Below are a few examples of Loan Modifications that we negotiated.
Loan Modification Case History 1
Client owed 304,000 with a P&I Payment of 2,244/mo. They were over 8,000 behind on their mortgage, and facing foreclosure. We got them to Cancel the Notice of Default and Capitalize the 8,000 in late payments (add them on to the balance.) We also got them a new 30yr Fixed Rate at 5.0%, lowering their payment over $300 per month.
Loan Modification Case History 2
Client owed 484,000 with a payment of 3,465/mo. They were approximate 12,000 behind on their payment. We negotiated a 1.5% interest rate drop, and got the loan fixed for 30 years. the 12,000 in late payments was tacked on to the loan balance. Their new payment is 2,920…a 545/mo drop.
Loan Modification Case History 3
Client was behind 14,000 on a 1st & 2nd. The loan amounts total over 400,000. The lender is deferring about 250,000 of the loan, in which no payments are being made. That will be due in 2036. They’re only required to make payments on 164,000 of the total, and it calls for “Step Payments” at 3% interest rate for the 1st 5 years, 4% in yr 6, 5% in yr 7, 6% in yr 8, and 6.5% for the remaining term.
Loan Modification Case History 4
Client had a 467,000 3yr Fixed loan that was due to adjust to an unaffordable level. Their loan is now fixed at the current low rate, and they needn’t worry about any future increases.
Loan Modification Case History 5
Client owed 657,000 with payment of 4,335. We negotiated a reduced payment (Interest Only) of 3,284 for 5 years. After 5 years, the principal and interest payments resume.
