| Lender / Servicer |
not disclosed |
not disclosed |
| Loan Balance |
$187,154.80 |
$149,723.84 |
| Interest Rate |
8.00% |
5.75% |
| Loan Type |
NegAm Arm |
Fixed |
| Monthly Payment |
$1,769.77 |
$1,113.92 |
| Summary: Client was $7,800.00 in arrears. They received a $37,430.96 principal reduction, back payments and fees were waived. The client saved $655.85 per month. |
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Prior to Modification |
After Modification |
| Lender / Servicer |
not disclosed |
not disclosed |
| Loan Balance |
$576,714.88 |
$576,714.88 |
| Interest Rate |
7.75% |
2.75% (yr 1-5) 5.0% remainder |
| Loan Type |
NegAm Arm |
5 years, then fixed |
| Monthly Payment |
$4,075.00 |
$2,458.23 |
| Summary: Client was current at the time of modification. Interest rate was reduced to 2.75% for 5 years and then fixed for the remaining 25 years at 5.0%. Monthly savings is $1,616.77. |
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Prior to Modification |
After Modification |
| Lender / Servicer |
not disclosed |
not disclosed |
| Loan Balance |
$223,558.87 |
$184,500.00 |
| Interest Rate |
10.125% |
4.82% |
| Loan Type |
ARM |
Fixed |
| Monthly Payment |
$1,830.79 |
$1,113.92 |
| Summary: Client was scheduled for foreclosure. Foreclosure was stopped, principal was reduced by $39,058.87 and the client saved $1,005.31 per month. |
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Prior to Modification |
After Modification |
| Lender / Servicer |
Ocwen |
Ocwen |
| Loan Balance |
$129,480.95 |
$129,480.95 |
| Interest Rate |
10.38% |
0.75% not a typo! |
| Loan Type |
Fixed |
Fixed |
| Monthly Payment |
$1,152.84 |
$402.32 |
| Includes |
Principal & Interest |
Principal & Interest |
| Amount Delinquent |
N/A |
N/A |
| Term |
360 months |
360 months |
| Summary: Payment reduced by $750.00 per month and new rate fixed at 0.75% for the life of the loan. |
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Prior to Modification |
After Modification |
| Lender / Servicer |
Wachovia |
Wachovia |
| Loan Balance |
$324,947.29 |
$292,434.73 |
| Interest Rate |
8.25% |
2.5% (yr 1) |
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3.125% (yr 2) |
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3.75% (yr 3) |
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4.375% (yr 4) |
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5.0% (yr 5) |
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then fixed 5.625%
for remaining term |
| Loan Type |
NegAm Arm |
Step Fixed |
| Monthly Payment |
$1,501.61 |
$732.06 |
| Includes |
Min. + Taxes & Insurance |
Principal, Interest, Taxes
& Insurance |
| Amount Delinquent |
4 months |
Current |
| Term |
360 months |
360 months |
| Summary: Savings of $769.55 per month vs. NegAm payment. $32,512.55 principal balance reduction. After 5th year, loan is fixed for the life of the loan. Cut payment in half and client keeps home. |
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Prior to Modification |
After Modification |
| Lender / Servicer |
Litton |
Litton |
| Loan Balance |
$214,093.38 |
$223,558.87 |
| Interest Rate |
10.13% |
4.82% |
| Loan Type |
Arm |
Fixed |
| Monthly Payment |
$1,830.79 |
$825.48 |
| Includes |
Principal & Interest |
Principal & Interest |
| Amount Delinquent |
$9,465.79 |
Current |
| Term |
480 months |
569 months |
| Summary: Avoided foreclosure. Extended term and savings of $1,005.31 per month. Fixed for the term of the loan. |
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Prior to Modification |
After Modification |
| Lender / Servicer |
Saxon |
Saxon |
| Loan Balance |
$671,000.00 |
$671,000.00 |
| Interest Rate |
7.875% |
6.00% |
| Loan Type |
2/28 Arm Interest Only:
in adjustment period |
5 year fixed: Amortized |
| Monthly Payment |
$5,220.56 |
$4,171.40 |
| Includes |
Interest, Taxes & Insurance |
Principal, Interest, Taxes
& Insurance |
| Amount Delinquent |
$8,812.92 |
Current |
| Term |
30 Year Balloon |
27 year Full Amortized |
| Summary: Payment reduced by $1,049.00 per month vs. Interest Only Arm. New payment includes $800.00 + per month going to principal. Net savings of $1,800.00 + per month. Loan current and fixed for the next 5 years. |
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