Final Chase Loan Modification Obtained for Homeowner in El Cajon, CA

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The Law Offices of Michael Gaddis obtained a final Chase Loan Modification for a homeowner located in El Cajon, CA. The final Chase loan modification was part of the Home Affordable Modification Program (“HAMP”) and represented the culmination of over 1 year of effort on the part of Michael Gaddis and his staff. This file was particularly difficult because of the underwriting difficulties incurred by Chase in their attempts to process the file. The homeowner had a very unusual and difficult financial situation. The homeowner was self-employed and derived her income from numerous corporations. Additionally, the homeowner owned multiple properties. As Michael Gaddis has always stated, the most difficult scenarios to attempt to modify are homeowners that 1) are self-employed 2) own multiple properties 3) have equity in relation to the subject loan 4) have numerous sources of income and 5) have already been denied for a loan modification numerous times. The homeowner in this situation had 4 out of 5 of these issues. Prior to retaining Michael Gaddis the homeowner had attempted to obtain a loan modification numerous times on her own. After growing frustrated she contacted Michael Gaddis and retained him shortly thereafter.

The final Chase Loan Modification was consistent with other HAMP modifications obtained by Michael Gaddis in that the terms called for a step-rate modification with an initial interest rate of 2% set for the first 5 years followed by an increase to 3% in year 6, 4% in year 7 and fixing in year 8 to a final fixed interest rate of 4.375% for the remainder of the term. The initial principal, interest, taxes and insurance (“PITI”) payment of $2,838.32 represented an over $700 reduction from 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 1) the final Chase Loan Modification paperwork is received by Chase; 2) Chase properly uploads the modified terms into their system; and 3) Chase returns the homeowner’s file to regular servicing. If you would like to see a copy of the Chase Loan Modification referenced in this article or review other loan modifications obtained by Michael Gaddis please click the following links: http://californialoanmodificationattorney.com/approved-loan-modifications-and-trials/ and http://californialoanmodificationattorney.com/trials-modifications/approved-trials-modifications-pg-2/.

Chase Loan Modification Obtained for Homeowner Located in El Cajon, CA

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The Law Offices of Michael Gaddis recently obtained a Chase trial loan modification for a homeowner located in El Cajon, CA.  Chase has always been one of the more difficult lenders to deal with when negotiating loan modifications.  However, in this case, the problems associated with the loan modification underwriting review were somewhat understandable.  Prior to retaining Michael Gaddis the homeowner had been attempting to obtain a loan modification with Chase for nearly two (2) years.  The homeowner owned multiple businesses as well as numerous rental properties.  Due to the complexity of the homeowner’s financial situation even Michael Gaddis and his staff had a difficult time sorting out and presenting the homeowner’s financial situation to Chase.  The homeowner’s file stayed in underwriting for over 8 months during which time Chase requested more and more documentation.  The keys to success with Chase are persistence and compliance.  Michael Gaddis and his staff were tenacious and responded to every one of Chase’s requests.  Finally, on May 10, 2013 Chase issued a trial loan modification.

The trial Chase loan modification payment represents an over $700 a month reduction from what the homeowner was paying prior to becoming delinquent. The homeowner’s first trial payment is on June 1st in the amount of $1,838.98.  The homeowner is ecstatic about the trial and now knows that she will be able to keep her home. 

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

Difficult Chase Loan Modification Obtained for Homeowner in Woodland Hills, CA

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The Law Offices of Michael Gaddis was able to obtain a final CHAMP Chase Loan Modification from Chase for a homeowner located in Woodland Hills, CA.  This particular Chase Loan Modification was extremely difficult and took Michael Gaddis nearly 18 months to obtain a trial CHAMP loan modification.  The homeowners were self-employed with numerous business entities.  Their tax returns looked like phone books and Chase went through those tax returns line by line by line.  The underwriting process on this file was, perhaps, the most difficult underwriting review that Michael Gaddis and his staff have been a part of.  However, in the end persistence and patience paid off with a very good loan modification. The homeowners grew impatient a few times during the process but Michael Gaddis calm them down and told them that loan modifications are not easy, especially their situation, and that they needed to trust him and have patience.  They did and they are very happy with the results.

The final loan modification calls for a deferred principal balance of $186,011.43 which is eligible for principal forgiveness.  Provided that the homeowner remain current on their payments Chase will forgive the deferred principal balance in equal installments on each of the first 3 anniversaries of the loan modification.  At the end of the third year the entire $186,011.43 will have been forgiven.  The Chase loan modification calls for a 3.875% interest rate for the remaining term of the loan.  The principal, interest, taxes and insurance (“PITI”) payment of  $3,845 per month is $1,459.00 per month less than what the homeowner was paying prior to becoming delinquent.

As always, Michael Gaddis and his staff will continue to monitor the final Chase Loan Modification in order to ensure that Chase 1) receives the final Chase Loan Modification documents; 2) properly uploads the new modified terms into their system; and 3) returns the borrower’s file to regular servicing.  This Chase Loan Modification is a testament to the knowledge, tenacity and persistence of Michael Gaddis and his staff.

To view a copy of this Chase Loan Modification as well as other loan modifications obtained by Michael Gaddis please click the following links: http://californialoanmodificationattorney.com/approved-loan-modifications-and-trials/ 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.

Reserve your spot now. http://goo.gl/aSFG8

Final HAMP Chase Loan Modification With Principal Reduction Obtained for Homeowners Located in Vista, CA

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The Law Offices of Michael Gaddis successfully obtained a final Chase loan modification for homeowners located in Vista, CA.  The Chase loan modification is a Home Affordable Modification (“HAMP”) and has a principal reduction of $56,957.28 included in the final terms.  The Chase loan modification is a step-rate modification with an interest rate of 2% for five (5) years, followed by 3% in year six (6) and then fixed in year seven (7) at 3.375% for the remainder of the term.  The new modified payment of $2,037.12 represents an over $900 per month payment reduction from what the homeowner was paying prior to becoming delinquent.   As mentioned, $56,957.28 is eligible for the deferred principal reduction program.  Provided that the homeonwers remain in good standing on their loan on each of the first three anniversaries of the loan modification Chase will forgive the $56,957.28 in 1/3 increments.  After three years the entire amount will have been foregiven.

The homeowners were referred to Michael Gaddis by one of Michael Gaddis’ former clients.  The homeowners attended one of Michael Gaddis’ seminars and met with Michael for a free consultation on two different occassions.  At first they were very reluctant and insisted that they try and modify their loan on their own.  After seven (7) months of stress, worry and frustration they decided to retain Michael Gaddis.  Upon receipt of the Chase loan modification the homeowners thanked Michael Gaddis for helping them.  Michael Gaddis responded by telling them that they would have received this Chase loan modification seven (7) months ago if they had not wasted their time and retained Michael Gaddis after they first met with him.  The homeowner agreed and stated that they wish they had done just that.

As always Michael Gaddis and his staff will continue to monitor the homeowners’ file in order to ensure that Chase receives the signed final Chase loan modification documents; that Chase properly uploads the final modification terms into their system; and that Chase returns the homeowners’ account to regular servicing.

To view a copy of this loan modification as well as other loan modifications secured by The Law Offices of Michael Gaddis please click the following links:  http://californialoanmodificationattorney.com/trials-modifications/ and http://californialoanmodificationattorney.com/trials-modifications/approved-trials-modifications-pg-2/

Final Chase Loan Modification Obtained for Homeowner Located in Rancho Santa Fe, CA

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The Law Offices of Michael Gaddis recently obtained a final Chase loan modification for a homeowner located in Rancho Santa Fe, CA.  Since the loan amount of $1,495,227.48 exceeded the HAMP threshold of $729,000 the only Chase loan modification program available for the homeowner to be reviewed under was CHAMP, Chase’s internal loan modification program.  When the homeowner first consulted with Micahel Gaddis the homeowner told him that she and her husband were nearly $200,000 behind in their payments.  The homeowner also said that Chase had begun to pay their property tax payments.  The homeowner explained that her business had experienced some difficulty which caused her to get behind on her payments but that her business was now operating at a profit again and if she could just get caught up on her payments she would never be late again.  Like most others, she had tried and tried to obtain a Chase loan modification on her own and through the assistance of other companies but had been denied repeatedly.  Michael Gaddis was her last hope.  If Michael Gaddis was unable to help her the homeowner’s only hope would be to reinstate her loan which would require her to find a way to come up with a sizeable chunk of money.  The homeowner’s case was difficult becuase she was self-employed and due to the size of her unpaid principal balance.  Additionally, there was a potential issue with her loan-to-value (“LTV”).  After performing a couple of comps in her area Michael Gaddis was a little worried that the vlaue of her house might exceed what she owed on her loan.  In the loan modification world the higher the LTV the better.  In this case the homeowner’s LTV might be as low as 95% or as high as 110%.  It was hard to determine what Chase was going to use as a value due to the fact that the homeowner lived in an area of custom homes which can be difficult to value.

In the end the homeowner was approved for a 3 month trial which she successfully completed and was issued a final Chase loan modification.  The terms of the Chase loan modification call for a fixed 3.5% interest rate through the maturity date.  Additionally, the Chase loan modification deferred $121,239.72 of the principal balance which is eligible for principal forgiveness in one-third increments on each of the first three anniversaries of the loan modification provided the homeowner is current on her payments.

As always, Michael Gaddis and his staff will continue to monitor the homeowner’s file in order to ensure that Chase receives the signed Chase loan modification documents; Chase properly uploads the modified terms into their system; and that Chase returns the homeowner’s account to regular servicing.

 

HAMP Chase Loan Modification Obtained for Homeowner Located in Chula Vista, CA

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The Law Offices of Michael Gaddis recently obtained a final HAMP Chase loan modification for a homeowner located in Chula Vista, CA.  Prior to retaining Michael Gaddis the homeowner spent nearly two (2) years attempting to modify the loan both on his own and with the assistance of several loan modification companies.  The homeowner was referred to Michael Gaddis by one of Michael Gaddis previous clients.  The referring client told the homeowner his successful loan modification story and the homeowner quickly contacted Michael Gaddis.  The home was very important to this particular homeowner because his mother and his aunt, both advanced in age, lived with him and he did not know what he would do if he lost the home.  During the homeowner’s free consultation Michael Gaddis was able to identify several issues in the homeowner’s previous submissions that could have been preventing him from obtaining loan modification approval.  Chase loan modifications can be difficult because the underwriting process at Chase can sometimes be a little over the top.  After the homeowner’s consultation the homeowner decided to retain Michael Gaddis in order to try one last time at obtaining a loan modification.  About sixty (60) days after the submission the homeowner received a HAMP trial loan modification from Chase.  Upon receiving it he called Michael Gaddis and said something that Michael Gaddis hears quite frequently, he said, ” I can’t believe how easy you [Michael Gaddis] make it [obtaining loan modification approval] look.”  The homeowner went on to talk about how much stress and sleepless nights he has had over the past two (2) years and how he wished he had found Michael Gaddis right away.

With this final HAMP Chase loan modification the homeowner never has to worry about losing his house again.  The terms of the HAMP Chase loan modification call for a step-rate loan modification with an initial interest rate of 2% for the first five (5) years followed by 3% in year six (6) and in year seven (7) the interest rate adjusts one last time to 3.375% and remains at 3.375% until the maturity date.  The principal, interest, taxes and insurance (“PITI”) payment of $1,293.75 represents an over $600 per month reduction from the homeowner’s previous PITI payment.

As always, Michael Gaddis and his staff will continue to monitor the homeowner’s file in order to ensure that Chase 1) receives the executed loan modification documents; 2) properly uploads the new modified terms into the system; and 3) returns the homeowner’s account to regular servicing.  If you would like to see the Chase loan modification received by this homeowner as well as other loan modifications successfully obtained for homeowners by Michael Gaddis please click the following links:    http://californialoanmodificationattorney.com/ trials-modifications/ and http://californialoanmodificationattorney.com/trials-modifications/approved-trials-modifications-pg-2/.

Final Chase Loan Modification HAMP Successfully Obtained for Homeowner Located in Oceanside, CA

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The Law Offices of Michael Gaddis recently obtained a final HAMP Chase loan modification for a homeowner located in Oceanside, CA.  The homeowner was self-employed and and his business was struggling.  He was borrowing money to maintain his loan until he was unable to borrow more money forcing him to become late.  The homeowner was in danger of losing his home.  He was referred to Michael Gaddis by one of Michael Gaddis’ past clients.  During the initial consultation, Michael Gaddis noticed that the homeowner’s file was serviced by Chase but that Fannie Mae was the investor.  Once the file was identified as a Fannie Mae loan, Michael Gaddis knew exactly what was and what was not possible.

On July 18, 2012 Michael Gaddis obtained a trial Chase loan modification for the homeowner.  The trial required that the homeowner make three (3) trial payments of $1,475.16 beginning on September 1, 2012.  The homeowner successfully completed the trial period and on December 13, 2012 the homeowner received his final HAMP Chase loan modification.  The final HAMP Chase loan modification is a step-rate modification with an initial interest rate of 2% for the first five (5) years followed by 3% in year six (6) and a fixed interest rate of 3.375% from years seven (7) through thirty-four (34).  The initial PITI payment of $1,475.51 represents a reduction of nearly $480 a month from what the homeowner was paying prior to becomming delinquent.

As always, Michael Gaddis and his staff will continue to monitor the homeowner’s file in order to ensure that Chase receives the signed final HAMP loan modification documents; that Chase properly uploads the new modified terms into their system; and that Chase returns the homeowner’s account to regular servicing.

Chase HAMP Trial Loan Modification Successfully Obtained for Homeowner Located in Oceanside, CA

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The Law Offices of Michael Gaddis recently obtained a HAMP trial loan modification from Chase for a homeonwer located in Oceanside, CA.  The homeowner, an elderly self-employed pharmacist nearing retirement, was one week away from losing his home through a Trustee Sale when he retained Michael Gaddis.  The homeowner was a referral from one of Michael Gaddis’ former clients.  The homeowner had tried and tried and failed to work with Chase on his own.  He had all but given up but decided to heed his friend’s advice and meet with Michael Gaddis.  During the homeowner’s consultation Michael Gaddis determined that the homeowner should qualify for a loan modification.  Michael Gaddis expressed concern over the approaching sale date but was confident that he could get the sale stopped in time to give Chase the opportunity to review the newly submitted file.  Michael Gaddis was able to stop the sale and Chase’s review of the loan modification package resulted in the issuance of a trial loan modification.

The moral of this story is to not wait until the last minute before seeking out help.  While Michael Gaddis was able to stop this sale it is becoming more and more difficult to stop trustee sales so close to the sale date.

The trial plan payment of $1,893.51 resulted in an over $300 per month per month reduction from what the homeowner was paying prior to becoming delinquent (his loan was a negative amortization loan with a very low minimum payment).  As always, Michael Gaddis and his staff will monitor the homeowners situation in order to ensure that a final HAMP loan modification is obtained.

Final Chase HAMP Loan Modification Obtained for Homeowner Located in Oceanside, CA

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Final Chase HAMP Loan Modification

The Law Offices of Michael Gaddis recently obtained a final HAMP loan modification from Chase for a homeowner located in Oceanside, CA.  Chase was the servicer of the loan and Fannie Mae (“FNMA”) was the investor.  FNMA is notorious for being a difficult investor to deal with, especially if a homeowner is approaching a Trustee Sale.  Chase has come a long way in processing loan modification applications.  Michael Gaddis really likes working on Chase files.  At one time, Chase was the absolute worst entity on the planet to deal with when attempting to obtain a loan modification.  However, Chase has developed into one of the better servicers for distressed homeowners.  They are responsive and communicate well.  Chase’s underwriting is significantly more fluid than it once was and they are one of the more accommodating lenders to deal with for homeowners near a trustee sale.  With that being said, loan modifications are still very difficult to obtain and if a homeowner has been denied once or twice at the most, that homeowner should not wait until the last minute before seeking out “competent” assistance.

The homeowners in this situation had tried multiple times on their own to modify their loan prior to retaining Michael Gaddis.  As soon as he reviewed the homeowners’ previous submissions Michael Gaddis knew why they had previously failed.  Once retained Michael Gaddis addressed the areas that he thought were preventing approval and then submitted the loan modification application to Chase.  Shortly thereafter, to the bewilderment of the homeowners, Chase responded to the newly submitted loan modification application by issuing a trial loan modification.  After the homeowners completed the 3 month trial plan Chase issued the final HAMP loan modification documents.  The terms of the final HAMP loan modification call for a step-rate modification.  The initial interest rate was set at 2% and will last for 5 years.  In year 6 the interest rate will increase to 3% and in year 7 the interest rate will increase one more time to 3.625% and remain at 3.625% for the end of the term which was extended to 40 years.  The new modified payment of $1,477.58 represents an over $1,000 a month reduction from what the homeowner was paying prior to becoming delinquent.

Michael Gaddis and his staff will continue to monitor the homeowner’s file in order to ensure that Chase receives the signed HAMP loan modification; that Chase properly uploads the new modified terms into their system; and that Chase returns the homeowners file to regular servicing.

To view a copy of the final HAMP loan modification please click the following link:  http://californialoanmodificationattorney.com/wp-content/uploads/2012/03/Bank-of-America-Modification-Chula-Vista2.pdf

Other Chase Hamp Loan Modifications: http://californialoanmodificationattorney.com/?s=Chase+HAMP