I am often asked about loan modifications for banks outside of the major banks (i.e. Chase, Bank of America, and Wells Fargo).  We have had success in obtained a loan remod with both big and small banks alike.  We recently obtained a modification for a client who had a line of credit with Popular Community Bank.  Despite the fact that the client only had a line of credit on the home, and the property was not significantly underwater, we were able to obtain a loan modification with Popular Community Bank that significantly alters the payment and saves our client thousands over the life of the loan.  Read below for more details on the modification:


Client R.O. in Riverside, California

Bank: Popular Community Bank

Payment before loan Modification: Interest-only payment of $670

Interest Rate: Adjustable-Rate mortgage set at Prime plus 2.5%

Loan Modification Terms

Modified interest-only payment of $370

Fixed interest rate at 3% for the life of the loan

Monthly Payment Savings: $300 (a 45% reduction in payment)

As can be seen above, the Client was able to get her payment lowered to only $300 a month making the mortgage payment very affordable.  After the initial five-year term, this loan converts to a principal and interest payment.  However, the low rate of 3% will remain for the entife life of the loan.

If you are considering a loan modification, contact the loan modification attorneys at De Novo Law Firm at (951) 801-5570.  Our consultation is free and we can give you an idea of whether a modification is possible.

 

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