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 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.