Trail ASC Loan Modification for Pamona Homeowner

Subscribe to Rss Feed

Trail ASC Loan Modification

For Pamona, California Homeowner

Trial ASC (Wells Fargo) loan modification obtained for Pamona homeowners by The Law Offices of Michael Gaddis. California Loan Modification Attorney, Michael Gaddis explains the process of addressing the Trail ASC Loan Modification. See if The Law Offices of Michael Gaddis can help you with your loan modification with a free consultation. Call 888.242.2272 or 760.487.8266 today.

Trail ASC 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 a trial loan modification for a homeowner Ramona California. The homeowner had ASC AKWells Fargo ASE loans tend to be very difficult tool to modify. I know you hear that almost everyone clogs but let me tell you something anytime. Wells Fargo’s involved in anything is exponentially more difficult than anything else. I don’t know why that is but it is a fact. I’ll in this particular situation the modification went relatively smoothly. I’m not any a unusual underwriting issues or circumstances like to my surprise actually. So I am you know and I’m really proud of the final result because it does help the homeowner considerably. Homeowners payment before she came to me was 2,191 dollars about the trial payment which starts on March first. Up this year is 1,381 dollar so into question children’s almost a hundred dollars a month difference. I actually it’s over a hundred dollars a month difference. So you know the homeowner to say the least extremely happy and I’m extremely surprised. I didn’t have to fight more with ASC because that seems to be what I do all the time as I said anything dealing with Wells Fargo is a constant battle but you know I’m really happy with this and I’m glad that I didn’t have to fight a lot. I’m glad that this one went to relatively smoothly in didn’t cause the homeowner myself any extra stress. I call unnecessary stress so the result in this was really really good. So if you have any situation a situation that you would like me to discuss with you, please feel free to give me a call you can reach me at area code 760-692-5950. You can visit my web site WWW.Californialoanmodificationattorney.com or you can come visit me in my office if you’re in especially in southern California 6104 innovation way, Carlsbad California. Now even though my office in Carlsbad in Southern California, I help homeowners throughout the state of California so whether you’re an Northern California Southern California or anywhere California, I can help you on. Please feel free to give me a call. I miss you like we can Skype if you’re in the area that is too far from my office I have no problem skyping and I’ll review your situation in detail see if there’s anything that I can do to help you. So again my name is Michael Gaddis, and I look for speaking to you soon.

Wells Fargo Trial Loan Modification Obtained for Homeowner in Stockton, CA

Subscribe to Rss Feed

Wells Fargo Trial Loan Modification Success

Wells Fargo Trial Loan Modification Video Transcript:

Hi, I’m Michael Gaddis, recently my office obtained a Wells Fargo trial loan modification for a client from Stockton California. The client had Wells Fargo as a servicer and had attempted to modify his lone over the course of five years numerous time. When he called me he was pretty desperate to find someone that might be able to help obtain a positive result for him. He had been working with several different attorneys the CFPB the Department of Justice and just about everybody else you could probably name in his attempts to acquire a loan modification. He had lost a few other homes and this was his last only had in he desperately wanted to keep it.

In speaking to him I kinda got an idea that probably some of his issues surrounded bad advice from the advisers he had to consult at work. To test my theory, I asked him to send down his financial so that I could take a look at him and and get an idea of exactly what was going on in his life and then underwrite it myself to see what I thought might happen if we were to submit it for a full loan modification application review.

Upon reviewing his documents I determined that he was in fact getting bad advice I looked at his previous submissions, I looked as bank statements, I looked at all as income sources and he was definitely not presenting is in can accurately or in a manner which he was gonna take positive for result for a loan modification. So, I told him after my review that I thought it was possible to do it and that if he was wanted to take a chance I was willing to take a chance as well. He agreed and I submitted his loan modification package for him. When I submit a loan modification package he was facing a trustee sale date in seven to 10 days so I had to escalate the file to some people I knew a Wells Fargo to stop a sale in a time to be reviewed.

When I was talking to my contact, she mentioned to me that the borrower, my client had been actively pursuing a loan modification for a very long time and had no less than five different attorneys working on it and various different times and she mentioned to me that this was probably the last time that Wells Fargo was going to review his file for a loan modification. I told her that if the loan modification application was proper review there’ll be no reason for another review because it would pass now. She told me I sounded fairly arrogant about it and confident. I said that I am confident it’s because I’m pretty sure that the that his numbers are going to show really well, especially with a HAMP modification review. So subsequent to that, as I mentioned the sale date was postponed and the review took place and resulting in a trial modification.

Just as I have predicted the modification is was really good the initial payment. Here’s actually a copy of the loan modification the initial trial payment starts on February 1st and is in the amount of seven hundred and thirty dollars and 37 cents. The homeowner’s previous payment prior to you becoming delinquent was one thousand three hundred twenty-five dollars so it was nearly a six hundred dollar-a-month reduction from when he was paying prior to becoming delinquent. The terms under the final loan modification I am told a are going to be a separate modification beginning with a 3.27 5 percent interest rate that will last for five years and that it will step up from there. They’re going to also forgive 201,934
dollars and seventy cents leaving the borrower with a new unpaid principal balance of a hundred twenty thousand dollars this is an incredible deal for him and in a in it is a really good loan modification. This was a Wachovia loan originally which prior to that was a world savings on the Wells Fargo department that handles the Wachovia more and will savings loans tends to give very favorable loan modifications if you can get through it. The homeowner’s extremely happy about this and you know is almost in disbelief with the turn out but, as long as he complies with the trial period and follows my instructions everything should work out just fine.

My office going to continue to monitor the homeowner’s file through the trial period to ensure that all the trial payments are received properly in the final loan modification documents are sent to the borrower but, this is a pretty good success story for a good guy to fought really hard for his house. So again, this is Michael Gaddis and if you or anyone you know are in need a consultation regarding a loan modification issue please feel free to contact me thank you so much you ok bye.

Net Present Value, NPV Denials- Disputing Loan Modifications

Subscribe to Rss Feed

Net Present Value or NPV Denials

NPV Denials Does Not Mean The End of the Road

Video Transcript:

Hi I’m Michael Gaddis.

I’d like to take a few moments today to discuss loan modification denials.  One of the main reasons that people are given on why their loan modification has failed is called an NPV or net present value. Net present value is basically a computer program that tells the investor whether you’re worth more to modify or to foreclose on. Now, there are a lot of factors that go into a net present value analysis. However, there are some heavyweight factors. One of those factors is income and another factor is how much your house is worth.  Obviously, loan modifications are about risk of loss to the investor. As the investor stands to lose more and more money through a foreclosure, the incentive for the investor to work with the homeowner to help them achieve a modification is greater. As a result, increasing property values have been causing more and more NPV denials because the financial loss to the investor is becoming less and less.  Now home value is not the only reason a that could be affecting the result to the NPV. There are lots of different values and fields in the NPV analysis that are going to be making a final determination of whether homeowners are going to obtain a loan modification.

However, home value is a heavyweight factor as is income as is a numerous other issues which could be identified as being input into the computer incorrectly or that were arm you know a result of a bad under any so if you have an issue with an NPV, the first thing you want to do is not panic you don’t want to necessarily give up and say oh I guess I’ve lost my house I failed NPV.  What you want to do is get a second opinion you want to have somebody who knows what they’re talking about.  Read through your NPV data sheet to see if there’s any issues with it beyond what you can see. Because, believe it or not, every field in there has a reason for being there or wouldn’t be there.  It’s very important that all of those fields are accurate so if you have recently received a net present value denial or failure, you might want to give someone like myself or somebody else to call that can give you a solid basis for a second opinion on whether or not you know it’s to your advantage to either appeal or resubmit a loan modification package.

Contact The Law Offices of Michael Gaddis today for Loan Modification Help

See Loan Modification Success Stories

You can reach me at my Carlsbad office Monday through Friday at 760.692.5950 Please mention this video when you call. Best of luck.

Final HAMP Wells Fargo Loan Modification Obtained for Homeowner in San Diego, CA

Subscribe to Rss Feed

The Law Offices of Michael Gaddis recently obtained a final HAMP Wells Fargo loan modification for a homeowner located in San Diego, CA.  The homeowner’s contacted Michael Gaddis after numerous unsuccessful attempts to obtain a loan modification directly from Wells Fargo.  During the initial consultation Michael Gaddis immediately understood the cause of the homeowner’s failed attempts.  Michael Gaddis determined that the homeowner was struggling during the underwriting phase of the loan modification review process.  The homeowner was self-employed and Wells Fargo’s underwriters were taking liberties in their attempts to ascertain the homeowner’s income.  Underwriting is one of the most frustrating parts of attempting to obtain a loan modification.  The term “underwriting” is an enigmatic term.  Homeowners very rarely, if ever, are able to actually talk to underwriters and when homeowners call in to check status with their lender they are frequently told, “Your file is in underwriting” or “Your file is with the underwriter” or “The underwriter is requesting additional information” or “Your file passed underwriting” or “The underwriter needs an explanation regarding some issues”.  The truth is that an underwriter can make or break a homeowner’s chances at obtaining a loan modification.  In a lot of ways, especially with self-employed homeowners, the underwriting is very subjective.  The lenders have set underwriting guidelines and procedures that the underwriters are supposed to follow but some of these guidelines are not black and white.  It is in these situations that underwriting can cause problems.  Take W-2 income for example.  There are a few ways that W-2 income can be calculated.  You could calculate the income based upon the YTD Gross income or by using frequency (pay period) calculations.  Additionally, there are many types of pay that a homeowner can argue should or not should not be used by the underwriter in performing income calculations (i.e. stock distributions, one time bonus payouts, unusual overtime activity, etc.).  The key to successfully overcoming underwriting is to be able to speak their language; in essence, the better versed the homeowner is with the rules and guidelines that the underwriter is supposed to follow the better the chances the homeowner has at insuring that the homeowner’s loan modification application is properly run through the NPV test.

The homeowner in this situation was extremely pleased with the results of her loan modification application.  First of all, Wells Fargo forgave $108,966.51 of the unpaid principal balance resulting in a new modified principal balance of $360,000.  The terms of the Wells Fargo loan modification, as is the case with many HAMP loan modifications, call for a step-rate modification.  The interest rate starts at 2% for five (5) years, followed by 3% in year six (6), followed by 4% in year seven (7) and then permanently fixing at 4.375% for the remainder of the amortized term.  The homeowner’s new principal, interest, taxes and insurance payment of $1,544.17 resulted in an over $600 per month PITI reduction from what the homeowner was paying prior to becoming delinquent.

As always, Michael Gaddis and his staff will continue to monitor the homeowner’s file in order to ensure that 1)  the final Wells Fargo Loan Modification paperwork is received by Wells Fargo; 2) Wells Fargo properly uploads the modified terms into their system; and 3) Wells Fargo returns the homeowner’s file to regular servicing.  If you would like to see a copy of the Wells Fargo Loan Modification referenced in this article or review other loan modifications obtained by Michael Gaddis please click the following links:  http://californialoanmodificationattorney.com/approved-loan-modifications-and-trials/ and http://californialoanmodificationattorney.com/trials-modifications/approved-trials-modifications-pg-2/.

Final Wells Fargo Loan Modification Obtained for Homeowner in Anaheim, CA

Subscribe to Rss Feed

The Law Offices of Michael Gaddis recently obtained a Final Wells Fargo Loan Modification for a homeowner located in Anaheim, CA.  Historically, one of the most difficult lenders to obtain a loan modification from is Wells Fargo.  Fortunately, loans that were formerly Wachovia loans are a little easier to negotiate than loans that were originated at Wells Fargo.  Wachovia loans are handled differently within Wells Fargo and, to be honest, the Wells Fargo employees that handle Wachovia loans seem to be better trained and more efficient than their counterparts.  The homeowner and his wife had a more difficult situation for Wells Fargo underwriters to analyze.  The husband was self-employed and his wife was a nurse.  As a nurse the wife worked at 2 different hospitals.  The issue with the wife’s income arose from the way she was paid.  She had so many different “shift differentials” and other types of pay on her paystub that Wells Fargo had a difficult time determining what her income was.  During the process Wells Fargo requested no less than 8 letters of explanation (“LOEs”) regarding the homeowners’ income.  Michael Gaddis and his staff made sure that Wells Fargo received each and everyone of the LOEs that Wells Fargo requested.  After a few months of underwriting, Wells Fargo finally issued a HAMP trial loan modification.

The homeowners completed their trial and on May 6, 2013 the homeowners received a final HAMP Wells Fargo Loan Modification.  The homeowners were ecstatic to say the least.  As part of the loan modification Wells Fargo permanently forgave $155,156.59 of the principal balance leaving a new unpaid principal balance of $370,000.  The terms of the Wells Fargo Loan Modification call for an initial interest rate of 2% for the first 5 years followed by 3% in year 6 and fixing at 3.375% for the remainder of the term.  The new principal, interest, taxes and insurance (“PITI”) payment of $1,616.66 represents an over $1,700 per month reduction from what the homeowner was paying prior to becoming delinquent.

 As always, Michael Gaddis and his staff will continue to monitor the homeowner’s file in order to ensure that 1)  the final Wells Fargo Loan Modification paperwork is received by Wells Fargo; 2) Wells Fargo properly uploads the modified terms into their system; and 3) Wells Fargo returns the homeowner’s file to regular servicing.  If you would like to see a copy of the Wells Fargo Loan Modification referenced in this article or review other loan modifications obtained by Michael Gaddis please click the following links:  http://californialoanmodificationattorney.com/trials-modifications/ and http://californialoanmodificationattorney.com/trials-modifications/approved-trials-modifications-pg-2/.

2nd Wells Fargo Modification Obtained for Homeowner Located in Highland, CA

Subscribe to Rss Feed

For some homeowners, receiving one Wells Fargo modification is difficult enough.  However, obtaining a 2nd loan modification after defaulting on a previous modification is much, much more difficult.  The Law Offices of Michael Gaddis recently assisted a homeowner located in Highland, CA in obtaining a 2nd Wells Fargo loan modification.  The loan was previously modified while the homeowner was with Wachovia.  The homeowner had received a Wachovia MAP modification and was currently paying 4.5% interest only.  The homeowner’s hardship resulted when her husband was released from his job leaving them with only her income to live on.  In a rare instance, the homeowner retained Michael Gaddis to assist her in obtaining a Wells Fargo modification.  The homeowner was wise to do so because she had some issues that surely would have caused Wells Fargo’s underwriters to deny the file.  Michael Gaddis identified these issues and advised the homeowner on how to correct them.  The result was an amazing trial Wells Fargo modification.  Since the homeowner received a Wachovia MAP modification and not a Home Affordable Modification Program (“HAMP”) modification the first time around, she was still eligible to qualify for HAMP. 

The Wells Fargo modification trial payment of $844.65 represents a potential reduction of nearly $300 a month from what the homeowner was paying prior to becoming delinquent.  Although extremely difficult to qualify for, HAMP is a very good loan modification program.  The homeowner was extremely happy to receive the trial Wells Fargo modification as she had been struggling with the very real possibility of having to short sell her home. 

 As always Michael Gaddis and his staff will continue to monitor the homeowner’s file during the trial period in order to ensure that a final Wells Fargo modification is obtained.  To view a copy of this trial Wells Fargo Modification as well as other successful loan modifications procured by Michael Gaddis please click the following links: http://californialoanmodificationattorney.com/trials-modifications/ and http://californialoanmodificationattorney.com/trials-modifications/approved-trials-modifications-pg-2/

Wells Fargo Loan Modification Obtained for Homeowners Located in Anaheim, CA

Subscribe to Rss Feed

The Law Offices of Michael Gaddis recently obtained a trial Home Affordable Modification Program (HAMP) Wells Fargo loan modification for homeowners located in the 92806 zip code of Anaheim, CA.  As mentioned, the loan, originally a Wachoiva Option-Arm (“pick-a-pay”) loan, was serviced by Wells Fargo.  This particular file was difficult because of the homeowners’ complex financial situation.  The husband was self-employed and the wife was a nurse working at two different hospitals.  Wells Fargo had a very difficult time with how the wife was paid resulting in a very elongated underwriting process.  The underwriter requested letter of explanation (“LOE”) after LOE which Michael Gaddis and the homeowners readily supplied.  As frustrating as the process was, in the end, patience paid off.  The trial payment of the Wells Fargo loan modification is $1,616.66 and represents a potential reduction of over $1,700.00 per month.

Wells Fargo is, perhaps, the most difficult lender to deal with when attempting to obtain a loan modification.  Michael Gaddis has extensive experience in dealing with Wells Fargo and his knowledge and contacts really paid off for these homeowners.  As is typical of Michael Gaddis’ clients, prior to retaining Michael Gaddis the homeowners had tried to obtain a loan modification from Wells Fargo several times, including through another attorney.  When it comes to loan modifications not all 3rd parties (and attorneys for that matter) are created the same.  Michael Gaddis’ experience as an attorney, a real estate broker and a mortgage broker are what really set Michael Gaddis apart from everyone else.

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

To view a copy of this Wells Fargo loan modification as well as other successful loan modifications procured by The Law Offices of Michael Gaddis please click the following links: http://californialoanmodificationattorney.com/trials-modifications/ and http://californialoanmodificationattorney.com/trials-modifications/approved-trials-modifications-pg-2/

Wells Fargo (Wachovia) HAMP Trial Loan Modification Obtained for Homeowner Located in Escondido, CA

Subscribe to Rss Feed

The Law Offices of Michael Gaddis recently obtained a HAMP Trial Loan Modification from Wells Fargo.  Prior to Wells Fargo the homeowner’s lender was Wachovia.  The new HAMP trial payment of $1,239.66 represents a nearly $200 a month reduction from what the homeowner was paying prior to becoming delinquent.  This particular homeowner was significantly underwater on her house.  Her LTV was around 184% which represents a substantial value loss.

When it comes to Wells Fargo loans, Michael Gaddis prefers to work on former Wachovia loans rather than ASC or Wells Fargo originated loans.  As always, Michael Gaddis and staff will continue to monitor the trial period in order to ensure that a final HAMP loan modification is obtained.

Wells Fargo HAMP Trial Loan Modification Received for Homeowner in Livermore, CA Proposed Principal Reduction of $72,173.43

Subscribe to Rss Feed

The Law Offices of Michael Gaddis recently received a HAMP trial loan modification for a homeowner located in Livermore, CA.  The terms of the loan modification called for a trial payment amount significantly below what the homeowner was paying prior to becoming delinquent as well as a provision for a deferred prinicpal reduction.  The provision states that as long as the homeowner remains in good standing Wells Fargo will forgive $24,057.81 on each of the first 3 anniversaries of the final loan modification for a total principal reduction amount of $72, 173.43.  The initial projected interest rate was stated by Wells Fargo to be 2% subject to annual increases after the initial 5 year period.

Michael Gaddis and his staff will continue to monitor the trial period until a final loan modification is obtained from Wells Fargo.

To view a copy of this HAMP trial loan modification please click the following link:  http://californialoanmodificationattorney.com/wp-content/uploads/2012/03/Wells-Fargo-Modification-Livermore.pdf

Wells Fargo HAMP Loan Modification Received For Homeowner located in Vista, CA

Subscribe to Rss Feed

The Law Offices of Michael Gaddis recently received a HAMP final loan modification from Wells Fargo for a homeowner in Vista, CA.  Wells Fargo is, by far, the most difficult lender to deal with when attempting to obtain a loan modification.  The loan was owned by Freddie Mac, one of the most difficult investors to deal with.  The combination of Wells Fargo as the servicer and Freddie Mac as the investor made this homeowner’s situation very difficult.  Prior to retaining Michael Gaddis the homeowner had not only tried to modify herself on several occassions she had also attempted to modify using the services of another law firm.  For over 18 months she struggled and stressed about what to do.  Finally she was referred to Michael Gaddis by a friend that had obtained a loan modification using Michael Gaddis.  The final loan modification has an initial interest rate of 2% that increases to 3% in year 6 and caps out at 3.875% for the remainder of the term.

Michael Gaddis and his staff will continue to monitor the homeowner’s file in order to ensure that Wells Fargo receives the final loan modification documents; that Wells Fargo properly uploads the final loan modification terms; and that Wells Fargo returns the homeowner’s account to regular servicing.

To view a copy of the final HAMP loan modification please click the following link:  http://californialoanmodificationattorney.com/wp-content/uploads/2012/03/Wells-Fargo-Modification-Vista1.pdf