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.
Imagine being confronted with the prospect of losing your home in foreclosure. Now imagine having to deal with that financial pressure and the pressures that come with having a newborn baby. This is what our client was faced with, and was able to eventually overcome, thanks to Amerihope Alliance Legal Services.
When this client retained us in May 2013, she had already tried working with other law firms who simply weren't able to solve her situation. She was already 4 and a half years behind on paying her $1,750 mortgage payment to Flagstar Bank, and was in active foreclosure. This presented a unique challenge, as our team did not only have to clean up the mess left behind by the previous law firms, but we also had to work on preparing a great loan modification package for the client.
Going Through Trials
We received a trial loan modification offer within a month after submitting the client's loan modification application. Unfortunately, the homeowner was not able to afford the trial loan modification, as it was actually more expensive than her original mortgage! We notified Flagstar of the issue, and eventually discovered that there was a mistake with the information the client provided to us. After negotiation with the bank, we arrived at another trial loan modification, this time with much more favorable terms for the homeowner.
How much more favorable? For the first 12 months, which will serve as a trial period, the homeowner will pay $1,576 at 6%. Then for a year after that, payments will be $1,189.93 per month at 7.0%, then $1,358 per month for the year after that. Finally, it will continue after that at 7.125%. Most impressively, $43,082 of principal will be forgiven, and $3,755 in additional fees will be waived. Most importantly, now our attorneys would be free to request dismissal of the foreclosure proceedings on the home.
Flagstar Bank Trial to Permanent Loan Modification Overview | |||
|---|---|---|---|
| September 2013 | Before | After | |
| Monthly Payment | $1,746.38 |
|
|
| Interest Rate | 6.875% |
|
|
| Foreclosure | 55 Months Past Due ($102,496.23) Past Due | Foreclosure to be dismissed. |
|
| Benefits to Homeowner | ✓ $43,081.94 Principal forgiveness, $3,755.49 in fees waived. ✓ Monthly payment reduced by 22% |
||
This mortgage modification is another good example of why it's imperative to hire a foreclosure defense attorney when you're at risk for foreclosure or are already within the foreclosure process. This is the best method if you're serious about getting great loan modification results.
Read about other loan modification success stories, or browse hundreds of other loan modification case results.
photo credit: Faey Szeuw via photopin cc
