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06/17/2014 : michaelgaddis : 6:14 pm : California Loan Modification Attorney, Nationstar
Nationstar Loan Modification Success!
Miracles never cease to happen, at least at The Law Offices of Michael Gaddis. Over two-and-a-half years ago a homeowner made an appointment with Michael Gaddis for a consultation regarding his chances at obtaining a loan modification at Bank of America. At the time, Michael Gaddis was very skeptical because 1) the homeowner’s income appeared to be too high and 2) the homeowner’s loan-to-value (“LTV”) appeared to be around 100% or lower. In other words, the homeowner did not have a “cookie-cutter” scenario. Based on a thorough review of the situation Michael Gaddis agreed to take the homeowner’s case but told him that it would not be easy and that his chances of success were, at best, 60%. As the homeowner had already tried to modify his loan numerous times prior to consulting with Michael Gaddis, the homeowner was convinced that using Michael Gaddis was his best chance at obtaining a loan modification. Michael Gaddis took the homeowner’s case thus starting a very lengthy roller coaster ride. During the two-and-a-half years that Michael Gaddis worked on the homeowner’s loan modification the homeowner lost his job, then got a new job, then lost that job and then got a new job. This constant change in income was an underwriting nightmare that gave Bank of America, and Michael Gaddis for that matter, fits. Just when the homeowner’s financial situation stabilized the servicing of the loan was transferred from Bank of America to Nationstar. Meanwhile, the San Diego real estate market began to rebound resulting in an increase to the homeowner’s property value. As you are probably aware increases in property value mean less risk of loss to the investor which means less incentive for the investor to approve loan modifications. Everything seemed to be working against the homeowner and Michael Gaddis. However, Michael Gaddis continued fighting for the loan modification.
Finally, two-and-a-half years after the homeowner first consulted with Michael Gaddis Nationstar issued a Home Affordable Modification Program (“HAMP”) trial loan modification. The trial amount of $2,627 per month reflected a potential payment savings of over $1,300 per month PITI. Incredible to say the least. Michael Gaddis literally willed this loan modification into existence through his zealous persistence and tenacity.
Michael Gaddis is very proud of every one of the modifications that he obtains for homeowners. However, loan modifications like this one hold a special place in his heart. This loan modification means that yet another family will be able to keep their home. Michael Gaddis especially appreciates his Nationstar loan modification success stories because Nationstar can be a difficult lender to deal with. 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/
06/12/2014 : michaelgaddis : 9:27 am : California Loan Modification Attorney, SPS Loan Modification
I have been helping people modify their loans since 2008. During that time I have helped countless homeowners keep their homes by fighting lenders for loan modifications. Until yesterday, the latest loan that I had ever modified was 75 months past due. That’s right, 75 months or 6 years 3 months! I was extremely proud of that accomplishment because as loans get more and more behind they become more difficult to modify. I thought 75 months was a record that would never be topped. However, yesterday I was able to obtain a trial loan modification from Select Portfolio Servicing (“SPS”) for a homeowner in Poway, CA that was 88 months past due. That is not a typo. The homeowner was 88 months or 7 years and 4 months past due!!! Although I was fairly certain that the loan was modifiable I was concerned because the homeowner was behind $513,790.89. Due to the number of months past due and the significant amount of arrearage I anticipated problems with Net Present Value (“NPV”). However, the NPV results came back favorably and SPS issued a trial loan modification with a first trial payment due date of July 1, 2014.
Some people will say that it is unfair that this homeowner got to stay in her house for over 7 years without a payment and now gets to keep her house with a loan modification. I can assure you that although the homeowner did not make a payment for over 7 years it was not a party. This particular homeowner had been battling the lenders since day 1 trying to obtain a loan modification. She had tried numerous times on her own, with other attorneys, nonprofit agencies, etc. This homeowner tried everything in the book to save her house. She lived in her house for 7 years not knowing what was going to happen. Every morning she stressed that someone would knock on the door and kick her out. She just wanted to make her house payment but IndyMac refused. Instead of giving up and losing hope, she continued to fight. The fight consumed her and took its toll on her relationships and her work. Finally, she found my website and approached me to see if I thought there was any way that I could save her home. She had read all of the stories on my website about the various obstacles that I had overcome over the years and thought I would be a great person to consult with. This particular homeowner exhausted and needed to know if there was any realistic possibility of obtaining a loan modification. The fight was finally wearing her down.
I reviewed her situation and identified possible areas that had been causing her problems in the past. Although I knew that there were significant issues that could cause problems with NPV I thought she had a greater than 50% chance of success. I told her that I would take a shot and see if I could help her.
In the end, this homeowner’s situation became another Michael Gaddis SPS loan modification success story, albeit one that I am extremely proud of. If you would like to see my “trophy case” please click on the following links and view copies of trials and modifications that I have obtained over the years. Although they are not all on there, I think you will get the idea of what I am capable of: http://californialoanmodificationattorney.com/trials-modifications/ and http://californialoanmodificationattorney.com/trials-modifications/approved-trials-modifications-pg-2/