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Lender Wachovia Prior to Modification After Modification Plan
Loan Balance $356,886.11 $320,929.98
Interest Rate 6.95% 4.75 (3 yrs) then =.25% per yr until 6.5 F for life
Type Neg Am Arm Step Fixed
Monthly Payments $2,129.69 $1,270.35
Includes Interest Only Interest Only
Delinquent $2,129.69 Current
Term 40yr 40yr
Summary : New loan brings current, Reduces Principle Balance by $35,956.13. Reduces IO payment by $859.34 per month, eliminates negative amortization Ends up at 6.5 fixed for life.
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Lender Saxon Prior To Modificaztion After Modification Plan
Loan Balance 671,000 671,000
Interest Rate 7.875 6
Type 2/28 ARM IO-adjusting 5 Year Fixed - Amortized
Monthly Payments $5,220.56 $4,171.40
Includes I T I PITI
Amount Delinquent $8,812.92 current
Term 30YR Balloon 27 Year Fully Amortized
Summary: Payment reduced by $1,049 per month versus IO ARM. New payment includes $800 + per month going toward principle. Net savings of $1,800+ per month. Current and Fixed for the next 5 years.
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Lender SunTrust Prior To Modification After Modification Plan
Loan Balance $357,796.11 $369,572.34
Interest Rate 6.5 Step Program
Client obtained: 3.125% (yr1) 4.125% (yr2) and 5.07% Fixed for the Term!
Type Fixed Step Fixed
Monthly Payment $2,300.73 $1,889.61
Includes PI PITI
Delinquent $11,776.23 Current
Term 360 360
Summary: Foreclosure Stopped, Payment reduced by $411.12 per month & now includes taxes and insurance. Net Savings of $950.96 per month
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Lender AHMSI Prior To Modification After Modification Plan
Loan Balance $486,197.44 $513,524.57
Interest Rate 8.33 5%(yr1), 6%(yr2), 7%(yr3), 7.125 F Term
Type ARM Step Fixed
Monthly Payment $4,031.90 $2,887.14
Includes PITI PITI
Amount Delinquent $27,327.13 Current
Term 360 360
Summary: Foreclosure Stopped. Client Current, Savings of $1,144.76 per month. Fixed Loan & client keeps their home.
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