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.
SPS (Selected Portfolio Services)
Our Firm negotiated an amazing principal reduction for our Client of $601,518.10, tax free, from $1,021,268.10 to $566,210.04. Additionally, his interest rate was reduced from 8.45% to 2%, and his mortgage payment was reduced to $3,241.97, all inclusive, principal, interest, taxes and insurance.