High Fives all around!

Here is a recent success story that generated some high fives in the Liberty Credit Law office: A client contacted the firm after being denied for a loan modification from their bank. The client's family was experiencing significant financial hardship. The client retained Liberty Credit Law and the legal team immediately began working with the bank on the client's behalf. Soon after beginning work on the file, the legal team received notice that the bank had once again denied the client for a modification. The liberty team resubmitted the loan modification application and escalated it to the appropriate department in order to expedite the process.

Although the client was eventually offered a temporary loan modification, the legal team thought that the client qualified for better terms. The client had an affordable monthly mortgage payment in mind which would leave enough income left over to support the family. After countless hours of phone conversations, paperwork submissions, escalation letters from the attorneys, and constant communication with the client, the legal team finally negotiated a loan modification which far exceeded the client's expectations. Great job legal team! And congratulations to the client! Here are the terms:

New interest rate:

2% for first 2 years. Interest rate increases 1% each year and will max out at 6.375% in year 7.

New Mortgage Payment:

$1,634

Old Mortgage Payment:

$2,511 (interest only loan)

Monthly Savings (Year 1)

$877

Principal Forgiven

$59,674.84