BOA Gets Sued; Gives Consumer Rights Defenders supported Client Laura M a $50,000+ note reduction

On Wed, Jul 24, 2013 at 2:34 PM, Steve Nelson <> wrote:

Dated herein, above. Personal and confidential intended for recipient only.
This is what Consumer Rights Defenders, Inc. does for our clients….. 
One of our clients just received this offer and compromise after we helped them with their case. 

The terms below represent the permanent loan modification offer that has been calculated based on the TPP that you completed in 2010.  Please note that this permanent offer includes the Bank’s willingness to forgive $50,662.21 in arrears.  Your going forward principal balance as of September 1, 2013 will be $316,500.70.  The Bank is currently in the process of preparing a formal modification offer letter to you but has authorized me to share these terms with you prior to our July 24, 2013 session.  Please let me know if you have questions.
2% for 3 years – P&I payment $958.45, P&I payment plus escrow $1,168.87 (P&I payment $958.45 + escrow $210.12= $1,168.87)
3% for 1 year – P&I payment $1,121.39, plus escrow payment at that time
4% for 1 year – P&I payment $1,294.08, plus escrow payment at that time
4.5% Fixed for remaining term – Effective 9/1/2018 – P&I payment $1,383.17, plus escrow payment at that time
480 term extension – New maturity date of 8/1/2053
New principal balance – $316,500.70
Bookloss amount – $50,662.21
Capitalization amount – $0.00
Capitalized months – 28 (May 2011 – Aug 2013)
Mod Effective date – 9/1/13
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