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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.
There is no charge for a consultation!