Mortgage Modification – Bankruptcy – Creative Financing

A Recommendation
From
Attorney Philip W.

To Whom It May Concern:

I highly recommend attorney James Deal for mortgage modification. He was extremely successful in negotiating a substantial reduction in my mortgages this year (2010).

My income dropped substantially in 2009, when the world economy “spit hit the fan.” I fell behind nearly six months in my mortgage payments. I was also behind on my tax payments and had an IRS lien. My first mortgage was a half a million dollar ARM with HomEq at 9.99%.  My second mortgage was $129,000 ARM with GMAC at 7.9 %.

The second mortgage ARM adjusted before the first mortgage ARM did, from 7.9% to 12.99%. I almost had a heart attack when the payment went from $1,070 a month to over $3,000 a month – just on my second.

James told me to stop paying the second mortgage. I thought he was nuts.

He reasoned that because the value of the home had fallen, and the first mortgage was ahead of the second, and the IRS lien was ahead of the first, that there would be no reason for the second to foreclose because there would be nothing for them to get.

He explained that in six months the second mortgage company would “write off” the loss, send me to “collections” and that the collections company would probably accept about ten percent of the original $129,000 or a total of $12,900 to clear the debt!

Almost to the day, six months later, I got a letter from GMAC that they were “no longer going to be servicing my loan” and that my account would be turned over to Solace Financial for collections. I called Solace and offered 5% of the $129,000 for a full and final satisfaction of the debt and they declined. They counter offered with 10% of the total just as James said they would. I made a final “drop dead” offer of $10,000 and they accepted. I paid off my $129,000 mortgage for $10,000 or less than 10% of the original principle! (The mortgage burning party I had was a hoot).

Then James sought the reduction of my HomEq first mortgage interest rate of 9.99%. Somehow he negotiated a reduction from 9.99% to 2% for 5 years, then up to 3% for the sixth year, then up to 4% for seventh year, and then up to 5% for the rest of the loan. Wow!

This saved me another $2,800 a month in payments. The total monthly savings I realized between the first and second mortgages is $3,970 a month! This will probably save me $750,000 over the next 30 years. With James Deal’s help, I went from imminent foreclosure to a single first mortgage of 2% and no second mortgage. He saved my ars.

If you want to hear it from me, call James at 425-771-1110, and he will give you my phone number.

Philip W. Attorney
Bothell, Washington

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Comment from James: Philip Wakefield is one of the best personal personal injury and DUI and criminal defense attorneys I know. If you get in trouble, hire him.

A Reference From
Hank Manns of Arizona

From: Hank Manns [h2manns@yahoo.com]
Sent: Wednesday, June 30, 2010 6:20 PM
To: James Robert Deal
Subject: Letter of Reference

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Note that I only do modifications in Washington — unless the borrower in another state has a lawyer in that state.

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A Reference from
Eddie Quintero

Eddie Quintero
Associate Broker
Green Lake Real Estate
Cell (206) 427.2309
Fax (206) 260.3133
www.EddieQuintero.com

If you need a real estate who is fluent in Spanish, Eddie is your man. And he also speaks excellent English.

Read his recommendation here.