Trail ASC Loan Modification for Pamona Homeowner

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Trail ASC Loan Modification

For Pamona, California Homeowner

Trial ASC (Wells Fargo) loan modification obtained for Pamona homeowners by The Law Offices of Michael Gaddis. California Loan Modification Attorney, Michael Gaddis explains the process of addressing the Trail ASC Loan Modification. See if The Law Offices of Michael Gaddis can help you with your loan modification with a free consultation. Call 888.242.2272 or 760.487.8266 today.

Trail ASC Loan Modification Video Transcript

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

Hi I’m Michael Gaddis. My office recently obtaining a loan modification a trial loan modification for a homeowner Ramona California. The homeowner had ASC AKWells Fargo ASE loans tend to be very difficult tool to modify. I know you hear that almost everyone clogs but let me tell you something anytime. Wells Fargo’s involved in anything is exponentially more difficult than anything else. I don’t know why that is but it is a fact. I’ll in this particular situation the modification went relatively smoothly. I’m not any a unusual underwriting issues or circumstances like to my surprise actually. So I am you know and I’m really proud of the final result because it does help the homeowner considerably. Homeowners payment before she came to me was 2,191 dollars about the trial payment which starts on March first. Up this year is 1,381 dollar so into question children’s almost a hundred dollars a month difference. I actually it’s over a hundred dollars a month difference. So you know the homeowner to say the least extremely happy and I’m extremely surprised. I didn’t have to fight more with ASC because that seems to be what I do all the time as I said anything dealing with Wells Fargo is a constant battle but you know I’m really happy with this and I’m glad that I didn’t have to fight a lot. I’m glad that this one went to relatively smoothly in didn’t cause the homeowner myself any extra stress. I call unnecessary stress so the result in this was really really good. So if you have any situation a situation that you would like me to discuss with you, please feel free to give me a call you can reach me at area code 760-692-5950. You can visit my web site or you can come visit me in my office if you’re in especially in southern California 6104 innovation way, Carlsbad California. Now even though my office in Carlsbad in Southern California, I help homeowners throughout the state of California so whether you’re an Northern California Southern California or anywhere California, I can help you on. Please feel free to give me a call. I miss you like we can Skype if you’re in the area that is too far from my office I have no problem skyping and I’ll review your situation in detail see if there’s anything that I can do to help you. So again my name is Michael Gaddis, and I look for speaking to you soon.

Loan Modification Success for San Marcos Homeowner 2014

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Loan Modification Success

For San Marcos, California Homeowner

The Law Offices of Michael Gaddis successfully obtain a loan modification for a San Marco homeowner. Attorney Michael Gaddis discuses the loan modification process and how he and his team found success. Schedule a free consultation when you call 760.487.8266 or Toll Free: 888.242.2272.

Loan Modification Success Video Transcript

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

Hi I’m Michael Gaddis. My office recently obtained a loan modification for a homeowner in San Marcos California. I met this particular homeowner at the San Marcos Street Fair. I was attending the fair and I went to get some coffee and the guy behind me and I started talking and he asked me what I did for a living and I told the man. As soon as I talk about I mention the word loan modification he started talking and that tends to be what people do especially when there and get a crisis situation and its owner was in a little bit situation. You know he was self-employed. His business wasn’t doing as well as he would have liked it to plus he was in a very very bad loan. He had an interest only loan that was going to be converted to a principal interest loan very shortly. His car payment was 2190 but it was going to convert over to a principal and interest at a fixed interest rate at five and a half percent and it was going to on the amortized over 20 years so is pete was gonna go up considerably in any he told me he says look at it goes up I’m not sure I can afford. In fact I know I can’t afford it so after a lengthy discussion I found out that here the total amount of ice on a couple times and failed. You hire somebody else to help them and they had failed I am so you know I told him I would take a look at a situation welcome to come to my office and he did again. I’ll spend a week later he brought in all his financial documents also previous loan modification applications and we went through them um I noticed there were some issues in his previous submissions were probably preventing him for obtaining a loan modification. I could see some underwriting issues that were very simple issues to be did cleared up and it should have gone through really really easily after that I’m saw he read a let me help him and I submitted a loan modification to see more issue which is lender are the servicer on and it was a little bit more challenging than I anticipated it should have been more challenging but it was more challenging. City mortgage is notorious for having fairy I do I saying thorough underwriting sometimes overly thorough and this this particular file true no different. It was request after request after request PNL nason at ness and in got laurie is at times. However the key is you don’t give up. You keep on top of them and you keep them on their toes so you don’t let wait for them to come to you go to then and as long as you do that you’re persistent it should get to the underwriting area and it just went to take quite a while to get through but eventually it and the homeowner was issued a trial loan modification and actor see this one on January 28 this year. Now the first trial payment is due March 1st 2014in the amount of two thousand fifty six dollars and nine cents. Now this 2056 nine-cent represents AP principal and interest into a principal interest piti principal interest taxes and insurance payment so if you compare that to his previous interest only a minute 2190 you can see there’s about a hundred forty dollar reduction and is principal and interest whereas all payment was interest only. So this is a significant difference because all payment didn’t even include the taxes and insurance in this one does. So if you if you take into consideration how much that was which is an additional inning for over fifty dollars or so you can see it was just a hundred forty dollar reduction. It was a hundred forty plus the taxes and insurance plus the fact is now transponders and not interest only. So this is a big win and he is very happy to say the least so I Maya my office is going to continue monitoring his file to make sure it gets to trial period is last trial payments on May 1st. I don’t anticipate any problems. Most the time if homeowners follow my advice and and Canada follow my guidelines we don’t have any problem obtaining final loan modifications. So and this is a very good success story for for a city mortgage a borrower. If you have a situation or scenario that you would like me to take a look at least till Frito like. Give me a call you free consultations. I have no problem going to your scenario to see if it’s something that can realistically be done. I’m very honest so I tend to take a lot of pride in and i’m looking to your situation and can get a yes tree straight forward answer on whether I think it’s possible or not. So if you’d like to talk to you got your scenario please give me a call. You can reach me at area code 760-692-5950. 760-692-5950. You can visit my website at all right here in Southern California stop by my office at 6104 innovation way in Carlsbad California. Now keep in mind that I help people throughout the state of California so here in Northern California Southern Southern California are anywhere California. I can definitely help you. So again my name is Michael Gaddis and thank you for watching.

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 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 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

Net Present Value, NPV Denials- Disputing Loan Modifications

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Net Present Value or NPV Denials

NPV Denials Does Not Mean The End of the Road

Video Transcript:

Hi I’m Michael Gaddis.

I’d like to take a few moments today to discuss loan modification denials.  One of the main reasons that people are given on why their loan modification has failed is called an NPV or net present value. Net present value is basically a computer program that tells the investor whether you’re worth more to modify or to foreclose on. Now, there are a lot of factors that go into a net present value analysis. However, there are some heavyweight factors. One of those factors is income and another factor is how much your house is worth.  Obviously, loan modifications are about risk of loss to the investor. As the investor stands to lose more and more money through a foreclosure, the incentive for the investor to work with the homeowner to help them achieve a modification is greater. As a result, increasing property values have been causing more and more NPV denials because the financial loss to the investor is becoming less and less.  Now home value is not the only reason a that could be affecting the result to the NPV. There are lots of different values and fields in the NPV analysis that are going to be making a final determination of whether homeowners are going to obtain a loan modification.

However, home value is a heavyweight factor as is income as is a numerous other issues which could be identified as being input into the computer incorrectly or that were arm you know a result of a bad under any so if you have an issue with an NPV, the first thing you want to do is not panic you don’t want to necessarily give up and say oh I guess I’ve lost my house I failed NPV.  What you want to do is get a second opinion you want to have somebody who knows what they’re talking about.  Read through your NPV data sheet to see if there’s any issues with it beyond what you can see. Because, believe it or not, every field in there has a reason for being there or wouldn’t be there.  It’s very important that all of those fields are accurate so if you have recently received a net present value denial or failure, you might want to give someone like myself or somebody else to call that can give you a solid basis for a second opinion on whether or not you know it’s to your advantage to either appeal or resubmit a loan modification package.

Contact The Law Offices of Michael Gaddis today for Loan Modification Help

See Loan Modification Success Stories

You can reach me at my Carlsbad office Monday through Friday at 760.692.5950 Please mention this video when you call. Best of luck.

Rental Property Loan Modification and Principal Reduction Bank of America

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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.

Reserve your spot now.

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:


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:

 More Loan Modification Success | Chula Vista

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Final Indymac HAMP Loan Modification Received for Homeowner in Spring Valley, CA

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The Law Offices of Michael Gaddis recently received a final HAMP loan modification for a homeowner located in Spring Valley, CA.  Indymac is one of Michael Gaddis’ favorite lenders to work with.  The final loan modification was a step rate loan modification starting at 2% for 5 years, 3% in year 6 and 3.875% in years 7-23.  The resulting payment of $1,702.53 is over $1200 lower than their previous payment.  The homeowner’s are extremely happy that their payment is now affordable them.