The Law Office of Michael E. Ripley

Exceeding Expectations

Success Story: Mr. M of Escondido

Congrats to Mr. M. of Escondido.  He is self-employed as an engineer, and suffered a curtailment of income due to decreased business.  In working with his lender, Chase, we were able to obtain a loan modification.  His monthly housing payment went down from $4,749.00 to $3,104.00, saving him $1,378.00, or 31% per month.  The new interest rate is 2%, for the first five years, then goes to 3% at year six, and finally caps at 3.75%, for the remaining life of the loan.