Dennis was approved for a HAMP Mod, payment reduced from $636.22 to $377.87 (inc. insurance), a savings of $258.35, rate reduced from 6.340% to 2.375%, loan brought current after being past due for 33 payments and $20,906.69. Without stable employment, Dennis also had to pay for the funerals of three family members.
Arturo was approved for an In-House mod, Arturo was unemployed for almost 2 years, payment was reduced from $1,863.24 to $1,098.30 (insurance included), Rate reduced from 6.750% to 2.749%, each year interest goes up 1% until 6%, client received Principle Forgiveness of $74,086.97
James was approved for the HAMP Tier 2 modification that requires him to make a payment of $554.80. His payment was previously $1,300.00 and was reduced to $554.80. That’s a savings of $745.20 a month! He was over 34 months behind.
Penny fell 2 years behind on her mortgage before her modification brought her current. Her payment increased from $750.25 to $881.42, but she was thrilled with the approval as she received a principal forgiveness of $14,896.19, lowering the total amount she paid on her mortgage!
New: $ 2,096.50, Old: $ 2,827.03, that is a saving of $730.53 a month. Received a Principal forgivenes: $28,000. New: 2%, Old: 4%
Daniel was approved for a Freddie Mac Standard Loan Mod., rate was reduced from, 5.75% to 4.6%, New: $1,668.44 (escrowed), Old: $1,710.00
Glenn fell 19 months behind on his mortgage. His original payment was $2728.70. Modification brought him current, allowing him to remain in his home and stopping foreclosure, which Glenn was thrilled about, even though it did come with a higher payment of $3136. 77.
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