At De Novo Law Firm, our loan modification attorneys recently obtained a Citi loan modification on our client’s second mortgage located in Riverside County. One of the unique features of the modification is the fact that we were able to modify the client’s second mortgage without obtaining a modification on the first mortgage. Normally we would not approach a modification this way but because of the low interest rate on the first and very low principal balance, the Client would likely not qualify for any loan forgiveness or adjustment. Because of that, we were able to start with the second mortgage through Citi. Continue below to read more about the Hemet loan modification.
Client MJ in Hemet, California
Original Loan Terms:
Principal Balance: $120,711
Monthly Payment (principal & interest): $710
Loan Modification Terms:
New Principal Balance: $40,000
Loan Forgiveness: $79,578
New Payment: $302 monthly
Monthly Savings: $408 (57% reduction in monthly payment)
Through the loan remod, our office has been able to save our client over $400 a month with a monthly savings of 57%. Further, the total loan balance has been reduced by nearly $80,000 giving the Client equity in the property. While every loan modification is different, this Citi modification saves the Client a substantial amount of money now and in the future.