Mod and Principal Reduction Success Story

Mr and Mrs Streaker entered into an agreement with 360 Group to modify their mortgage with Indy Mac Bank on March 11, 2010. Through various ups and downs they were the perfect client. They always responded in a timely manner. They always sent the requested documentation we needed to supply to the bank (on numerous occasions). The review process was tedious. Much longer than the average file, but with hard work, committment and patience, the final verdict just came in and it was worth the wait.

Payment reduction of 40% reducing their payment from $2,796 down to $1,996 per month. And thats just the beginning. With on time payments during the temporary term of 90 days, Indy Mac has agreed to lower their principal balance by $140,571.  We all hear a lot of stories about principal reductions. The fact is they are few and far between. In this case, we did not expect it, but we’re sure happy to report it to our client and others. Thanks One West Bank, for putting the bailout money to good use. Mr & Mrs. Streaker deserve it!

Mel, 360’s chief negotiator, worked this file for over a year and never gave up. She is a true champion for her clients. Her commitment is an example of dedication and values that always go the extra mile for the people who need it most.

ABOUT PRINCIPAL REDUCTIONS:

Every year on the anniversay of the start of the Trail, the lender will deduct the amount indicated as a principal reduction. If at anytime you change the loan terms, which includes a refi or resale, then you forfeit the remaining principal forgiveness amounts. These amounts are accrued during the year and paid at the end of 12 consecutive on time payments.


If you know anyone who is uncertain of their financial situation, please send them to our website or have them call us. Our Pre Qualification process is second to none and provides the necessary due diligence to know what potential outcomes may be. People have options, and they need objective advice in order to make educated decisions.

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