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November 20, 2013 : michaelgaddis : 5:43 pm : California Loan Modification Attorney
The Law Offices of Michael Gaddis recently obtained a final CitiMortgage loan modification for a homeowner located in Oceanside, CA. The homeowner’s loan was owned by Freddie Mac. CitiMortgage is a notoriously difficult lender to deal with due to their overzealous underwriters. At times, the underwriting process at CitiMortgage becomes utterly ridiculous. Homeowners need to be patient and persistent in their efforts to obtain loan modifications from CitiMortgage. The fact that this loan was owned by Freddie Mac should have made the process easier as the requirements for loan modification review are very straightforward on Freddie Mac and Fannie Mae loans. However, for some reason, the underwriters at CitiMortgage had a very difficult time processing the homeowner’s loan modification application. Michael Gaddis had to appeal to Freddie Mac directly in order to move the file along. Finally, after over one year of struggles, the homeowner received a trial CitiMortgage loan modification. After successfully completing the CitiMortgage loan modification the homeowner received a final CitiMortgage loan modification.
The homeowner received the final CitiMortgage loan modification package on November 13, 2013. The terms of the CitiMortgage loan modification called for an extension of the maturity date and an interest rate deduction. The new loan term was 40 years and the new interest rate was set at 4% for the life of the loan. The homeowner’s monthly principal, interest, tax and insurance (“PITI”) payment was reduced from $2,685.17 to $1,939.17 resulting in an over $700 a month reduction from what the homeowner was paying prior to going into default.
As always, Michael Gaddis and his staff will continue to monitor the homeowner’s file in order to ensure that 1) the final CitiMortgage Loan Modification paperwork is received by CitiMortgage; 2) CitiMortgage properly uploads the modified terms into their system; and 3) CitiMortgage returns the homeowner’s file to regular servicing. If you would like to see a copy of the CitiMortgage 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/.
November 19, 2013 : michaelgaddis : 8:00 am : California Loan Modification Attorney
The Law Offices of Michael Gaddis recently obtained a trial Nationstar loan modification for a homeowner located in Lakeside, CA. The trial Nationstar loan modification is a HAMP loan modification. Prior to being with Nationstar, the homeowners’ loan was serviced by Bank of America. Since July of this year Bank of America has been transferring the servicing of a large number of loans to Nationstar and other servicers. The servicing transfer delayed review on this file, however, ultimately, the file was properly reviewed by Nationstar resulting in a trial loan modification. The borrowers originally approached Michael Gaddis about obtaining a loan modification a year before retaining him to assist with their loan modification efforts, however, at that time, the borrowers were making too much money and would not qualify for a loan modification. Michael Gaddis advised the homeowners to contact him should anything change in their financial situation. Nearly a year after meeting with Michael Gaddis one of the borrowers received a drastic pay cut. The homeowners again contacted Michael Gaddis who advised them, based on their new financial situation, that he might be able to help them. The primary concern of the homeowners was not their payment as much as the fact that they were paying 6% interest only and their loan was due to reset into principal and interest in 2014. The resulting payment based on a 6% principal and interest would be significantly more than they could handle.
The Nationstar loan modification calls for 3 trial payments of $2,599.33 beginning December 1, 2013 and ending February 1, 2014. Although the final terms were not disclosed, the trial payment will not necessarily lower the borrowers’ payment that much. However, the new payment reflects a principal, interest, taxes and insurance payment whereas the homeowners were previously paying interest 0nly.
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 Nationstar loan modification is obtained. To view a copy of this trial Nationstar 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/