Old Loan Balance: $1,310,000
New Loan Balance: $ 755,000
Firm attorney Richard Shuster has obtained the largest
principal reduction in firm history and a loan modification that is likely the
largest principal reduction on any Brevard County residential property. After our client made no mortgage payments for
over five years on an oceanfront property in Melbourne Beach the homeowner’s
unpaid loan balance reached 1.3 million dollars. As a result of a principal reduction loan
modification agreement our client’s new loan balance has been reduced to
$755,000.00. Our client’s loan balance
was reduced by over $555,000.00. The
client’s interest rate was reduced from nearly 8% to 4.1%.
Shuster & Saben, LLC defended the homeowner in this
matter since 2010. One week before a
scheduled trial in the client’s foreclosure case, the loan servicer, Ocwen
advised it wanted a complete financial package from our clients. The client’s business suffered greatly during
the 2008-2011 recession bus has since had a substantial recovery. The clients did not want to provide the loan
servicer with complete financials as they were worried that they might make to
much to qualify.
Fortunately, the firm had fully prepared the case for trial
and was ready, willing and able to take the case to trial. One month earlier, attorney Richard Shuster,
defeated the same Plaintiff (Deutsche
Bank), the same servicer (Ocwen), and same law firm (Clarfied Okon) in a nearly
identical case. During negotiations, the
loan servicer and their counsel were reminded that if the case went to trial
they would probably lose this case in the same fashion that our firm defeated
them the month before.
Three days before the trial, the bank’s lawyers asked for a
continuance to allow more time to evaluate our client for loan
modification. Shuster’s response was
rather blunt: “Give our client a loan modification that they love or we are
going to trial.” On the day before trial
bank counsel advised by E-mail that our client, without submission of any
financial documentation had been approved for a principal reduction loan
modification.
A great personal injury lawyer once said that if you prepare
a case for trial, you may end up with a great settlement when the insurance
company knows that you are ready, willing, and able to take the case to
trial. The settlement offers are even
bigger when the insurance company or its lawyers are scared to go to trial
against a prepared, experienced, trial advocate. We have found this same principle usually
applies in foreclosure cases. To see the final loan modification agreement click here.
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