Sunday, July 1, 2012
Principal Reduction Loan Modification & Foreclosure Settlement in Under Sixty Days
Old Payment $1,596.31 – New Payment $954.17.
On April 26, 2012, a nervous couple sat down with foreclosure defense attorney Richard Shuster, for a free consultation at Shuster & Saben’s Melbourne office. Ten days earlier the couple had been served with a summons, lis pendis, and a complaint ( law suit) to foreclose on their Viera, Florida home. The couple had had not make a mortgage payment in over fourteen months, and owed approximately $230,000.00 on a home worth approximately $175,000.00. The couple came to Shuster & Saben, at the recommendation of a co-worker whose foreclosure case was won by Attorney Shuster.
The firm filed a notice of appearance for the homeowner on April 30, 2012, and a fifteen page Answer to the complaint on May 7, 2012. At the same time he served the firm’s Answer, Shuster opened lines of communication to Ocwen ( the loan servicer ) and to opposing counsel to attempt an expedited settlement. Shuster fast tracked this case toward settlement based on the fact that the loan servicer was Ocwen with whom the firm has a large number of principal reduction settlements and because the homeowners were only 25% upside down. The plaintiff that had filed the foreclosure action was Bank of New York Mellon as Trustee for the Certificate Holders of Poplar ABS Inc. Shuster was further encouraged by the fact that this trust had no prohibition against principal reductions and had made other principal reduction settlements.
On June 8, 2012, the firm received an offer (dated June 5, 2012) from Bank of NY Mellon’s attorney. Shuster forwarded the offer to the client the same day, and E-mailed the bank’s lawyer that the offer was accepted. Once the client was ready to wire their first payment the settlement documents were executed and faxed to Ocwen and Bank of NY Mellon’s counsel on June 27, 2012.
The settlement reduced our clients loan balance from approximately $230,000.00 to $185,000.00 and reduced their interest rate from 7.5% to 3.78%. Our client’s monthly payment went from $1,596.31 (principal & interest only) to $954.17 (principal & interest only). Over the remaining 23 years of their mortgage term our clients will save $177,230.64 which is based on a monthly savings of $642.14 per month times 276 months. Our clients will not only keep their home and the roof over their children’s beds, they will also be in a far stronger position when they retire in a few decades. Our clients’ return for their investment in foreclosure defense was over $30.00 of savings for every dollar they invested.
To Review the Settlement Agreement Clink the Link Below:
About Shuster & Saben: Shuster & Saben thinks that the best foreclosure defense lawyers are problem solvers. We look at and discuss our clients finances, home value, loan balance, and personal objectives before explaining their options and helping our clients make well informed decisions. We evaluate asset protection, tax consequences, and the strengths and weaknesses of the banks' cases and look at all potential solutions including litigation, deed-in-lieu, loan modification, short sale and on very rare occasions referral to a bankruptcy lawyer. We charge more than those foreclosure lawyers using cookie cutter, one-size fits all, stall tactics but we work our cases and are proud of our results. See our older post for court orders from our victories and other loan medication settlements.