April has proven to be a great month for two clients who just got their loan modifications back. Mr and Mrs Dusan of Phoenix needed a lower payment on the investment property they have and after just 4 months, it came in. Total savings of $472 per month and a 39% reduction in the payment. They were great to work with as they always provided the necessary documentation very quickly. Maybe the $26 billion deal has prompted the lenders to act a little faster.
See blog on Robo-Signing settlement https://empoweringconsumers.wordpress.com/2012/02/10/breaking-down-the-26-billion-bank-foreclosure-settlement/
We’ll see if the trend continues. It seems the banks have been issuing payment adjustments faster in recent months, or it could also be that these clients fell right in the sweet spot. This is the main reason we do a complete Pre Qual prior to our submission.
Another repeat client of ours Mr Rick DeFrancesco had already received a modification on his first mortgage and we just submitted him for a modification on his second loan. Typically the lenders follow suite pretty quickly if the first loan has already been successfully re-negotiated, but this was a rare case. Just one month into the submission, his mod came in and it was a beauty!
Original second mortgage balance = ,$67,218
Principal Reduction of $44,512
New second mortgage balance = $22,706
Principal & Interest payment of $124/m
All late fees and penalties waived
No pre payment penalty so he can make extra payments to payoff early
If you know anyone who wants to lower their monthly payments and re-negotiate their mortgage please pass this on. Our Pre Qualification can uncover any potential issues prior to the submission to be sure that the file fits into the banks guidelines. Since the robo-signing settlement people seem to think they can do it alone. The fact is that the banks have a lot of duplicitous processes that can cause a great deal of frustration if you don’t know the in’s & out’s. We’re hear to help and our track record is strong. There is never any up front fee and we’re happy to educate you on the facts.
360 Group Partners
17470 N Pacesetter Way
Scottsdale, AZ 85255