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May 13

Super Successful Loan Modifications of The Week

Before: Homeowner was 11 months behind on monthly mortgage payments of $1,765.72 with an interest rate of 6.75%.

After: Homeowners were approved for a permanent Nationstar loan modification through the Making Home Affordable program (HAMP). They are saving $689.58 per month with their new monthly mortgage payments of $1,076.14. Their interest rate will be 2% for the first five years, 3% for the sixth year, and 4% for the seventh year until the interest rate is fixed at 4.75% for the remainder of the loan.

Before: Borrowers owed $32,154.36 plus legal fees and made no mortgage payment for over two years. Their monthly mortgage payments were $2,244.00 with an increasing ARM interest rate of 5.58%.

Trial: Approved for a three month Making Home Affordable trial plan with monthly mortgage payments of $1,170.30.

Final: After successfully completing the trial plan, the homeowners are approved for a permanent loan modification that puts their past due balance to the back of the loan. For the first 5 years, monthly payments will be $1,176.29 PITI with an interest rate of 2%, which will save them $1,067.71 per month. After the 7th year, payments will be $972.92 including escrows, with a fixed interest rate of 4.875% for the remainder of the 40 year loan.

Before: This AHMSI loan was in foreclosure with an impending sale date. The homeowners were past due $21,821.52, with a monthly mortgage payment of $1,133.60 PITI and a 8.875% ARM interest rate.

After: Approved for a permanent loan modification and the sale date was canceled. New monthly mortgage payments are $1,039.57 PITI and a fixed interest rate of 5.125%.

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