Nationstar Loan Modification Obtained for Homeowner in San Diego, CA

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Nationstar Loan Modification Success!

Miracles never cease to happen, at least at The Law Offices of Michael Gaddis.  Over two-and-a-half years ago a homeowner made an appointment with Michael Gaddis for a consultation regarding his chances at obtaining a loan modification at Bank of America.  At the time, Michael Gaddis was very skeptical because 1) the homeowner’s income appeared to be too high and 2) the homeowner’s loan-to-value (“LTV”) appeared to be around 100% or lower.  In other words, the homeowner did not have a “cookie-cutter” scenario.  Based on a thorough review of the situation Michael Gaddis agreed to take the homeowner’s case but told him that it would not be easy and that his chances of success were, at best, 60%.  As the homeowner had already tried to modify his loan numerous times prior to consulting with Michael Gaddis, the homeowner was convinced that using Michael Gaddis was his best chance at obtaining a loan modification.  Michael Gaddis took the homeowner’s case thus starting a very lengthy roller coaster ride.  During the two-and-a-half years that Michael Gaddis worked on the homeowner’s loan modification the homeowner lost his job, then got a new job, then lost that job and then got a new job.  This constant change in income was an underwriting nightmare that gave Bank of America, and Michael Gaddis for that matter, fits.  Just when the homeowner’s financial situation stabilized the servicing of the loan was transferred from Bank of America to Nationstar.  Meanwhile, the San Diego real estate market began to rebound resulting in an increase to the homeowner’s property value.  As you are probably aware increases in property value mean less risk of loss to the investor which means less incentive for the investor to approve loan modifications.  Everything seemed to be working against the homeowner and Michael Gaddis.  However, Michael Gaddis continued fighting for the loan modification.

Finally, two-and-a-half years after the homeowner first consulted with Michael Gaddis Nationstar issued a Home Affordable Modification Program (“HAMP”) trial loan modification.  The trial amount of $2,627 per month reflected a potential payment savings of over $1,300 per month PITI.  Incredible to say the least.  Michael Gaddis literally willed this loan modification into existence through his zealous persistence and tenacity.

Michael Gaddis is very proud of every one of the modifications that he obtains for homeowners.  However, loan modifications like this one hold a special place in his heart.  This loan modification means that yet another family will be able to keep their home.  Michael Gaddis especially appreciates his Nationstar loan modification success stories because Nationstar can be a difficult lender to deal with. 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 Nationstar loan modification is obtained.  To view a copy of this trial Nationstar 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/

Final Nationstar Loan Modification Obtained for Homeowner in San Diego, CA

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The Law Offices of Michael Gaddis recently obtained a final Nationstar Loan Modification for a homeowner located in San Diego, CA.  This Nationstar Loan Modification took over two (2) years to obtain.  Why did it take so long?  First, the original servicer of the loan was Bank of America.  Bank of America literally drug the underwriting on this file on for as long as they possibly could.  Just when Michael Gaddis began making headway with Bank of America he was notified that the file was marked for service release.  Whenever a file is service released to a new loan servicer the loan modification process is delayed, sometimes by months.  Second, the borrower’s financial situation changed three (3) times during the course of the loan modification process.  The changes were major swings in the borrowers net and gross income.  These significant changes affected underwriting and forced delays.  The last reason that obtaining the final Nationstar Loan Modification was delayed was because Michael Gaddis had to challenge two (2) sets of NPV failures.  Appealing NPV failures takes time.

The borrower was persistent and wanted to fight to the end.  Michael Gaddis was up for the task and continued to challenge Nationstar until, finally, Nationstar issued a trial loan modification.  The borrower completed the necessary three (3) trial payments and Nationstar subsequently issued the final loan modification paperwork.

The long, seemingly never ending, fight paid off in the end for the borrower.  The terms of the new loan modification are amazing.  The new principal, interest, taxes and insurance (“PITI”) payment of $2,627.54 is over $1,300 lower per month than what the borrower was paying prior to becoming delinquent.  The Nationstar loan modification is a step-rate loan modification starting with a 2% for the first five (5) years of the loan followed by 3% in year (6), 4% in year seven and fixed thereafter at 4.375%.  Nationstar also increased the amortization period and maturity date to forty (40) years.

There were several times during the process where things did not look so promising.  However, through the team work of the borrower and Michael Gaddis persistence and determination paid off.  This particular case is one that Michael Gaddis is particularly proud of.  Saving people’s homes provides Michael Gaddis with a great sense of pride and accomplishment.  By never giving up, Michael Gaddis made a difference for a family in San Diego.

As always Michael Gaddis and his staff will continue to monitor the homeowners’ file in order to ensure that Nationstar receives the executed final loan modification documents; that the terms of the Nationstar loan modification are properly uploaded into Nationstar’s system; and that US Bank returns the homeowners’ file to regular servicing.  To view a copy of the Nationstar loan modification referenced in this blog as well as 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 Nationstar Loan Modification Obtained For Homeowner in Carlsbad, CA

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The Law Offices of Michael Gaddis recently obtained a final Nationstar Loan Modification for homeowners located in Carlsbad, CA.  The homeowners were referred to Michael Gaddis by a local Carlsbad Realtor whom the homeowners approached about potentially short selling their home.  When it became clear the homeowners were not at peace with their decision to short sell their the property, the Realtor, familiar with Michael Gaddis and his loan modification success stories, recommended that prior to listing their home for short sale that the homeowners consult with Michael Gaddis.  The hardship was that one of the homeowners had lost their job thereby cutting the household income in half.  The homeowners were forced to go late and continued being late until the unemployed homeowner found a new position.  Subsequently, the homeowners, on their own, attempted to modify their loan.  At the time of their loan modification attempts the homeowners’ loan was serviced by Bank of America.  Bank of America denied their loan modification request several times.  Michael Gaddis suspected that the problem was the homeowners income.  After reviewing the homeowners’ financials it appeared that the homeowners were making too much money.  Both homeowners were W-2 employees and no matter how Michael Gaddis calculated their income it appeared that the homeowners were making too much income for HAMP and internal based modification programs.  However, Michael Gaddis knew that there might be an additional program for people whose Housing-to-Income ratios are below 25%.  When Michael Gaddis agreed to help the homeowners the loan was still being serviced by Bank of America.  Shortly after, it was transferred to Nationstar.

The Nationstar loan modification application review took a while but in the end, the homeowners were granted a loan modification which allowed them to keep their home.  The terms of the loan modification called for an initial interest rate of 2% for the first 2 years with an initial principal and interest payment of $2,590.75 which represented a nearly $300 a month reduction from what the homeowner was paying prior to becoming delinquent.  After the initial 2 year period the interest will fix at 5% for the remainder of the term.  Although this is a fairly big jump, it is a great deal for the homeowners who 1) get to keep their home; 2) now have equity in their home which will continue to grow over the next couple of years; and 3) allowed the homeowners to become current on their loan with very little money out of their pocket.  The homeowners were very happy with the result.  Michael Gaddis told the homeowners that they should thank the real estate agent that referred them to him because there were not many real estate agents that would have done that knowing that they could lose a pretty nice commission check.

As always Michael Gaddis and his staff will continue to monitor the homeowners’ file in order to ensure that Nationstar receives the executed final loan modification documents; that the terms of the Nationstar loan modification are properly uploaded into Nationstar’s system; and that Nationstar returns the homeowners’ file to regular servicing.  To view a copy of the Nationstar loan modification referenced in this blog as well as 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/

Final HAMP Tier 1 Nationstar Loan Modification Obtained for Homeowner Located in Valley Center, CA

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The Law Offices of Michael Gaddis recently obtained a final Nationstar Loan Modification for a homeowner located in Valley Center, CA.  The Nationstar Loan Modification was a Making Home Affordable Home Affordable Modification Program (“HAMP”) Tier 1 modification.  This loan modification was the 2nd loan modification that the homeowner received in the past 3 years.  Prior to Nationstar, Bank of America was the servicer of the homeowner’s loan.    The previous modification was more of a band-aide than a fix.  The terms of the previous Bank of America loan modification called for a 3.5% interest only for five (5) years that converted into a 5.5% fixed principal and interest payment at the expiration of the five (5) year period based on the remaining term of the existing note.  In other words, the homeowner was facing a significant increase when the loan modification converted to a 5.5% fixed.  Although worried about the “iceberg” lurking in the future the homeowner fully intended to comply with the terms of the Bank of America loan modification.  However, the homeowner, who was self-employed, suffered a significant change in income and had no choice but to become delinquent again.  The homeowner retained Michael Gaddis when he was four (4) months late in order to try and save his home.  When Michael Gaddis took the case, the homeowner’s loan was still with Bank of America.  In fact, it was Bank of America that approved the HAMP Tier 1 trial loan modification.  However, subsequent to the trial loan modification approval, the homeowner was notified that the servicing of the loan was being transferred to Nationstar.  As soon as Nationstar took over the servicing of the loan, Michael Gaddis and his staff made contact with Nationstar to ensure that they would honor the terms of the trial loan modification.  Nationstar quickly said that they would honor the agreement.

The terms of the final Nationstar Loan Modification are a step-rate modification with an initial 2% interest rate that lasts for five (5) years, followed in year six (6) at 3%, year seven (7) at 4% and fixed thereafter at 4.375% for the remainder of the term.  The homeowner’s new principal, interest, taxes and insurance payment (“PITI”) of $2,240.02 represents a more than $300 a month savings from what the homeowner was paying prior to becoming delinquent.  The savings is even greater if you take into consideration the fact that the old payment was interest-only whereas the new payment includes payments to principal.

As always Michael Gaddis and his staff will continue to monitor the homeowners’ file in order to ensure that Nationstar receives the executed final loan modification documents; that the terms of the Nationstar loan modification are properly uploaded into Nationstar’s system; and that Nationstar returns the homeowners’ file to regular servicing.  To view a copy of the Nationstar loan modification referenced in this blog as well as 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/

 

Nationstar Loan Modification Success in Vista, CA

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The Law Offices of Michael Gaddis recently obtained a Nationstar loan modification for homeowners located in Vista, CA.  The Nationstar loan modification was a Making Home Affordable HAMP loan modification.  Prior to retaining Michael Gaddis the homeowners had tried to obtain a loan modification from Nationstar for over a year.  The homeowners tried on their own and were so frustrated when they first met with Michael Gaddis they were ready to scream.  During the consultation they showed Michael Gaddis a notebook full of previous loan modification applications, correspondence from Nationstar and denial letters.  Michael Gaddis could tell the stress of the loan modification package was wearing on these homeowners.  They were terrified at the prospect of losing their home, especially since they firmly believed that they should be able to qualify for a loan modification.  Michael Gaddis thoroughly reviewed their paperwork and determined that they were correct, that they should be able to qualify for HAMP.  The borrowers quickly retained Michael Gaddis and the process was started.  Within forty-five (45) days of submission of the Nationstar loan modification package the homeowners received a trial loan modification.  They were stunned by how quickly Michael Gaddis was able to obtain the trial loan modification.  The happily accepted the terms of the trial loan modification and after completing their trial period Nationstar sent them their final loan modification paperwork.

The Nationstar loan modification is a step-rate loan modification with an initial interest rate of 2%.  The 2% interest rate will continue for the first five (5) years of the loan modification.  In year six (6) the interest rate will increase to 3% followed by a final increase in year seven (7) to 3.375%.  Th3 3.375% interest rate will remain fixed until the maturity date.  The homeowners’ previous loan program was a 5.875% interest only with a PITI payment of $2244.  The new proposed principal, interest, taxes and insurance payment of $1845.17 was a nearly $400 per month reduction from what the homeowners’ were paying prior to becoming delinquent AND the new payment includes principal payments whereas their old payment was entirely interest.

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

To view the Nationstar loan modification document referred to in this blog as well as 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/

Nationstar Fannie Mae HAMP Loan Modification Successfully Obtained for Homeonwer Located in Vista, CA

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The Law Offices of Michael Gaddis recently successfully obtained a HAMP trial loan modification from Nationstar Mortgage (“Nationstar”) for a homeowner located in Vista, CA.  While Nationsstar serviced the loan, the investor on the loan was Fannie Mae.  When the homeowners spoke to Michael Gaddis during their initial consultation they expressed their extreme displeasure regarding their loan modification attempts with Nationstar.  After years of seeking resolution, the homeowners were, understandably, extremely frustrated.  They approached Michael Gaddis as a last resort.  Michael Gaddis reviewed their situation and determined that the homeowners should be able to qualify for a HAMP loan modification.  As is typically the case, there was a disconnect between the homeowner and the servicer.  They were not speaking the same language.  In fact, when Michael Gaddis advised the homeowner that he had been approved for a trial loan modification the homeowners were stunned and said that it was somewhat anti-climatic.  They had expected months and months of delay and resistance but, in fact, discovered that Michael Gaddis was able to modify their loan rather smoothly and without the pain and stress that they had incurred for years on their own.

The trial payment of $1,844.78 represents a nearly $400 per month reduction from what the homeowner was paying prior to becoming delinquent.  As always, Michael Gaddis and his staff will continue to monitor the situation in order to ensure that a final HAMP loan modification is obtained from Nationstar.

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

Final HAMP Nationstar Loan Modification Successfully Obtained for Homeowner Located Chula Vista, CA

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The Law Offices of Michael Gaddis recently obtained a final HAMP Nationstar Loan modification for a homeowner located in Chula Vista, CA.  While the homeowner’s loan was serviced by Nationstar the actual note was a Fannie Mae loan.  (Some of what follows is content from an earlier blog that was posted when the homeowner intially received their trial).  Fannie Mae is a very difficult investor to deal with due to their rigid rules. The homeonwer had tried to modify the loan on her own for months before retaining Michael Gaddis to assist her.  By the time Michael Gaddis and his staff gathered the necessary information needed to properly review the file a Trustee Sale Date was set by Nationstar.  Knowing that stopping Trustee Sales alone is diffiucult but even more so when Fannie Mae or Freddie Mac are the investors, Michael Gaddis knew that time was of the essence.  The file was submitted to Nationstar who promptly reviewed the file and requested additional information.  Michael Gaddis’ staff obtained the needed documentation and sent it to Nationstar.  Two days later a Nationstar representative stated that there was not enough time to review the file due to the investor guidelines related to the pending Trustee Sale date.  Michael Gaddis knew that this file had an extremely good chance of qualifying for HAMP so he insisted on speaking to supervisors and senior management.  As the Trustee Sale approached Michael Gaddis expanded his efforts within Nationstar and with 1 day left before the sale he convinced Nationstar to review the file to see if the homeowner had a chance at qualifying.  Upon review, Nationstar agreed with Michael Gaddis and requested that Fannie Mae allow them to postpone the sale.  Less than a week from the date that the house was supposed to be sold Nationstar contacted Michael Gaddis and notified him that the homeowner had been approved for a trial and that the homeowner would be getting the paperwork in the mail within the next few days.  The homeowner completed the trial and recently received the final HAMP Nationstar loan modification paperwork.

While the customer relations managers at Nationstar were little or no help in this matter, Michael Gaddis’ contacts at Nationstar were the exact opposite.  They were helpful and communicative and expeditious in their pursuit of a resolution.  Unlike senior management at other lenders, Michael Gaddis’ Nationstar contacts were extremely helpful and instrumental in this particular success story.  The lesson learned is that when it comes to Fannie Mae loans Nationstar’s Senior Management is willing to really try and assist homeowners, even when they are close to Trustee Sales.  This is something that other lenders/servicers refuse to do, usually putting the blame on Fannie Mae.  Nationstar facilitated this situation the way all lenders/services should.  Senior Management at other lenders/servicers could learn a few things from Nationstar. This homeowner was able to keep her house because Nationstar listened and acted.

The terms of the HAMP loan modification call for an initial interest rate of 2% for the first five years; followed by 3% in year 6; and 3.375% in years 7-36.  The initial payment of $2,062.31 reflects a substantial reduction in the homeowner’s monthly payment.  As always, Michael Gaddis and his staff will continue to monitor the homeowner’s file in order to ensure that Nationstar recieves the signed final modification paperwork; that Nationstar properly uploads the modified terms into their system; and that Nationstar returns the homeowner’s account to regular servicing.

 

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

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The Law Offices of Michael Gaddis recently obtained a HAMP trial Loan modification from Nationstar Mortgage for a homeowner located in Chula Vista, CA.  This trial loan modification is a testament to Nationstar’s willingness to assist homeowners.  The homeowner, who had previously filed and been discharged from a Chapter 7 Bankruptcy, retained Michael Gaddis shortly before a scheduled Trustee Sale.  The file was submitted as quickly as possible, 10 busines days prior to the Trustee Sale.  Nationstar’s representative told Michael Gaddis that there was not enough time to review the file and that the Trustee Sale would not be stopped.  Michael Gaddis promptly contacted a member of Nationstar’s management and informed him of the situation.  Michael Gaddis told him that despite the fact that Nationstar had previously reviewed the file for HAMP and denied it, the file had a good chance of getting through a new HAMP review.  Michael Gaddis’ contact said he would look into the situation but made no promises.  Much to the deilght of Michael Gaddis, Nationstar subsequently postponed the sale and after a new HAMP review Nationstar issued HAMP Trial Documents.

This file is a testament to Nationstar’s willingness to help homeowners.  Nationstar is one of Michael Gaddis’ favorite lenders to work with because they seem to care about making the right decision, even at the eleventh hour.  Many lenders would have not been receptive to rereviewing so close to a trustee sale and would have been obstinate even if wrong.  Nationstar is an example of how servicers should be dealing with distressed homeowners.

The trial modification payment of $2061.97 was over $200 less per month than 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 a final HAMP loan modification is obtained.

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

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The Law Offices of Michael Gaddis recently obtained a loan modification for a homeowner located in Oceanside, CA.  The homeowner’s original lender was Aurora Loan Servicing (“Aurora”).  As has been mentioned before, Aurora was a terrible servicer.  The homeowner had attempted to obtain a loan modification with Aurora on her own for over a year before deciding to retain Michael Gaddis to assist her.  Once retained, Michael Gaddis went to work attempting to obtain a loan modification from Aurora.  Aurora, as always, was difficult to work with.  However, Michael Gaddis was able to obtain a trial loan modification from Aurora.  Subsequent to the trial being issued her loan was transferred to Nationstar.  Nationstar advised Michael Gaddis that they would not honor the Aurora trial loan modification and that if the homeowner wanted to be reviewed for a loan modification that she would need to submit a new loan modification package to Nationstar.  Michael Gaddis and his team prepared and submitted a new loan modification package to Nationstar who promptly reviewed the package and issued a new HAMP trial loan modification.

The homeowner made the three trial payments and, once completed, Nationstar issued the final HAMP loan modification paperwork.  The final HAMP loan modification is a step-rate modification with a starting interest rate of 2% for 5 years followed by 3% in year 6 and a fixed interest rate of 3.5% from years 7-30.  The initial monthly payment of $1,173.82 PITI represent an over $500 per month reduction from what the homeowner was paying prior to going delinquent.

As always, Michael Gaddis and his staff will continue to monitor the homeowner’s file in order to ensure that the final HAMP loan modification paperwork is received by Nationstar; that the new modification terms are properly uploaded into the system; and that Nationstar returns the homeowner’s account to regular servicing.

Nationstar Final HAMP Loan Modification Obtained for Homeowner Located in Ramona, CA Principal Reduction of $98,987.00

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The Law Offices of Michael Gaddis recently obtained a final HAMP loan modification from Nationstar Mortgage, LLC (“Nationstar”) for homeowners located in Ramona, Ca.  As mentioned in previous postings, Nationstar is one of Michael Gaddis’ favorite lenders to work with.  With a few exceptions, the process at Nationstar is very straight forward and Michael Gaddis’ contacts are very responsive and more than willing to help if needed.  The terms of the HAMP modification for these homeowners called for a step-rate modification with an initial interest rate of 2% over the first 5 years of the modification.  In year six the interest rate will increase to 3% and in year seven the interest rate will increase to 3.625% and remain fixed at that rate through the end of the term.   The new PITI payment of $1,281.89 is over $450 per month less than the payment the homeowners were making prior to going delinquent.  Additionally,  $98,987.00 of the principal balance was deferred to the end of the loan and is eligible for a deferred principal reduction.  If the homeowners remain current on their loan one-third of the deferred principal reduction will be forgiven on each of the first three anniversaries of the loan modification.  Provided the homeowners remain current during the first 3 years the entire amount of $98,987.00 will be forgiven.

This is a very nice modification that will allow the homeowners to stay in their home for the rest of their lives without issue.  This modification is another example of a success story at Nationstar.  As always, Michael Gaddis and his staff will continue to monitor the file in order to ensure that Nationstar receives the final HAMP loan modification documents; that Nationstar properly uploads the final modification terms into their system; and that Nationstar returns the homeowner’s account to regular servicing.

To view a copy of this loan modification please click the following link:  http://californialoanmodificationattorney.com/wp-content/uploads/2012/03/Nationstar-Modification-Ramona.pdf