Seterus Mortgage Modification Success Obtained by The Law Offices of Michael Gaddis

Subscribe to Rss Feed

Seterus Mortgage Modification Success

Obtained by The Law Offices of Michael Gaddis



The Law Offices of Michael Gaddis, secured a successful Seterus mortgage modification. Loan modification attorney, Michael Gaddis explains how a seemingly simple case truly needed the professional help Despite discrepancies in valuation and several NPV failures, Michael Gaddis was able to get the mortgage modification through. To see if Michael Gaddis can assist you with your California Loan Modification call 888.242.2272 for a free consultation or email with the details of your case for a preliminary review.

Seterus Successful Mortgage Modification Video Transcript

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

I am Michael gas recently my office obtaincd a final Seterus mortgage modification for a homeowner located in Oceanside California  When the homeowner originally approached me I reviewed her documents  and advised her that she should try to do this on her own, that she probably  didn’t need me and that her scenario  appeared to be relatively simple and cookie cutter  so to speak and that she should you know have a pretty good chance of obtaining a  loan modification without  using my services However she was extremely nervous and hesitant to do so  so much so in fact that she nearly started crying in my office  kinda begging me to help her and I again I told her  you should probably try to this on your own and  and she said I don’t wanna do it I don’t care so  I agreed to help her.

To make a long story short  boy in my glad that I did because this turned out to be a very difficult case  the problem was value in the property  the bank had a completely different value then what  the actual value should have been and that diane was causing  net present value failures for both HAMP tier-1 and tier-2  the investor on the lawn was Fannie Mae  so obviously running to and you want your to  but the value was so high that’s  it was feeling and I could see why it was failing when I was getting the net  present value results. So I had to challenge the value several times to Seterus and using my real estate hat and it comps found  do you know prepare comparative market analysis for them and show them that there were some errors in their value even and I was running into some severe  obstacles.

I had to approach Fannie Mae directly and say,  you know I explained the situation to them Fannie Mae  make contact with terrace and in turn Seterus contacted me and de from that point on Seterus work very well  and eight they were trying very active in trying to obtain a positive result  a my contact over at Seterus mortgage was very responsive  and varying meanwhile trying to make this work  in the year and we did find a solution for her.

We eventually got her approved for a HAMP Tier 2, well like a HAMP Tier 2 mod,  it’s not necessarily a HAMP Tier 2, it was going to  be an in-house Fannie Mae type mod was based on hand here to guidelines really basically stretch the AM station  charger  480 months in a drop your interest rates you  when they drop it to you I think it was four points to  4.625 percent in doing so  her all principal interest taxes insurance payment was twelve hundred  sixty-five dollars  and her new piti was 994  so is it was the nearly three hundred dollar difference between which is  paying  before and what she’s paying now.

To say the least she’s extremely happy with the  Seterus mortgage modification result  and when I it’s funny when we got she came in to sign her final mod paperwork  she looked at me and she told me  I told you I need you I told you I needed you  in and I said you’re right you didn’t need me  and she said there’s no way I could have done this without you and I said you’re probably right because I had to go through some extreme hoops  to get this one approved  on I was little bit surprised I do not think there is going to be such a  battle over LTV loan to value n  he end up being the critical element  and and trying to get to this bar or approved  but at the end of the day the the borrower has a  a final such areas loan modification and she’s extremely happy.