PNC Trial Loan Modification obtained for Homeowner Located in San Diego, CA

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The Law Offices of Michael Gaddis recently obtained a trial loan modification from PNC for a homeowner located in San Diego, CA.  PNC is one of the more difficult banks to deal with because many of the investors that PNC services have not elected to participate in HAMP.  Additionally, the underwriting guidelines provided to PNC by these investors does not seem to be overly aggressive.  The homeowners in this situation had tried to obtain a loan modification and instituted litigation against PNC prior to retaining Michael Gaddis.  Michael Gaddis was able to get them what they had failed to get previously, a trial loan modification.  The trial payment of $3,315.00 was around what the homeowners were paying before, however, the new trial payment reflects a principal, interest, taxes and insurance payment whereas the homeowners were paying interest only before.  The savings is the fact that now a large portion of the payment is now paying down the principal whereas before the payment was purely interest.

At first the homeowner’s were a little disappointed that the payment came in around the same as they were paying before.  However, once Michael Gaddis explained the interest only to principal and interest conversion the homeowners were more at ease.  Gauging expectations is an extremely important part of assisting homeowners with their loan modification applications.  Loan modifications are difficult and every homeowners situation is different and depends on numerous factors outside the control of the homeowner and Michael Gaddis.

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