Loan Modification Success: Wells Fargo Payment SLASHED $1,700!

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.

This New York homeowner had an investment property that he was renting out to tenants, and had fallen behind on his $4,875.41 mortgage payment (at a 4.875% interest rate) to Wells Fargo after losing his job. He had already successfully obtained a loan modification in the years before, but was simply not able to pay for this house under the current terms.

This homeowner retained us in mid-2012, and we began working with the homeowner to get the information necessary to obtain a new loan modification. Unfortunately, we hit a major snag in October 2012, when we lost touch with the homeowner for several months after Superstorm Sandy. His house was damaged badly by the storm, but we eventually got back on track with our loan modification efforts in early 2013. In April 2013 there was another snag- Wells Fargo's lawyers began the first steps of the foreclosure process, even though we were already working with Wells Fargo on a new loan modification. Our legal department successfully prolonged the foreclosure process until we could complete the loan modification process (and later, it would be completely dismissed after we successfully obtained a loan modification).

In September 2013, we received a HAMP trial to permanent loan modification offer from Wells Fargo. Under the terms of the trial loan modification, the homeowner would have to pay 3 trial payments of $3,084.59 monthly starting in November 2013, a savings of $1,790.82 per month! His interest rate would be dropped to 2% for the first 5 years of his new loan modification agreement, then would increment at 1% annually until reaching a fixed rate of 4% for the life of the loan.

Although this client has received a great loan modification and is making their payments, Wells Fargo has NOT STOPPED THE FORECLOSURE PROCESS. There is still a Foreclosure Settlement Conference scheduled for December, and our foreclosure attorneys are working to have the conference canceled and the foreclosure dismissed. We will not stop until this foreclosure case is closed.

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 thousands more homeowners in the future.