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Jul 22

Super Successful Loan Mods of the Week

Before: These Florida homeowners were past due $173,115.13 or 34 monthly mortgage payments. Their monthly payment was $2,174.71 with a fixed interest rate at 7%.

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.

Before: Homeowners were past due $32,948.94 to Chase with monthly mortgage payments of $2,228 PITI and an interest rate of 5%.

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.

Before: Past due $26,083.02 to PHH with a monthly mortgage payment of $1,903.24 PITI, and an interest rate of 4.375%. The home was in foreclosure.

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.

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