California Loan Modification Attorney Blog
February 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.
February 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/
February 9, 2014 : michaelgaddis : 11:00 am : Bank of America Home Modification, Bank of America Loan Modification, Bank of America Modification, California Loan Modification, California Loan Modification Attorney, Loan Modification Attorneys, loan modification denial
Difficult Bank of America Loan Modification Success Story
This video describes how the Law Offices of Michael Gaddis obtained a trial Bank of America Loan Modification for a homeowner who had many previous failed attempts. Bank of America is a lender who is traditionally difficult to modify through still, Michael Gaddis was able to reduce the client’s monthly payment over $800.00 a month. If you need help seeking a loan modification with Bank of America call for a free consultation 760.692.5950 or email firstname.lastname@example.org for a preliminary case review.
Difficult Bank of America Loan Modification Success Story Video Transcript
**Video auto-transcribed by YouTube, please excuse any inconsistencies.
Hi I’m Michael Gaddis. My office recently obtained a trial loan modification for a homeowner that had Bank of America in fact what I mean by reason is little early today January 2013 doesn’t 14 so Bank of America literally sent this to me just probably half an hour ago this one made me extremely happy because when this owner came to me and you tried several times like most my clients and to obtain a loan modification US in chapter 13 he was paying an incredible amount of money for this house his payment plan is around thirty one hundred dollars plus because he was in a chapter 13 he had to pay a trustee payment the only reason he was in chapter 13 was to save his house so years ago someone advise and that the only thing you can do to save his house was to file chapter 13 he had no other debt nothing else other than the house and so what he did is he file chapter 13 and continue to make the payments on the house plus the trustee payment so he was paying a lot of money to stay in this house so when he approached me you know he said years he didn’t know how much longer he could keep paying both this payment and the trustee payment any just was wondering whether it wasn’t worth it for him to continue doing the chapter 13 he asked me if I can help them with a loan modification even though he was in bankruptcy and I told them that I could when I look at a situation and I could tell it was a little bit more challenging because the self-employed and you know self-employed people tend to have a little bit more difficult I’m and others to try to get their loan modifications to but I had no doubt in my mind that he should be able to obtain a loan modification absolutely no doubt in my mind and I told him that I said I I am very sure that I can get you a loan modification on your house I am I mean every all the variables were there you know that he is a bank deposits were reflecting good depositing good income sources is on is value was low versus what he owed on the property and everything was just looking really good is all payment was high verses way is projected new payment would be all these things were definitely pointing in his favor so in I was sure is I could be as someone can be that I could you know I had a great shot at getting a loan modification so we submitted a file and we ran into some obstacles a course Bank of America is a very difficult bank in it seems that their initial really responds to everything is to deny deny fail net present value do this or do that so you know if I never take their denials her very seriously especially initially I you know because I’m usually fairly certain that better I’m right and they’re wrong a I say that quietly but it’s true I’ll so I challenge it I’m the first time we had a chance because they can run his value so I had to appeal it and appealed about you get some new comp the sport where I thought the value should be an unhappy rerun they took a long time during the appeal process and and rewriting it wasn’t quite as easy as what a are as a timely as I thought it would be and it kinda trickled into this new year and what happened is after this the initial after January 10th this year the CFPB consumer finance Protection Bureau change the rules which in turn I cause to Bank of America to change their decision in June in the way that they generate approvals and denials so what happen is even though the appeal was granted in in was in process we had to wait so that the new decisioning engine kit run the scenario through so patience pays off and today I was on my weekly conference call at Bank of America and they told me that this one had been approved for a modification on a trial plan. The trial plan starts March 1st and is the payment is going be 2,374 dollars now this is a huge differences over eight hundred dollars a month less than he was paying just for his payment alone not including the trustee payment see now that he’s got a modification in the only thing that revolved in this situation are in the chapter 13 had to do with this house you just need to continue to chapter 13 anymore so he can basically wrap up all of his problems in today s and that payment difference between what he was out laying in cash before and what he will now is significant I mean life changing I mean he is East he is definitely in much better shape than he than he was when he first saw me so and he’s an extremely, extremely happy man so and this is a great example as to what happens when you use patience persistence and knowledge about how Bank of America works can benefit you and just keeping in touch in and making things happen so my advice would be never give up on your loan modification if you have any questions or comments or would like to talk to me about your scenario please give me a call is all tell you straight out whether I think I can do it or not if I don’t think I cannot tell you and I’ll tell you why I don’t think I can do it either but if I think I can it’s it’s definitely worth your time before you give up before you say well I’m gonna let the house to foreclosure on a short sale mejor de lo before you do anything and ask to just please give me a call if you live in the state of California it will definitely be worth your time so thank you again for watching this video if you would like to get in touch with me you can reach me at 760 692 5950 760 692 5950 and are you can visit me in my web site www.californialoanmodificationattorney.com thank you so much.
February 8, 2014 : michaelgaddis : 2:30 pm : California Loan Modification Attorney, Rental Property Loan Modification, SLS Loan Modification
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.
February 7, 2014 : michaelgaddis : 11:30 am : Bank of America Home Modification, Bank of America Loan Modification, Bank of America Modification, California Loan Modification, California Loan Modification Attorney, Loan Modification Attorney
Bank of America Bankruptcy Loan Modification Successfully Obtained
Bankruptcy Loan Modification with Bank Of America Video Transcript
**Video auto-transcribed by Youtube, please excuse any incongruencies.
Hi I’m Michael Gaddis. My office recently obtained a final Bank of America loan modification for a homeowner located in Carlsbad California. When the homeowner approached me they had told me that they had tried numerous times to obtain a loan modification, numerous times they said I’m so many times in fact they finally had filed chapter 13 (bankruptcy) in an effort to try to save their house so during the process they were actually at as I said actively in a chapter 13 and they were you know they’re making their house payments plus the trustee pain and it was getting to be quite a bit for them on they were a little bit skeptical because they had been with quite a few different a people in their attempts to a obtain a loan modification that got a lot of counseling from different types identities I believe they did not go they had been too you know how they had been to you in a local you know housing counselors they had approached other attorneys and it seems like they were just scrambling trying to get anything they possibly could.
Finally they were referred to me by one in my previous clients and on when they came to me I thought there was a way to do there since their situation they did have a complicated situation. They’re self-employed and they had their incomes a little bit difficult to put on paper. However, we sat down to spend a lot of time going through it we were able to prepare financial package in loan modification application and send it to Bank of America and in the end we ended up getting a positive result and this is a pretty significant difference.
Their old payment was four thousand a hundred seven dollars that was just the principal and interest payments there I’m as for a was 136 dollars insignificant the modification gave them a payment 2,614 dollars so you’re talking about and at 2200 are swinging in what their payment was and is now and the modification is a step 3 modification and this is this is the bankruptcy loan modification here it’s a step to rate my vacation I’m that’s I’m I believe stars at I will tell you in one second starts at 2 percent for the first three years the with monthly P&I 2614 goes to 3 percent in your for with a payment 3,058 in your five it fixes for the remainder the terror at four percent you with the payment of $3000 529 and I stand corrected it goes to 4.75 in year 6 for a final payment of $3000 897 dollars and thirty cents so even in years six I’m sorry yeah even in your six when it goes there and the payment is still significantly lower than underpaying for almost a thousand dollars lower you’re sick stay with their pain before so this is this this loan modification is a significant improvement in their situation allows them to keep their house and Eddie and at the end of the day it was it was in extremely important thing to them in and they were most gracious in their appreciation at loan modifications in bankruptcy date their little bit different than regular loan modifications this particular loan modification requires bankruptcy approval other loan modification before it can close so in other words even though we have a final modification here goes to the post-closing Department a America and we had a year a and order from the bankruptcy court basically approving it so that they could close out the file at Bank of America which we did take a nap in it is in the very final stages oppose closings as I do this video
So, hopefully this a this video will give you kind of an idea some into situations that I encounter and if you have need a free consultation please give me a call you can call me at area code 760 692 5950 760 692 5950. I’m Michael Gaddis and I help people throughout the state of California with traditional and bankruptcy loan modifications and no matter where you are you can call me or come into my office whichever you prefer and we can discuss your situation and I’ll let you know whether I think realistically you have a a good chance that obtaining a loan modification or not or whether I think I I might be able to help you or not so thank you so much for watching this video.
See more successful Bank of America Loan Modifications Here
February 6, 2014 : michaelgaddis : 2:30 pm : California Loan Modification Attorney, Seterus Mortgage
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 email@example.com 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.
January 29, 2014 : michaelgaddis : 11:23 pm : California Loan Modification Attorney, Wells Fargo Loan Modification
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.
January 28, 2014 : michaelgaddis : 11:09 pm : California Loan Modification Attorney
The Law Offices of Michael Gaddis recently obtained a trial Carrington loan modification for a homeowner located in Vista, CA. This case took a VERY long time to resolve. Prior to being serviced by Carrington Mortgage Services the loan was serviced by Citi. Citi is a notoriously difficult servicer with extremely lengthy underwriting periods. One of the big issues with this underwriting review was the fact that the homeowner owned another house in Arizona. The homeowner owned a business in Arizona and in Vista, CA so he claimed both houses as his primary residence. The homeowner’s claim of living in both houses was substantiated by his financial paperwork. The addresses on all of the homeowner’s legal paperwork had one or the either address. There seemed to be no consistency of where he was sending his mail. Ultimately, Citi relied on the address on his most recent tax returns as his primary residence. While the 2011 tax returns had the Vista, CA address, the 2012 tax returns listed the Arizona address as his primary residence. Neither of the homes was listed as a rental on Schedule E of either set of tax returns. Citi was so confused by “primary residence” issue that they eventually just closed the file out. Luckily, the servicing of the file transferred to Carrington so Michael Gaddis took up the loan modification Carrington. Over the years Michael Gaddis has established very good contacts at Carrington so when the transfer took affect Michael Gaddis immediately contacted his “friends” at Carrington. Michael Gaddis explained the situation to Carrington and it was decided that the loan modification review should be completed as a non-owner occupied property. Subsequently, Michael Gaddis and his staff submitted the file to Carrington and shortly thereafter Carrington issued a trial loan modification. To say the least, it was a significantly different experience dealing with Carrington than it was with Citi.
The Carrington loan modification trial payment of $2,875.00 begins on March 01, 2014 and lasts for 3 months. The new trial payment represents a potential principal, interest, taxes and insurance payment reduction of over $400 per month from what the homeowner was paying prior to becoming delinquent. Not to mention that the homeowner was nearly 40 months delinquent prior to the issuance of the Carrington trial loan modification.
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 Carrington loan modification is obtained. To view a copy of this trial Carrington Loan 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/
January 22, 2014 : michaelgaddis : 7:30 pm : California Loan Modification, California Loan Modification Attorney, Loan Modification Attorney, NPV denial, Wells Fargo Loan Modification
Net Present Value or NPV Denials
NPV Denials Does Not Mean The End of the Road
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
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.
January 15, 2014 : michaelgaddis : 11:15 pm : California Loan Modification Attorney, Nationstar
The Law Offices of Michael Gaddis recently obtained a final Nationstar Loan Modification for homeowners located in Carlsbad, CA. The homeowners were referred to Michael Gaddis by a local Carlsbad Realtor whom the homeowners approached about potentially short selling their home. When it became clear the homeowners were not at peace with their decision to short sell their the property, the Realtor, familiar with Michael Gaddis and his loan modification success stories, recommended that prior to listing their home for short sale that the homeowners consult with Michael Gaddis. The hardship was that one of the homeowners had lost their job thereby cutting the household income in half. The homeowners were forced to go late and continued being late until the unemployed homeowner found a new position. Subsequently, the homeowners, on their own, attempted to modify their loan. At the time of their loan modification attempts the homeowners’ loan was serviced by Bank of America. Bank of America denied their loan modification request several times. Michael Gaddis suspected that the problem was the homeowners income. After reviewing the homeowners’ financials it appeared that the homeowners were making too much money. Both homeowners were W-2 employees and no matter how Michael Gaddis calculated their income it appeared that the homeowners were making too much income for HAMP and internal based modification programs. However, Michael Gaddis knew that there might be an additional program for people whose Housing-to-Income ratios are below 25%. When Michael Gaddis agreed to help the homeowners the loan was still being serviced by Bank of America. Shortly after, it was transferred to Nationstar.
The Nationstar loan modification application review took a while but in the end, the homeowners were granted a loan modification which allowed them to keep their home. The terms of the loan modification called for an initial interest rate of 2% for the first 2 years with an initial principal and interest payment of $2,590.75 which represented a nearly $300 a month reduction from what the homeowner was paying prior to becoming delinquent. After the initial 2 year period the interest will fix at 5% for the remainder of the term. Although this is a fairly big jump, it is a great deal for the homeowners who 1) get to keep their home; 2) now have equity in their home which will continue to grow over the next couple of years; and 3) allowed the homeowners to become current on their loan with very little money out of their pocket. The homeowners were very happy with the result. Michael Gaddis told the homeowners that they should thank the real estate agent that referred them to him because there were not many real estate agents that would have done that knowing that they could lose a pretty nice commission check.
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 Nationstar 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/