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Lenders are modifying loans with principal reductions some times as low as 25% of gross income

We have succesfully obtained a few of the new Tier 2 loan mods. 

Two out of 4 are at 25% of gross income WITH principal reductions to 105% of cmv!

I obtained one that the payment was higher  but at 31% of gross income.  This home is valued at over a million and the loan did not qualify for hamp.  

One with Bank of America, homeowner was initially denied several times and working with a different attorney who blogs a lot... We sent in a dispute and a npv she stopped her sale date and now has a mod at 25% of her gross income...

Chase,  loan mod at 25% of income,  this is interesting because the loan balance is about $1 mil BUT the home is worth $750,000 or there about.   saved $1557 per month lower than previous loan mod!!!  obtained loan mod Dec of 11, but it didnt make sense  the payment was 44% of gross income plus the lender added in the baloon payment to the loan amount which meant is was being charged interest twice!!! This was submitted at least 9 times as well as disputed blah blah blah. 

Basically, what I am saying is now with the tier 2 program we are going to see more home owners keep their home that is going to an investor who makes $100,000 or more off some ones horrible circumstance!
  • October 02 2012 - Pleasanton
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