Our attorneys at First Source Law have acquired yet another loan modification with Bank of America. The loan modification was on the client’s first mortgage in Hawthorne, CA of LA county.
Original Loan Terms:
Principal Balance: $460,000
Monthly Payment (P&I + Escrow): $3100
Interest Rate: 3.5%
New Payment Terms:
Principal Balance Reduction of $130,506.87
Monthly Payment (P&I + Escrow): $2619.47
Interest Rate: 2.63%
This loan modification will be saving our client almost $500 dollars a month! Not only that, but the principal balance has been reduced by $130,506.87, a 28% reduction. The interest rate has been reduced by nearly one percent, making payments easier. Most importantly, the loan modification helped our client avoid foreclosure while bringing their loan up to date.
Our firm is dedicated to helping clients file bankruptcy, obtain loan modifications, and helping clients get a fresh start. For more information on what First Source Law can do for you, please fill out our free evaluations for bankruptcy and loan modifications.
This post was written by Gina Berg