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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/