Residential Credit Solutions Loan Modification Success for San Marcos Homeowner

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Residential Credit Solutions Loan Modification

 For San Marcos, California Homeowner

The Law Offices of Michael Gaddis obtains a Residential Credit Solutions loan modification for a homeowner in San Marcos, California. To see if Michael Gaddis can help modify your mortgage call 760.487.8266 to schedule a free consultation.

Residential Credit Solutions Loan Modification Video Transcript

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

Hi I’m Michael Gaddis. I also obtain a loan modification for a client located in San Marcos California. The client had residential Credit Solutions. I’m in their situation was you know as all of my situations are very interesting they were still had numerous types and a hat several different types of self employed in town they had W to encounter. They had a lot of different companies and corporations. It was very difficult file to underwrite for the lender. They started at Bank of America or transfer to residential Credit Solutions. I’m halfway through a review which meant we pretty much had to start over again which is frustrating but it happens especially for with loans from Bank of America, because they’ve been don’t be quite a few of them lately so I’m used to them jettisoning halfway through on despite your loan modification. I was a little surprised at because they’re not to apply the amount that Darcy escaping a trial for this is a trial modification. The amount for the trial period is arm 3400 11 which is very good. It’s a it’s a very aggressive modification I was very excited to get it for these homeowners. Their previous payments before they went late was four thousand two hundred thirty-five dollars pitime principal interest taxes and insurance the trial amounts for 3400 eleven dollars. It starts on May 1st so the savings is you know it’s just a little over a hundred dollars a month which is which is huge what are the reasons why I was a little bit surprised was because they have loaded equity in their house you know the increase in equity is really affecting on modifications in a lot away lot of ways I’ll effects in several different factors including the net present value test which is basically the lenders to try to determine whether a loan modification is in that financial best interests at the Investor not usually evaluated with the more value have in your house. It’s just kinda the enemy at the MTV is a heavyweight backers not determining factor but definitely ways in there and this house you know definitely had some equity there didn’t have a lot but it definitely has some. So I was really concerned that you know we might have an MPV issue but alternately we did not now this particular modification did not come without trials and tribulations on it took us quite a while to get this trump modification and underwriting was exhausted 80a lot of time and you know you dealing with the document requests and the numerous you know underwriting problems that occur ticket can be50 ng but at the end of the day you know the trial loan modification came out and I think in the best interests of the client and the homeowner is extremely happy to have it because they get to save their house. I’m now we haven’t seen what the final terms are yet the final modification will come after they’ve completed their third trial payment and at that point in time we’ll be able to see how to 3400 11 dollar trial period payment. It breaks down in the final loan modification turner’s so this is a great victory for this client and for I’m all clients happy residential credit solutions to it you know is you know and it fairly you know even-keeled servicer or not the worse in there not to the best to deal with but they do tend to take a little bit more time so my name is Michael Gaddis and I want to thank you for taking the time to watch this video. If you have a scenario that you would like to run past me close, please feel free to give me a call. I help homeowners throughout the state of California in their efforts to obtain loan modifications and have been doing so for a very long time so if you have a scenario that you would like me to listen to get my feedback on, please feel free you can give me a call. I am my eight hundred-numbers 888-242-2272 s ADA 2422272 if you were in southern californi a economy on my local number is 760696 I’m sorry 760-6929-5950, 760-692-5950 insulate. I’m shooting his video it’s very hit so I’m a little bit tiredon so or you can email me. My email address is Thank you so much for taking the time to watch this video and congratulations to the farmers who get say there how you.