee sale.  He had been working diligently with his dedicated Bank of America representative for over a year and a half but was beginning to lose faith.  After taking advantage of a free consultation with Michael Gaddis the homeowner decided to retain Michael Gaddis to be his advocate at Bank of America.  Michael Gaddis knew that the homeowner’s Bank of America representative was not advising the homeowner properly and that the Bank of America representative was definitely not familiar with Department of Justice loan modification underwriting guidelines.  The best thing this homeowner did was to contact Michael Gaddis for a free consultation.  Upon receiving his final Bank of America Department of Justice loan modification documents the homeowner told Michael Gaddis, “I am convinced that had I not retained you that I would have lost my house.  There is no doubt in my mind.”  Homeowners need to remember that lenders represent investors and that lenders have their investors best interest as their priority, not the homeowners’ best interest.  Homeowners also need to keep in mind that their dedicated representative is not their advocate, merely a communication conduit and document collector.

The terms of the final Department of Justice loan modification call for a principal reduction of $97,623.77.  The new modified interest rate of 2.625% is fixed for 5 years after which the interest changes to 3.625% and is fixed for the remainder of the term.  The new principal, interest, taxes and insurance payment of $1,950.88 is over $400 a month less than what the homeowner was paying prior to becoming delinquent.

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/.

Bank of America Department of Justice Flag Removal

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Recently I have been made aware that Bank of America has been removing eligibility flags from loans that were formally eligible for the Department of Justice loan modification program.  I noticed that many new clients that had been previously denied were not being reconsidered for the Department of Justice Loan modification program when the file was being resubmitted under a change in circumstances (“CIC”).  Normally, if a borrower was eligible for a Department of Justice loan modification review and the borrower met the criteria established for a CIC review, the borrower would be able to be re-reviewed for the program.  As more and more of my clients have had their Department of Justice loan modification eligibility flag removed I inquired within Bank of America in order to investigate what was occurring.  Sure enough I was told that Bank of America had more than exceeded the principal reduction limits that Bank of America was obligated to perform under the Attorney General settlement.  While they are still processing many of the Department of Justice loan modification applications that are still eligible for the program, Bank of America and their investors have begun to gradually reduce the pool of remaining eligible loans.

To Bank of America’s credit since the onset of the Attorney General Settlement Bank of America has been very aggressive at complying with the requirements of the Attorney General Settlement, perhaps more so than any other lender.  The Department of Justice loan modification program has its pluses and minuses but overall, it has been an amazing program that has really helped many homeowners obtain loan modifications beyond their wildest dreams.  It is a little disconcerting to see that the pool of eligible borrowers is dwindling as the other loan modification programs at Bank of America, while still very helpful to borrowers are not nearly as aggressive.

What does this mean to homeowners struggling with their attempts to obtain a Department of Justice of loan modification?  It means that these homeowners should seek professional assistance as soon as possible because if their Department of Justice loan modification flag is lifted from Bank of America’s system, they could lose out on a fantastic opportunity to obtain an amazing loan modification.

Homeowners seeking a consultation on their efforts to obtain a Department of Justice loan modification from Bank of America should contact Michael Gaddis, J.D. to schedule a free consultation.  Time is of the essence because the removal of these eligibility flags is occurring at a rapid pace.  If you would like to copies of final Bank of America Department of Justice 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/.  To contact Michael Gaddis to schedule a free consultation please feel free to call 888-242-2272 or email Michael at Michael@frontierconsultationservices.com.  For more information about Michael Gaddis please feel free to view his website at www.californialoanmodificationattorney.com.

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/.

Bank of America Department of Justice Loan Modification with Principal Reduction Obtained for Homeowner in San Diego, CA

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The Law Offices of Michael Gaddis recently obtained a trial Department of Justice Loan Modification for a homeowner located in San Diego, CA.  Due to the nature and complexity of this homeowner’s income the underwriting process at Bank of America proved to be extremely challenging.  Every loan modification review, no matter what lender, has 3 basic hurdles to overcome 1) hardship 2) financial analysis (underwriting) and 3) Net Present Value (NPV).  In this case, as the homeowner had experienced an obvious serious reduction in income the hardship hurdle was not difficult at all to overcome.  However, as I mentioned, due to the complexity and nature of the homeowner’s income the real battle was in underwriting.  The homeowner’s financial situation proved difficult for the Bank of America underwriters and the underwriting process took considerably longer than a typical loan modification review.  Part of the problem was that some of the homeowner’s income came from Mexico and was in Pesos.  Although the income was stable and continuous, the underwriter had a problem converting Pesos to American Dollars.  However, eventually Michael Gaddis was able to resolve the income verification issues and the homeowner’s file was run through NPV.  The homeowner passed NPV and was issued a trial Bank of America Department of Justice Loan Modification.

The proposed trial Bank of America Department of Justice Loan Modification provides a trial payment of $1,526.00 and a proposed principal reduction of $261,609.79.  The trial payment represents an over $1,200.00 per month reduction from what the homeowner was paying prior to becoming delinquent.  The trial documentation also states that the projected initial interest rate of the homeowner’s loan modification would be around 2.75%.  The final Bank of America Department of Justice Loan Modification is contingent upon the homeowner’s successful completion of the trial period which begins on June 1, 2013.

As always, Michael Gaddis and his staff will continue to monitor the homeowner’s file in order to ensure that the final Bank of America Department of Justice Loan Modification paperwork is obtained.  If you would like to see a copy of the trial 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/.