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Foreclosure and Loan Modification Blog

Loan Modification Success: Bank of America Principal Reduction

[fa icon="clock-o"] Saturday, July 20, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] loan modification attorney, loan modification, successful loan modifications

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.

principal reduction $102,715A 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!

Bank of America Logo

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 2013BeforeAfter
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.

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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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