SLS Loan Modification Success for Self-employed Escondido Homeowner 2014

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SLS Loan Modification Success

For Self-employed Escondido, California Homeowner

The Law Offices of Michael Gaddis obtained an SLS Loan Modification for a self-employed homeowner in Escondido in February of 2014. Attorney Michael Gaddis explains the details of SLS Loan Modification in this video. See if The Law Offices of Michael Gaddis can help with your loan modification with a free consultation. Call 888.242.2272 Toady

SLS Loan Modification Success Video Transcript

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

Hi I’m Michael Gaddis. My office recently obtaining a loan modification for a homeowner in Escondido California. The homeowner was self-employed and had  SSS servicer this particular loan modification on proved to be challenging like most of them due mainly to the fact that he was self-employed and the underwriting at sols is very low or laborious it takes a lot of time. You have to be extremely patient if you have SLS is your servicer because they don’t move quickly however day usually make this the right decision in the end. I have less problem with them on their decisions that I do with just about any other lender so although I’m I get a little frustrated with them because they take so much time. I’m usually happy with the results when they finally do come in and this one I’m very proud. The homeowner came to me it 27 percent interest rate over three thousand dollar payment on in which is too much for him. You know he was use a contractor his business was slow and he was unable to make that payment he needed something that I’m would really help them out to city keep the Houston wanna lose it he parkeda lot of his trucks on his property. If he had a movie would have it would cost a lot of money because he would ask your in-house a problem for another place to park just rocks so this house was very important to him beyond just the house. It was also is base of operations so it was he was extremely stressed about this particular situation so on you know when he came to me express that night oh let’s see what we can do. I knew when I saw that I do it I knew that he had a challenging situation because the him being proud I’m self-employed but I thought I could overcome the obstacles in all the number seem to be really working in his favor. You know anytime you get a loan modification you never really know what’s going to happen because there’s no way to control the net present value test. The only thing you can do is make sure that the inputs and net present value test are accurate and Daz what you have to do from a loan modification standpoint you have to make sure that the computers using the right numbers and if they are den you know you can usually inches a favorable result was going to come about in this particular situation. I was fairly confident as I mentioned his old principal balance. I’m sorry it’s all payment was three thousand dollars and his new piti payment as i turn the pages to look was1647 50 so you’re talking almost fourteen hundred dollar reduction in pain which is incredible and and mean is a huge huge difference from when he was paying before and he could easily afford this payment on his for the terms. If you’re interested the first five years the entry was 2 percent I in your sexual go to 3 percent in your seven it will go to four percent and in year on 8 into all the maturity a 30 and 37 years I would be 4.375 percent so it’s an incredible offer at that allow the homeowner to keep his home and I’m very proud of it and I’m very happy for him. So if you have a situation that you would like me to go through, please feel free to contact me. You can call me at 760-692-5950, 760-692-5950. My office is located in Southern California however I help homeowners throughout the state of California so whether you’re in Northern California or Southern California or anywhere California, you feel free to give me a call. I can either call you are we can converse via Skype whatever you feel more comfortable with a more you just Obama in office. I literally had people come down with the flu or DRObut from sam se and all over Northern California so it’s not unusual for someone show up at my office and say hey you know can you help me. So if you do feel the need are you think that you need a second opinion, please feel free to give me a call because I’m gonna tell you something just because somebody tells you you’re denying doesn’t mean that you can’t get a loan modification. There a lot of people out there trying are claiming to be able to help people and they don’t have any idea what they’re doing, so if you want me to go to your scenario please give me a call at 760-692-5950 or you can visit my website at Or you missing in 6104innovation way in Carlsbad California. Thank you so much for taking the time to view this video and I look forward to talking to you soon.

SLS Loan Modification Obtained for Fallbrook Homeowner 2014

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SLS Loan Modification Obtained

For Fallbrook, California Homeowner

The Law Offices of Michael Gaddis obtained a SLS loan modification for self-employed Fallbrook homeowner in February of 2014. Attorney, Michael Gaddis explains the details of the loan modification process. See if The Law Offices of Michael can help you with your loan modification with a free consultation. Call 760.487.8266 or toll-free at 888.242.2272 today.

SLS Loan Modification Video Transcript

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

Hi I’m Michael Gaddis. My office recently obtaining a loan modification for a homeowner and Fall Creek California. I’m really proud of this particular loan modification because the result is really quite exceptional the homeowners had SLS as their servicer. SLS loan modification is notorious for having a revealing the underwriting period and this particular file proved no different. It took quite a while to obtain the loan modification but patience pays off and as I has told you that many in my other blogs also being on top lenders also helps you know making sure that you don’t wait for them to call you and tell you that they’re missing docs you be on top of them make sure that if they need anything you get to quickly you follow up to make sure they receive it and ask if they need anything else and you have to do that very diligently in order to you be successful these particular on homeowners were self-employed so that added to the difficulty level and their loan amount was about seven twenty dollars or work was not hand bills people so that added to the difficulty level the final modify principal balance on this. I think was around a hundred and ninety thousand dollars, I’m sorry 840,000 a two dollars and sixty cents. So it’s a large loan amount I’m and those typically are a little more challenging because they’re not intelligible the modified Terms at this year are truly exceptional that’s why I’m very proud of this particular. I’ll the homeowners payment piti before they came to me was little over six thousand dollars per month on the new modified a piti and principal interest taxes insurance payment is around 35 hurtful person so I did you do the math that’s a considerable difference. The new modify interest rate is 2.25 percent for the first five years3.25 percent in year 6 and 4.25 percent from year 7 to maturity day so this is a big victory and the homeowners are extremely happy that you say their house as a mission they were extremely emotional it. When I see extremely emotional and needy when they came to see me so you know they were extremely emotional when they found out that they were going to say their house as well so this is a great example you know tenacious anticipations and you know I’m really happy for them. If you have a scenario that you would like me to go through please feel free to give me a call. I help homeowners throughout the state California so where the EU live in Northern California Southern California or anywhere California doesn’t matter to me. Please feel free to give me a call, you can call me at area code 760-692-5950, 760-692-5950 as you can probably tell by my area code. I am in Southern California. My office is located in Carlsbad California 6104 innovation way Carlsbad CA 9 2009. So if you are in Southern California or you want to come down from Northern California to visit me which some people have a leader not, please feel free to do so I’m here and I’m willing to listen to any scenario that you have to let you know whether I think it’s possible for me to help you. Again my name is Michael Gaddis. Thank you for listening and to this and I hope to hear from you soon.

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.

Related: Successful SLS Loan Modification for Homeowner in Fallbrook, California

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