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.
A Florida homeowner was having difficulty paying his monthly mortgage payment and was fearful of losing his home. His fear was well-founded, because he was nearly 1.5 years behind and over $52,000 past due on his monthly mortgage payments to Bank of America. This situation was further exasperated by the high cost of his monthly payment: nearly $3,400 monthly.
This homeowner retained our firm in November 2012. Although he had some trouble getting the required documents together for the loan modification, our staff was able to obtain a trial loan modification for him within 4 months.
The homeowner completed the 3-month trial payment successfully, and received a Department of Justice permanent loan modification. His mortgage payment was lowered to a much more affordable monthly payment of $1,960.18 (a monthly savings of $1,415.76). His principal balance was reduced by $102,715.99!
This loan modification is not just significant because the monthly mortgage payment was nearly halved and the principal was reduced by over $100,000; it is also significant because it only took four months to obtain a modification. Bank of America's Home Loan department is infamous for drawing out loan modification cases. Many homeowners have lost their homes to foreclosure while waiting on a loan modification from Bank of America. This shows why it's important to hire a knowledgeable foreclosure defense attorney to help you obtain great loan modification results.
Bank of America Loan Modification Overview | |||
|---|---|---|---|
| July 2013 | Before | After | |
| Monthly Payment | $3,375.94 | $1,960.18 | |
| Interest Rate | 6.50% | 7.25% | |
| Foreclosure | No, but 16 months past due. | Threat of foreclosure averted. | |
| Benefits to Homeowner | $102,715.94 Principal Balance Reduction Monthly payment reduced by 42%, saving $1,415.76 per month |
||
At Amerihope Alliance Legal services, our goal is to provide legal counsel that will help homeowners avoid foreclosure or have their best chance at a more secure financial future. We have helped over 5,000 distressed homeowners save their homes since 2008, and we are looking forward to assisting even more people in the future.
