The Law Office of Michael E. Ripley

Exceeding Expectations

Success Story: Ely E. of Escondido

Good news for Ely E. of Escondido.  Ely is self employed in the bakery business, and because of the down turn in the economy and decreased business, he sought loan modification.  When he came to us, he was 26 months delinquent, and owed $65,000.00 in back payments.  Through our work, we were able to have the bank defer $95,646.00 so that it would be due at the tail end of the loan, rather than now.  We also were able to obtain loan modification that starts at 2% per year, for five years, and caps at 3.5%.  His monthly payment was reduced from $3,005.00 to $1,980.00, a savings of $1,025.62 per month, or 34%.