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 retiree retained our law firm in mid-2012, he was over 2 years past due on his $900.00 mortgage payment to Selene Finance, and had already undergone several lifetimes' worth of trouble with various mortgage lenders. Our lawyers were able to save his home and he is enjoying his retirement in peace.
This homeowner had experienced a laundry list of problems with his subprime mortgage; his mortgage had been transferred between several different banks and servicers since 2006. One of the mortgage companies attempted to foreclose in 2009, but it was delayed because they didn't have the original mortgage paperwork. The homeowner had been served foreclosure just before he retained us.
41 Months Past Due and Loan Mod Granted!
Our Home Retention Department began working with the homeowner to assemble a loan modification package, and our legal team set out to stop the foreclosure lawsuit. By now the homeowner had become three (3) years past due. During this time we negotiated a trial loan modification with Selene Finance. Terms of the loan modification were six (6) monthly trial payments of $674.13 (starting in January 2013) in order to receive a permanent loan modification. The homeowner paid all six payments in a timely manner, but didn't receive his permanent loan modification yet. He had to continue making trial plan payments while we fought for the permanent loan modification he deserved.
Selene Servicing finally granted a permanent loan modification in September 2013. Under this plan, the homeowner pays $700.66 monthly starting in September 2013; a 22% reduction from his original terms. $47,827.46 will be deferred from his principal balance of $137,826.46 -- the balance is now $90,000.
Selene Finance Loan Modification Overview | |||
|---|---|---|---|
| September 2013 | Before | After | |
| Monthly Payment | $900.00 | $700.66 | |
| Interest Rate | 7.30% | 6.0% | |
| Foreclosure | 41 Months Past Due, Foreclosure Action Started | Foreclosure Dismissed |
|
| Benefits to Homeowner | ✓ $47,827.46 Deferred from principal balance ✓ Monthly payment reduced by 22% |
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This successful loan modification is another example of why it's so important to hire a foreclosure defense attorney when you can't pay your mortgage. This is the best way to get you great loan modification results.
