Interest rate reduced from 2.625% adjustable interest only loan, to 2% fixed. Principal Forgiveness of $22,307.09 on the anniversary of mod for 3 years for a total $66,921.26. Will also accrue $83.33 monthly and be applied on the anniversary of each year for 5 years. Account brought current from 03/01/2009.
This client was approved after defaulting on a previous modification. His monthly mortgage payment from the previous modification was reduced by an additional $103.28. In addition, he received a principal reduction of $110,075.50. Loan was also brought current after being in default for 5 years.
Interest rate reduced from 6.250% to 0.500%. Payment reduced by $964.89 per month. $24,444.97 deferred principal.
Interest rate reduced from 5.500% to 5.000%. No payment reduction, but $70,907.33 of the principal was deferred and another $70,907.33 will be forgiven after one year of on time payments. Client was brought current after 6 years, 4 months of no payments. This demonstrates significant savings.
Interest rate reduced from 3.904% to 3.234%. Payment reduced by $155.99, Principal FORGIVEN $194,900.00 plus client receives monthly incentive of $83.33 which is accrues and is applied to principal on the anniversary of the modification every year for 5 years.
Interest rate reduced from 4.625% adjustable to 4.375% fixed. Payment reduced by $96.26, Principal FORGIVEN $83,774.79 plus client receives monthly incentive of $48.13 which accrues and is applied to principal on the anniversary of the modification every year for 5 years.
