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.