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An Example of How We Help
The following example is drawn directly from the actual case file of a recent client. No details have been altered, exaggerated, or embellished.
The client had purchased a home in 2006 for $1.3 million dollars. After three years, the value dropped to $750,000.
> The client found himself saddled with a first mortgage of 1 million dollars with Bank of America, with a monthly payment of $5,000.
> The client also had a second mortgage of $248,000 with Wells Fargo, with a monthly payment of $1,200.
> In addition, this client had $50,000 in credit card debt.
> The team convinced Wells Fargo to accept $24,800 instead of $248,000 through a buyout of his second mortgage. This buyout - at 10 cents on the dollar - saved the client $223,200, and eliminated the burdensome $1200 monthly payment entirely.
> The team then negotiated a modification of his first mortgage with Bank of America, cutting his monthly payment from $5000 to $3600 a month (a 28% reduction on the first mortgage).
> Finally, the client's credit card debt of $50,000 was reduced 80% to a manageable settlement of $10,000.
In sum, the client’s monthly payment was cut by $4000/month, and the team eliminated over $300,000 of debt.
In this economy, it makes very little sense to pay more than you can afford for a property purchased in better times.
If you've tried it alone, you know that loan modification is a very difficult process to navigate. The banks have full-time professionals working to protect their interests, so why shouldn't you?
Consultations Are Free
When facing challenging circumstances it is important to understand all of your options.
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