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Beware of 2nd lien holders!

 
04/07/2014 : michaelgaddis : 6:37 pm : California Loan Modification Attorney

Rising home values throughout California are a reason to rejoice for most homeowners.  However, these rising home values are causing problems for homeowners still struggling to keep their home.  In particular, homeowners that previously modified their 1st lien but are still delinquent on their 2nd lien (or other junior liens) need to be cautious.  As values rise, so does the value of the security interest held by the 2nd lien holder.  For years, due to fallen values, 2nd lien holders were virtually powerless to enforce their foreclosure rights.  Over the years these 2nd lien holders sat quietly waiting for a time when they had more leverage to negotiate an acceptable settlement.  Typically, the 2nd lien holder would wait until they were contacted by the homeowner seeking the lien holder’s acceptance of a short sale or seeking a settlement for a complete release of the lien.  Other than these situations, the 2nd lien holder had virtually no leverage due to the fact that their security interest in the property was so out of position.

As values continue to rise these 2nd lien holders are becoming more empowered and are “rising from the dead”.  They pose a serious threat to homeowners.  Ignoring them or not properly addressing the threat can be catastrophic to homeowners.  Many homeowners falsely believe that their 2nd lien holder just “goes away”.  This misconception is attributed to the fact that the 2nd lien holder sometimes appear to “disappear”.  Most homeowners falsely believe that just because they stopped receiving correspondence from the 2nd lien holder, sometimes for years, that the 2nd lien was forgiven.  The problem is that HELOCs and 2nd loans have 2 parts 1) a personal obligation to pay on the note and 2) a security interest on the property.  Many homeowners blend these 2 aspects into one.  For example, many homeowners feel that because they went through a Chapter 7 Bankruptcy that the 2nd lien holder cannot foreclose.  The reality is that while their personal obligation to pay the note was discharged via the bankruptcy, the 2nd lien holder’s security interest remains.  These 2nd lien holders, powerless to collect against the homeowner, sit back and wait until an opportune moment arises to enforce their rights under the security agreement.

Sometimes the investors on these 2nd notes sell them off at a fraction of face value, typically to a savvy investor that has the time, knowledge and resources necessary to use the lien as leverage to either negotiate a favorable settlement or force a Trustee Sale.

Homeowners that have dormant 2nd lien holders need to be vigilant about signs that the 2nd lien holder is beginning to pursue foreclosure.  Homeowners should not ignore correspondence but rather inquire with the lien holder or seek legal advice ASAP.  Rising values strengthen the 2nd lien holder’s position and the more secure the 2nd lien holder feels the more likely they are going to make a move.

Just to recap, if you have a 2nd lien, or any junior lien for that matter, you must be vigilant.  As home values increase so does the motivation of junior lien holders to attempt recovery.

B of A Loan Modification Success for Fallbrook Homeowner

 
03/28/2014 : Katie Chang : 5:00 pm : Bank of America Loan Modification, California Loan Modification Attorney

Bank of America Loan Modification

For Fallbrook, California Homeowner

The Law Offices of Michael Gaddis recently obtained a B of A or Bank of America Loan Modification for a Fallbrook, California homeowner. See if Michael Gaddis can help with your loan modification with a free consultation. Call 888.242.2272 to schedule an appointment.

Bank of America Loan Modification Video Transcript

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

I am Michael Gaddis. Recently my office obtained a loan modification from Bank of America for a homeowner Barbara California. When the homeowner originally came to me they were basing a trustee sale, I think it was just a wee seven to 10 days away. They were panicking they’ve been trying to obtain a loan modification for years. It’s the usual story their use many other people all everybody seemed to fail you know that type of thing, so when I initially spoke to them on the phone I kinda went through their situation realize that you know based upon what they were telling me verbally. They have had a pretty good chance at getting a loan modification. I was in understanding what with the problem lies so I invited him to come to my office which they did and they brought all their documents and I did a thorough and reading reviewer weather situation was in. After I reviewed a decade even more convinced that they should be able to obtain a loan modification. I didn’t really understand what the pitfall was. I didn’t look at any other prior loan modification applications see it maybe they were presenting it incorrectly or not, but they’re fortunate because they found me do because they have a America and I have a very good relationship with Bank of America. I’ve been working with Bank of America since 2008. Since the inception of this housing prices and during the course at that time, I have established many many solid the contacts. So I have a lot of connections at Bank of America that allow me to challenge issues and make sure that underwriting is completed correctly and this is no exception. Once I submitted the the loan modification application my initial first to Corso duty was to a get the trustee sale stuff which I did and then I had to work on getting mister underwriting now in this situation. The underwriting didn’t take that long I mean it wasn’t is laborious as it can be I’ll I think it’s a matter presentation as I told you earlier. I was fairly certain that they should have gotten one initially and sure enough they did they got a trial modification which I now holding in my hand right here in this little modification is really good it’s really important to these people as everyone who calls me their house forces is very important to them, but some more than others summit summits home some it’s a business and home and in this case these people were self-employed in their business was run at their home and they had to hold special outfit to accommodate their business. So if they lost their home they would in essence be taking it several steps back in their in their business and it would affect them both from an emotional standpoint and a financial standpoint. So it was really important that that they save their home and distraught modification is great prior to this trial modification their payment was six thousand seven hundred and fifty dollars a month piti as principal interest taxes and insurance about the trial loan modification is for four thousand two hundred and seventy nine dollars that is over a 2400 holder to difference in in in Pavia test that’s huge and this represents this 4200 79 represent future piti as well. So it’s comparing apples to apples so this is a great trial loan modification for these people and and because it they’re going to be able to save their home. So if you have a question any questions or comments regarding out a loan modification; if you are at a bank of America loan modification are Bank of America alone and you’re having difficulty getting it through, please feel free to give me a call. I give free consultation sit doesn’t cost you a dime to talk to me for me to come pick through your situation and see what I think you can reach meat. My local area code 760-692-5950, 760-692-5950 or you can visit me through my website which is WWW.Californialoanmodificationattorney.com. Thank you for taking the time to watch this video and I look forward to hearing from you in the future.

Trail ASC Loan Modification for Pamona Homeowner

 
03/18/2014 : Katie Chang : 10:00 am : California Loan Modification, California Loan Modification Attorney, Wells Fargo Loan Modification

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.

SLS Loan Modification Success for Self-employed Escondido Homeowner 2014

 
03/17/2014 : Katie Chang : 10:00 am : California Loan Modification Attorney, SLS Loan Modification

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 www.Californialoanmodificationattorney.com. 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

 
03/16/2014 : Katie Chang : 10:00 am : California Loan Modification Attorney, SLS Loan Modification

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.

B of A Loan Modification Success for Temecula Homeowner 2014

 
03/15/2014 : Katie Chang : 10:00 am : Bank of America Loan Modification, California Loan Modification Attorney

Bank of America Loan Modification Success

For Temecula, California Homeowner

B of A loan modification obtained for a Temecula homeowner who had an FHA laon. Michael Gaddis, California Loan Modification Attorney explains how he and his team got the deal done. Call today to see if The Law Offices of Michael Gaddis can help you with your loan modification. For a free consultation call 760.487.8266 or Toll Free at 888.242.2272
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Bank of America Loan Modification Video Transcript

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

Hi, I’m Michael Gaddis. Recent office obtain a loan modification for a homeowner in Temecula California. His particular loan modification proved to be challenging. I know I say that a lot but it seems that everyone ever challenging and this one was no exception and check this from my little more challenging and most for three reasons: one Bank of America service salon to the homeowner had filed a previous bankruptcy they’ve been discharged but that meant that department was gonna be handling it  America is a special apartment base with bankers Department on and three is an FHA loan so those three things thrown into a pot add up to a very difficult situation at Bank of America. I have a specific team which is I’m dedicated to you helping me with my files. Unfortunately they’re unable to assist me with bankers files so that means that I have to work directly with the banker C Department bank America. Now I like Bank of America overall they’re very difficult to deal with but I also know a lot of people obey America so that I can overcome things that other people have very a lot of difficulty doing. So my relationships babe America are strong and I think they proved to be pivotal in this particular situation on. When I initially met with the borrower I knew that the their situation is challenging and I told her that from the get go. I also told her that she need to be patient it could take one or more submissions before we were able to try to get a definitive answer and I was right. This file was resubmitted I think two or three times. The reason is because the first time in particular WiFi we filed a loan modification application was denied. your own is ley I challenge it an appeal it and the file got stuck in the appeals Department and it was just sitting there. So after talking to my contact bank of America, we decided it was probably better for me to dismiss the appeal in just three filing new loan modification application which is exactly what I did. The second loan modification application, I went through underwriting after a lengthy period but it got stalled on in decision mode I am so it actually you have put out a tune i’ll when I reviewed in I’ll work she didn’t agree with it, I point these things out my contacts bank of america and again my contacts that we can go to the appeal process or you can just resubmit it and we can try to get you the correct way this time. So knowing the mistakes they made last time I rescinded and I got my people at Bank of America involved to help me get through this. I’m so they advocate for me within the bank to be a big gercity department in with their assistance we were able finally to procure a a loan modification for the homeowner and this is a great modification FHA loans are extremely difficult to modify their waterfall a is just not as aggressive as other loan modification programs are. That’s because their insured so the risk of loss to the investor is nominal a so they don’t do quite well you know maja will do by stretching excision germs forty years are they don’t typically Cup principle they don’t do those types thanks they’re very rigid on their rules but in this scenario it worked out great for the homeowner just ate it up with a payment piti a minute 1512 there okay it was 1734 piti. So it’s over two hundred dollars about 220 our savings for them so we’re separate you know before we robtain the trial I mean final loan modification, the homeowner was actually on the verge giving up and I told her I said don’t give up yet. Let’s keep pushing this and let’s see if there’s a way that I can get this true I said at the end of the day. I’m give up and I tell you I can’t do what we can talk about short sale at that time and let me tell you something I don’t give up very easy and it’s very difficult for lenders to you convinced me that I’m wrong I’m starter and I believe that I’m right and until they prove me wrong. I just keep pushing and pushing and pushing and pushing in on FHA loans that turns out to be a very very good shape because you have to be tenacious with FHA loans you just have to be but in the end it turned out to be a good to a good ending for the homeowner. They’re very happy. You keep their house and that’s all the best I can hope for. So if you have a situation you would like me to check out please feel free to give me a call. I help homeowners throughout the state of Californiaso if you’re in Northern California Southern California anywhere California, please feel free to give me a call. My office is located in Carlsbad and Southern California but again I can talk to you on the phone I can talk UPS guy. I had people from Northern California actually come down here into my office just to visit me. So if you have a scenario that you want to run by me please feel free to do so. You can call me and here area code 760-692-5950, 760-692-5950. You can visit me on my website at WWW.Californialoanmodificationattorney.com or if you’re in Southern California stop by my office is 6104 innovation way in Carlsbad California Again thank you for a taking the time to watch this video. I hope you found it informative and I look forward to speaking to you.

Loan Modification Success for San Marcos Homeowner 2014

 
03/14/2014 : Katie Chang : 10:00 am : California Loan Modification, California Loan Modification Attorney

Loan Modification Success

For San Marcos, California Homeowner

The Law Offices of Michael Gaddis successfully obtain a loan modification for a San Marco homeowner. Attorney Michael Gaddis discuses the loan modification process and how he and his team found success. Schedule a free consultation when you call 760.487.8266 or Toll Free: 888.242.2272.
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Loan Modification Success Video Transcript

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

Hi I’m Michael Gaddis. My office recently obtained a loan modification for a homeowner in San Marcos California. I met this particular homeowner at the San Marcos Street Fair. I was attending the fair and I went to get some coffee and the guy behind me and I started talking and he asked me what I did for a living and I told the man. As soon as I talk about I mention the word loan modification he started talking and that tends to be what people do especially when there and get a crisis situation and its owner was in a little bit situation. You know he was self-employed. His business wasn’t doing as well as he would have liked it to plus he was in a very very bad loan. He had an interest only loan that was going to be converted to a principal interest loan very shortly. His car payment was 2190 but it was going to convert over to a principal and interest at a fixed interest rate at five and a half percent and it was going to on the amortized over 20 years so is pete was gonna go up considerably in any he told me he says look at it goes up I’m not sure I can afford. In fact I know I can’t afford it so after a lengthy discussion I found out that here the total amount of ice on a couple times and failed. You hire somebody else to help them and they had failed I am so you know I told him I would take a look at a situation welcome to come to my office and he did again. I’ll spend a week later he brought in all his financial documents also previous loan modification applications and we went through them um I noticed there were some issues in his previous submissions were probably preventing him for obtaining a loan modification. I could see some underwriting issues that were very simple issues to be did cleared up and it should have gone through really really easily after that I’m saw he read a let me help him and I submitted a loan modification to see more issue which is lender are the servicer on and it was a little bit more challenging than I anticipated it should have been more challenging but it was more challenging. City mortgage is notorious for having fairy I do I saying thorough underwriting sometimes overly thorough and this this particular file true no different. It was request after request after request PNL nason at ness and in got laurie is at times. However the key is you don’t give up. You keep on top of them and you keep them on their toes so you don’t let wait for them to come to you go to then and as long as you do that you’re persistent it should get to the underwriting area and it just went to take quite a while to get through but eventually it and the homeowner was issued a trial loan modification and actor see this one on January 28 this year. Now the first trial payment is due March 1st 2014in the amount of two thousand fifty six dollars and nine cents. Now this 2056 nine-cent represents AP principal and interest into a principal interest piti principal interest taxes and insurance payment so if you compare that to his previous interest only a minute 2190 you can see there’s about a hundred forty dollar reduction and is principal and interest whereas all payment was interest only. So this is a significant difference because all payment didn’t even include the taxes and insurance in this one does. So if you if you take into consideration how much that was which is an additional inning for over fifty dollars or so you can see it was just a hundred forty dollar reduction. It was a hundred forty plus the taxes and insurance plus the fact is now transponders and not interest only. So this is a big win and he is very happy to say the least so I Maya my office is going to continue monitoring his file to make sure it gets to trial period is last trial payments on May 1st. I don’t anticipate any problems. Most the time if homeowners follow my advice and and Canada follow my guidelines we don’t have any problem obtaining final loan modifications. So and this is a very good success story for for a city mortgage a borrower. If you have a situation or scenario that you would like me to take a look at least till Frito like. Give me a call you free consultations. I have no problem going to your scenario to see if it’s something that can realistically be done. I’m very honest so I tend to take a lot of pride in and i’m looking to your situation and can get a yes tree straight forward answer on whether I think it’s possible or not. So if you’d like to talk to you got your scenario please give me a call. You can reach me at area code 760-692-5950. 760-692-5950. You can visit my website at WWW.Californialoanmodificationattorney.com. all right here in Southern California stop by my office at 6104 innovation way in Carlsbad California. Now keep in mind that I help people throughout the state of California so here in Northern California Southern Southern California are anywhere California. I can definitely help you. So again my name is Michael Gaddis and thank you for watching.

DOJ Loan Modification Approval for Carlsbad Homeowner 2014

 
03/13/2014 : Katie Chang : 6:30 pm : Bank of America DOJ, California Loan Modification Attorney

DOJ Loan Modification Approval

For Carlsbad, California Homeowner

Department of Justice Loan Modification obtained for Carlsbad homeowner in February of 2014. California Loan Modification Attorney explains the details of the loan modification process. See if The Law Offices of Michael Gaddis can help you with your loan modification. Schedule a free consultation when you call 760.487.8266
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DOJ Loan Approval Video Transcript

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

Hi I’m Michael Gaddis. Recently my office obtaining a loan modification for a homeowner in Carlsbad California. This particular homeowner had a very difficult case. In fact it might have been one of the more challenging cases that I’ve ever encountered during my time at helping homeowners loan modifications.  The reason it was difficult was because the homeowner insisted on obtaining a Department of Justice R&D OJ loan modification Dooj loan modification flag on her file had been removed. The reason they have been removed just because bank of America I was removing flags on some other files to the fact that met the quota established by the Department of Justice duty Attorney General’s up so when she came to me. She insisted that she had receive a solicitations for the department of justice program. When I approached Bank of America they said yes, she was solicitor for the department of justice program but the flag has been removed so when I told the homeowner this she was upset to say the least so she insisted that I attempt to try and get the doja black book back on so she could be reevaluated for the program well that’s a pretty tall order I’m and to say the least. It was a lot effort to convince someone over it bank of America to attempt to put that flag back on fortunately for her she came to me and I have a lot of friends and our contacts I would say at Bank of America and I explain the situation to them how she her husband lost his job how she was solicit for the for the Department of Justice Program show the flag wasn’t there and I estimate there is any way at all that we can get this particular file reevaluated for the Department of Justice. My contacts told me yes I am will try to get the flag put back on, but we’re not making any promises so I said do your best and sure enough after a loss and I say a lot effort they were able to put the flag back on now just because the flag back on doesn’t necessarily mean that she’s going to qualify for it being eligible for something is different in qualifying for it. So we had overcome one hurdle hurl being that she was not eligible for it so now we have to see if she could qualify for a now I had run her numbers through many many times and I i was fairly certain that she had a legitimate shot at chaining a I’m Doga loan modification my only fear was that value in her area had risen quite a bit and he could influence the net present value test sure enough. When the initial result came back I’ll dare it was denied based on MTV failure; however they had an artificially high number for their value so I had to prepare pair Compton appeal the value I to see if I if there was any way that this loan modification to go through and and beat the net present value test. After I appeal value I they reran the numbers because they agreed with me that my Meyer my valuation was was correct after dereran the number sure enough she passed and a loan modification she got was pretty yet her payment didn’t go down that much and ask. Because you know DD Department of Justice although it’s a great program it does have certain limitations on the plus size aside it does allow homeowners to reduce their principal balance and in this case she did get a principal reduction in any 9800 me four dollars on the negative side doesn’t extend the AM stations are are the repayment period so well. However much time you have I left on your loan that’s how much time you have to repay your loan amount in this particular case the new principal a balance% uh alarm was nine hundred sixteen thousand that is a fairly large blowing out so the resulting payment didn’t necessarily on a result and a huge trent reduction in payments. Although she was granted a two percent interest rate again for the first five years so she was given a step remarks occasion so her interest rate is at the floor radio J doesn’t get any lower 2 percent. I’m and she was given an 89,000 884 dollar-plus production so all in all this is a great result considering the fact that all the hurdles that we had to overcome to get. If you have any questions are you have a scenario that you want tome to go through, feel free to give me a call I if free consultations and I welcome the opportunity to talk to your situation to see if there’s anything that I can do. I can promise you that I’ll be able to modify your loan but I can promise you that I will tell you the truth as far as I know it and I will analyze and let you know per share at least in my opinion whether I think it’s possible or not. So my name is Michael Gaddis. If you would like to contact me you can reach me at area code 760-692-5950, 760-692-5950 or you can go to my website at www.BIACalifornialoan modification attorney.com are here in Southern California. You can just stop by my office is located at 6104 innovation way in Carlsbad California. I help homeowners throughout the state California so if you’re in Northern California our Southern California Irvine or California or any California. If you need help I’m here for you. Thank you so much.

Trial CitiMortgage Loan Modification Obtained for Vista Homeowner 2014

 
02/22/2014 : michaelgaddis : 4:16 pm : California Loan Modification Attorney

Trial CitiMortgage Loan Modification Obtained

For Vista, California Homeowner

In this brief video, Michael Gaddis explains how the Law Offices of Michael Gaddis recently obtained a trial Citi Mortgage loan modification for a Vista homeowner. This homeowner had his servicing transferred in the middle of his loan modification attempt and failed several times before he found success with The Law Offices of Michael Gaddis. See if Attorney, Michael Gaddis can help you succeed with your loan modification. Call 888.242.2272 to set up a free consultation. All California homeowners are welcome.

 

Trial CitiMortgage Loan Modification Video Transcript

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

Hi I’m Michael Gaddis recently my awesome attained a trial CitiMortgage loan modification for a homeowner located in Vista California  the homeowner originally had City mortgage s their servicer  but during the process the servicing rights for transfer to Carrington  Mortgage Services  now when this homeowner originally contacted me  he told me that he had been trying to obtain a loan modification  for quite a long time so he had failed and failed and failed in  and was feeling very despondent and was on the verge of giving up  after reviewing the situation I can  I can tell why CitiMortgage was having difficulty  reviewing his situation he had many of the factors that contribute to  difficult loan modification applications the first being you mobile houses  and in his situation not already own multiple houses the onto  he actually lived in both of them so one was not necessarily a rental  I’m he actually lived in a be at a house in Arizona House and  and just a California so the gym you back and forth because business  his son and his daughter in law also lived in a house investors so  it just adds to the complexity of what type of property was the subject  property was in owner-occupied or a non-owner occupied  so that’s one problem that he had the second is that he was a self-employed  self-employed people typically have a little more difficulty obtaining loan  modifications  them W two people on the third reason  that he was having a little bit of difficulty was as loan to value is  getting very close to 100 percent  in a loan modification world the  higher the risk of loss to the investor the more likely  you a homeowner is is to obtain a loan modification  so as your loan to value how much your house is worth hers is how much you owe  on it  decreases and it’s more challenging  so in in the in the in the refinance world  a low LTV is good it means you have more equity in the loan modification world the higher the LTV  it means the more underwater you are so the higher the LTV  the better your chances are because the greater the risk of loss to the  investors  so and looking through this situation  you know I determined that I think it there I thought there was a better way  that it could be presented to the lender  so I agree to take his case so  we started out was CityMortgage who I mention is a very difficult servicer probably the  second were servicer  as far as underwriting is concerned everything at City takes longer  everything to us and they’re very often about everything  so we were over there for quite some time knocking I’m not gonna lie to you  it was probably 12 to 15 months this this particular  article I’ll and in a lot it was due to city and some other was due to  this situation with the owner occupied versus the non-owner  art I issue so after about 1 most servicing rights got transferred to  court Carrington Mortgage Services  now fortunately for the investor I for the homeowner  I happen to have a and pretty good relationships with people that care  engine parts services  over the corset years I have good relations with most servicers  on but in but there are some that I have even better relationships with in  Carrington Mortgage Services is one of them  so prior to submission and I approached my contacts at  Carrington Mortgage Services and went to the scenario within and I asked them  what do you think is the best way that we can present this loan modification  application  to get the highest chance of success and  after going through thoroughly we determine that  probably it wasn’t going to work going to is an owner-occupied they were just  too many flags  that shit that were consistent and that it was its future it’s impossible for a  homeowner to technically have two primary residences  on since he shared the Vista house with his his son and his daughter in law  we determined it was best to do is a non-owner occupied  so we prepared the package is an owner-occupied a  property we submitted the loan modification applications and  much smoother density did  Carrington issue in this trial loan modification on January 27 and  it is a really good one into it its  calls for a trial payment at two thousand eight hundred and seventy-five  dollars a month  starting on March 1st a this year  now that s a and nearly 360 dollar-a-month  reduction for what the Homer was paying prior to becoming delinquent  so the homeowner to say the least was ecstatic about this because  this is the culmination of years in years old up a tense both  on their own in with me end up trying to obtain a loan modification and save this  house  so in this situation and the homeowner will be able to keep their house  and a and hopefully very soon %uh the trial will be completed the last payment  is due on May 1st  so after may first the homeowner will  on receive a final loan modification  I’ll and my office of course will follow through to make sure that  a final loan modification is obtained from Carrington Mortgage Services  but provided that the homeowner follows my advice during the trial period there should be absolutely no reason that his previous citymortgage loan modification should  not be a  on finalized a here within the next few months  so if you have any questions on are a scenario that you would like to have me  take a look at  please feel free to contact me at any time I get free consultations  and I’m pretty thorough and pretty honest with people  during those are consultations if I don’t think I can do it I’m going to  tell you that  I won’t tell you what you wanna hear I was gonna tell you what i think is the  truth  so if you can give me a call if you have a question feel free to do so  you contact me also through my website which is WWW dot  California loan modification attorney dot com thank you and I look forward to  hearing from you in the future.

Related: Other Approved CitiMortgage Loan Modifications

Final Nationstar Loan Modification Obtained for Homeowner Located in Moreno Valley, CA

 
02/19/2014 : michaelgaddis : 9:28 pm : California Loan Modification Attorney

The Law Offices of Michael Gaddis recently obtained a final Nationstar Loan Modification for a homeowner located in Moreno Valley, CA. The homeowner received his final paperwork on February 19, 2014. The Nationstar loan modification was a Making Home Affordable (“MHA”) Home Affordable Modification Agreement Program (“HAMP”) loan modification. The homeowner contacted Michael Gaddis after several unsuccessful attempts to modify his loan on his own. The homeowner located Michael Gaddis after an intense search of the Internet. The homeowner was impressed with the content on Michael Gaddis’ website and contacted him for a free consultation. During the consultation Michael Gaddis understood why the homeowner was having so much difficulty. The major problem was that there were 2 borrowers on the homeowner’s note. The other borrower was merely a cosigner and had nothing to do with the property. The homeowner was unable to properly articulate and represent the realities of the situation to Nationstar. In other words, Nationstar and the homeowner were having communication issues, they were not speaking the same language. Michael Gaddis had encountered this situation numerous times and was confident that he could present the homeowner’s situation in a way that would make it easier for Nationstar to underwrite.

The homeowner retained Michael Gaddis who promptly prepared the package and submitted it to Nationstar. Within 30 days after submission Nationstar responded by issuing a trial Nationstar Loan Modification. After successfully completing the trial period the borrower received the final Nationstar Loan Modification.

The Nationstar Loan Modification is a step-rate modification with an initial interest rate of 2% for the first 5 years, followed by 3% in year 6, 4% in year 7 and 4.25% in years 8-40. The initial principal, interest, taxes and insurance (“PITI”) payment of $1,395.00 is over $600 per month lower than what the homeowner was paying prior to becoming delinquent.

As always Michael Gaddis and his staff will continue to monitor the homeowners’ file in order to ensure that Nationstar receives the executed final loan modification documents; that the terms of the Nationstar loan modification are properly uploaded into Nationstar’s system; and that US Bank returns the homeowners’ file to regular servicing.  To view a copy of the Nationstar loan modification referenced in this blog as well as 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/

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