Foreclosure and Loan Modification Blog

Loan Modification Success: Chase Principal Reduction and Payment Reduction

[fa icon="clock-o"] Saturday, September 21, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] successful loan modifications, foreclosure defense

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 5,000 homeowners, here is one of their stories.

We_Fought_Against_Chase-30000The recession hit all of America hard, but many self-employed people felt the worst part of the recession. As soon as business dried up, not only was it hard to recover lost business, but it was also hard to re-enter the traditional workforce, since many self-employed people had not worked a corporate job for years.

That is exactly what happened to one homeowner who needed our help. He had been self-employed for quite some time, and was able to make it through the worst of the recession. However, business slowed and the homeowner ended up needing to seek out work to help support his growing family. He had just managed to secure a job when he came to us for help in late December 2012, but was already over 9 months behind on his Chase mortgage, and had been served foreclosure just a few weeks before.

Getting it Together

We began to gather the necessary documents from the homeowner to put together a loan modification package, and our legal department also filed the necessary documents to stop the foreclosure process from continuing. Before the end of May 2013, we were able to secure a trial loan modification for him. If the homeowner was able to pay the trial loan modification payment for 3 months, then he would be granted a principal reduction and permanently modified loan terms.

When the homeowner completed his trial loan modification payments in September 2013, he was granted a permanent loan modification. His monthly payment was reduced, and his principal was slashed by over $30,000. His interest rate was permanently cut too- from 4.875% to 3.57%.

Chase Loan Modification Overview

September 2013BeforeAfter
Monthly Payment $813.99 $610.47
Interest Rate 4.875% 3.57%
Foreclosure 5 Months Behind, Foreclosure Proceedings Started Foreclosure Stopped and Case Dismissed
Benefits to Homeowner $30,637.90 Principal Reduction 
✓ Monthly payment reduced by 21%, saving $203.52 per month

Our goal at Amerihope Alliance legal services is to provide legal counsel to help homeowners avoid foreclosure and have a more secure financial future. Since 2008, we have helped over 5,000 homeowners save their homes, and we look forward to saving even more homes in the future. 

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Jake Sterling

Written by Jake Sterling

Jake Sterling is Amerihope Alliance Legal Services' Homeowner Liaison. He helps to bring awareness and teach homeowners about foreclosure defense and options to save their homes.

About this Blog

Amerihope Alliance Legal Services is a leading loan modification and foreclosure defense law firm with attorneys licensed in 5 states. We have helped over 7,000 homeowners fight back and keep their homes.

Click to Read Our Super Loan Mod Success Stories

Our goal is to provide valuable information to help homeowners who are trying to obtain a loan modification or to stop foreclosure. You may schedule a free consultation at any time.

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