Loan Modification Success: Chase Principal Reduction and Payment Reduction

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.

The 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%.