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 facing a very difficult living and family situation, and was having trouble paying his $1,753.08 monthly mortgage payment to Wells Fargo. By the time he retained our law firm in the summer of 2011, he was years behind on his mortgage and over $40,000 past due, although a foreclosure lawsuit had not been initiated on his home. Our firm negotiated a trial loan modification within a few months. However, upon completion of his trial modification, Wells Fargo denied the homeowner a permanent loan modification, then filed for foreclosure on his home.
Wells Fargo set a court date of June 13, 2013 to take the home. After all the hardship he had endured, this nearly discouraged the homeowner to the point of giving up and short selling his home. We encouraged the homeowner to continue with the loan modification option, and he eventually decided to continue with the foreclosure defense process.
We Crashed Through Wells Fargo's Roadblocks for a Successful Modification
In the meantime, our attorney had the trial date reset to a later date and requested a conciliation conference, which is a non-traditional method of loan modification. A conciliation conference would enable our attorney to negotiate a loan modification directly with one of Wells Fargo's attorneys. The conciliation conference, which was held in July 2013, was successful, and the homeowner's payment has permanently dropped to $1,204.19 each month- a $549 reduction! In addition, the homeowner's past due amount of $93,913.30— 4 years and of 4 months worth of not paying his mortgage payment— was recalculated into the monthly payments. This is especially notable because Wells Fargo is well-known for putting homeowners through an stress-inducing loan modification process, to say the least.
Wells Fargo Loan Modification Overview
|
|---|
| July 2013 | Before | After |
|---|
| Monthly Payment |
$1,753.08 |
$1,204.19 |
| Interest Rate |
7.125% |
7.125% |
| Foreclosure |
Two Foreclosure Sale Dates |
Foreclosure Sale Stopped and Case Dismissed |
| Benefits to Homeowner |
$93,913.13 Principal balance recalculated into monthly payment.
Monthly payment reduced by 31%, saving $549.00 per month |
At Amerihope Alliance Legal Services, our goal is to provide the legal aid that will help homeowners avoid foreclosure or have the best chance at a brighter, more secure financial future. We've helped over 5,000 homeowners save their homes since 2008, and we're looking forward to assisting even more people in the future.