Our client from La Habra Heights just received a HAMP Modification from GMAC Mortgage. When she came into our office for a free consultation her interest rate was 5.25% with a $2,710 monthly payment. We began our negotiation with the bank to get her payment down. GMAC pushed back against our proposals but we stayed persistent and finally got a great permanent modification. The new terms are $2046 monthly payment with interest rates of 2% for 1-5 years, 3% for 6-7 years, then caps out at 4% for the reaming 17 years.
Banks are giving out loan modifications, but sometimes you have to fight for them. It was a great team effort from Oaktree Law and our client.