Below is a random sample of some of our modification clients along with their modification agreements.
Garcia - Rosedale, MD
Mr. Garcia had a 2nd mortgage with a balance of $47,119.00 at a rate of 11.50%. His monthly payment was $554.56 and it was a monthly adjustable mortgage.
GMA Modification was able to modify the 2nd mortgage by reducing the principal balance down to $11,082.00, converting the interest rate to 4.50% fixed for the life of the loan, thereby reducing the monthly payment to $250.27!
Estrella - North Miami Beach, FL
Estrella was in a bad situation with a Home Equity Line of Credit that was at an interest rate of 12.80% on a $40,560 balance, creating a monthly payment of $442.00. Her property depreciated well below the total outstanding combined mortgage balance. Estrella's goal was to close the HELOC with a one time lump settlement.
GMA Modification was able to settle the HELOC for a one time payment of $5000.00, negotiating off $35,000 worth of debt. Modification Agreement
Walter - North Miami Beach, FL
Walter lost his job and had to take a position with a lower pay. His mortgage had a balance of $299,142.06 at a 9.95% interest rate. His property was only worth $238,000. Walter was unable to make payments for over 8 months and was deep in the foreclosure process.
GMA Modification Corp., was able to reduce Walter's principal balance to $213,516.23 including the arrearage he had from not making payments, reduce his interest rate to 4.64%, and convert it to a fixed rate for the life of the loan. Walter's mortgage payment went from $2523.77 per month down to $1146.41 per month. Modification Agreement
Julio - Columbia, MD
Julio was in a loan with an 8.63% interest rate that was fixed for 30 years. With having his work hours cut and his wife's loss of her job completely, they were unable to accomodate the current payment once they ran out of their savings.
GMA Modification Corp., was able to reduce Julio's interest rate to 6.50% and extend the term to 40 years to accomodate their new financial abilities and help them maintain the home they loved. Modification Agreement
Roy - Braford, TN
Roy had an interest of 7.10% fixed for the life of the loan, however due to a loss in income, he was unable to accomodate the payment any longer.
GMA Modification Corp., was able to reduce Roy's interest rate to 5.25% fixed for the life of the loan which was extended to 40 years, to accomodate his new financial ability. Modification Agreement
Michael - Loxahatchee, FL
1st Mortgage Michael and his wife executed a lender offered modification agreement at a 6.00% interest rate, which even though it was competitive, was still unaffordable due to a temporary hardship. Although lenders very rarely consider a re-modification, Michael hired GMA to attempt and negotiate a better modification.
GMA Modification Corp., was able to negotiate a modification agreement reducing the interest rate from 6.00% to 4.12% for a fixed term of 5 years, along with forbearing 8 months worth of unpaid mortgage payments, allowing Michael and his wife to get back on their feet. Modification Agreement
2nd Mortgage Michael and his wife had a Home Equity Line of Credit at a loan amount of $36,000 with an interest rate of 11.00%.
GMA was able to reduce the principal balance down to $15,000 at an interest rate of 3.00% fixed for 2 years.
No agreement available (verbal)
Kenneth - Miramar, FL
Kenneth and his wife were 5 months behind on their mortgage due to a temporary hardship, with an interest rate of 7.5% on an adjustable interest rate, their situation was only going to get worse.
GMA Modification Corp., was able to forbear the arrearage along with reducing the interest rate to 5.75% fixed for the life of the loan, allowing Kenneth to get back on his feet and not have to worry about any future adjustments. Modification Agreement
Melynda - North Miami Beach, FL
Melynda was in an adjustable rate mortgage at 6.45%, she was current on her payments and able to afford the current payment. Her fear was that an upcoming adjustment would make the payment harder to accomodate.
GMA Modification Corp., was able to convert her adjustable rate into a fixed rate for the life of the loan even though she was current on her payments. Modification Agreement
Claudia - Colorado
Claudia was in a forbearance agreement where she was paying back 8 months of payments in arrears. Her interest rate was 7.5% adjustable rate with a monthly payment of $1898.00 she was unable to maintain the monthly mortgage payment.
GMA Modification Corp., was able to forbear the arrearage along with modifying the interest rate to a 5.75% fixed for the life of the loan, yielding a monthly mortgage payment of $883.53 and cancelling out her previous forbearance agreement. Modification Agreement
Michael - Coral Springs, FL
Michael was originally 6 months behind on his mortgage payment, his payment was $3802.06 per month with an interest rate of 9.875% on an adjustable rate mortgage which was nearing adjustment again!
GMA Modification Corp. was able reduce his interest rate to 6.25% for the 1st year, 6.50% for the 2nd year, 6.75% for the third year, 7.25% for the 4th year, and 7.25% for the 5th year and the life of the loan. Reducing his monthly payment by over $700 per month along with ridding of any adjustments! Modification Agreement
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