After: Payment decreased by 1,154.38. Loan balance will be decreased by $108,241.18. Homeowners received a permanent loan modification with Bank of America with a new monthly mortgage payment of $1,020.33 PITI, saving them $1,154.38 per month. They will have a 2% interest rate for 5 years and after the 7th year the interest rate will be fixed at 4.625% for the life of the loan. They are also eligible for a principal forgiveness of $108,241.18, or nearly one-third of their total balance, as long as they make their payments on time for the first 3 years.
Trial: Approved for a trial plan under HAMP with a new monthly mortgage payment of $1,420.05 PITI, saving $807.95 per month.
Final: After successfully making trial payments the homeowners’ modification was made permanent. Their permanent monthly mortgage payment is $1,420.05 PITI and they’ll have a 2% interest rate for the first 5 years that will be fixed at 4.625% after the 7th year for the life of the loan.
Trial: Approved by Fannie Mae for a trial plan with new monthly mortgage payments of $1,288.09 and the foreclosure was halted.
Fina: The foreclosure was dismissed, and the loan was permanently modified with a new monthly mortgage payment of $1,383.75 PITI and an fixed interest rate of 5%, saving the homeowners $519.49 per month.