Successful SLS Loan Modification on Rental Property by The Law Offices of Michael Gaddis

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Successful SLS Loan Modification on Rental Property

by The Law Offices of Michael Gaddis

An SLS Loan Modification is obtained for the owner of a rental property in Newport Beach, CA by the Law Offices of Michael Gaddis. Loan modification attorney, Michael Gaddis explains the loan modification process with SLS and concerns of loan modifications on rental properties. Call 888.242.2272 for a free consultation today to see if Michael can help you find success in modifying your home loan.

Successful SLS Loan Modification on Rental Property Video Transcript

   **Video Auto-transcribed by YouTube, please forgive any incongruencies.

Hi I’m Michael Gaddis my of recently obtained a final SlS loan modification for a client located  in Newport Beach California. The client didn’t actually live in the property was a non-owner occupied property was a  rental property  but he was very emotionally attach this property and although from a CL TV  standpoint meaning combined loan-to-value  meaning all alone she had on their verses the value  he was under water and he really, really desperately wanted to keep it  and so he I’m expressed  in extreme interest in trying to say this in almost any cost  so he contacted me and I looked at his financial  information I’m and in looking as financial information I can understand  why he was having some difficulties  he had said he was self-employed multiple businesses  there is a rental income so there’s a permit from an underwriting perspective  it pose many many complications so  what we did is I you know when after looking at it I expressed my concern him  I said my main concern with you is that from a loan to value expect for  perspective me  how much you owe on this long versus how much the houses were  I said I’m a little concerned because there’s not a lot of financial incentive  for the bank to really work with us because  technically they could foreclose on you get all their money back now he was  arguing that his house is worth less than what it was but  after doing some kind you know some cops on and I was pretty firm that  didn’t do in the Investor on this particular loan was not in that battle  position  so I was a little bit skeptical about whether I could actually get it or not but you know after a lengthy discussion he convinced me to give it a try.

So I did. We prepared as financial packages loan modification application  it took a little bit because  he had a as I said a very difficult kinda financial situation  not only did we submitted SLS  add you know it was a link the underwriting process I’m not going to church tell you otherwise it’d take a while  there’s a lot of questions asked by the underwriters and we had to go through  and analyze profit and loss statements and bank statements and  and you know and respond to their enquiries regarding  you know transfers and things like that it took place but  when all was said and done on the issue  this loan modification and its it really is a remarkable a modification  especially considering it was a non-owner occupied property that had  actually  it really is and argued I’ll tell you why  they all came in on the homeowners lawn was seven thousand three hundred  eighty seven dollars a month the new payment is 5800 39 so  it is its it’s a very large difference between is all payment as new  payment  the new injured in the interest rate is a separate interest rates in the first  five years is 3.75 percent  it escalates in New Year a 6-2 4.375  stays the same for the remainder the germ thereafter the new payment in your  60s 6,350 three dollars a month so even when it goes up  from the initial five-year period and goes into its fixed status  it’s still over a thousand dollars less than he was paying for Burma  so it’s really is quite remarkable  a in this particular situation SLS deferred  some in the past due amounts a hundred nineteen thousand dollars in the past  year  is still putting it back into the principal an amortizing and they put  into the form a noninterest-bearing balloon at the end  so even after you paid up to you to the full amount complete the term you’re still gonna know some money  by the bar will but that’s really  not important I mean it the other day he stayed in this house  on which he loves for I’m amount  significantly lower than he was bang before and hopefully  and he can resolve those junior liens either  by negotiating a loan modification are some sort of a settlement  and in the future when he is ready prepared to sell  you’ll be in a pretty nice position so this is a really good SLS loan modification success  story.

I’m extremely happy with the result.  I’m sure you know SLS can be somewhat of a difficult lender at times because their communication is  a little bit lax and their underwriting does take a long time just as their decisioning but this is an example that just persistence and patience pays off  and this homeowners extremely happy so thank you for taking the time to  listen about this scenario and I hope it it someone explains  summer the the ways that we help people with loan modifications  if you have need a free consultation please feel free to contact me you can  reach an area code 760  692 5950 that 760 692  5950 I help people throughout the state of California  if you’re in Southern California are you visiting Southern California and you  want to come stop by and see me please feel free to do so  my office in Carlsbad California again thank you for watching this video.

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