Hardship:
|
| This client lost his job. He was un-employed for three months and found another job, but is now making considerably less than before. |
| |
Original Information:
|
| Loan Amount: |
$118,000.00 |
| Interest Rate: |
7.0% |
| Current Principal Balance: |
$116,000.00 |
| P&I Payment: |
$785.06 |
| Taxes & Insurance: |
$154.00 |
| Total Monthly Payment: |
$939.06 |
| Amount in Arrears: (6 Months) |
$5,634.36 |
| Late Fees/Penalties: |
$441.96 |
| Current Market Value: |
$85,000.00 |
| |
After Loan Modification:
|
| New Capitalized Principle Balance: |
$121,624.00 |
| Late Fees/Penalties: |
Forgiven |
| New Modified Interest Rate for First 60 Months: |
2.61% |
| New P&I Payment for First 60 Months: |
$528.00 |
| Taxes & Insurance: |
$154.00 |
| New Total Monthly Payment for First 60 Months: |
$682.00 |
| Rate escalates 1% per year after year 5 until it reaches the final capped fix rate of 4.9% for the remainder of the 30 years. Final PI payment at cap – $651.14 plus escrows $154 = $805.14 |
| Total reduction of payment – $133.92 per month over the remaining 320 months = $42,854.40 total savings to the client. |
Hardship:
|
| Borrowers lost one income in the household because of the downturn in the economy, leaving them to survive on only one income which put them behind on their mortgage. |
| |
Original Information:
|
| Loan Amount: |
$218,000.00 |
| Interest Rate: |
9.0% |
| Current Principal Balance: |
$208,960.00 |
| P&I Payment: |
$1,754.08 |
| Taxes & Insurance: |
$248.96 |
| Total Monthly Payment: |
$2,003.04 |
| Amount in Arrears: (4 Months) |
$8,012.16 |
| Late Fees/Penalties: |
$487.13 |
| Current Market Value: |
$154,800.00 |
| |
After Loan Modification:
|
| New Capitalized Principle Balance: |
$213,937.00 |
| Late Fees/Penalties: |
Forgiven |
| New Modified Interest Rate for First 60 Months: |
4.35% |
| New P&I Payment for First 60 Months: |
$1,146.04 |
| Taxes & Insurance: |
$249.00 |
| New Total Monthly Payment for First 60 Months: |
$1,395.04 |
| Payment after first 60 months fix at 4.9% for life of the loan= $1,203.22 plus escrow $249= $1,452.22 |
| Total reduction of payment – $550.82 per month over the remaining 312 months on the loan = $171,855.84 total savings to the client. |
Hardship:
|
| Borrower went through a divorce, as a result his wife moved out and he was left with the home and all credit card bills. His income by itself was just not enough to make ends meet. |
| |
Original Information:
|
| Loan Amount: |
$496,000.00 |
| Interest Rate: |
7.25% |
| Current Principal Balance: |
$481,930.00 |
| P&I Payment: |
$3,383.59 |
| Taxes & Insurance: |
$404.00 |
| Total Monthly Payment: |
$3,787.59 |
| Amount in Arrears: (8 Months) |
$30,301.00 |
| Late Fees/Penalties: |
$1,215.64 |
| Current Market Value: |
$390,000.00 |
| |
After Loan Modification:
|
| New Capitalized Principle Balance: |
$512,231.00 |
| Late Fees/Penalties: |
Forgiven |
| New Modified Interest Rate for First 60 Months: |
2.67% |
| New P&I Payment for First 60 Months: |
$2,249.64 |
| Taxes & Insurance: |
$404.00 |
| New Total Monthly Payment for First 60 Months: |
$2,653.64 |
| Payment after first 60 months fix at 4.92% for the life of the loan = $2,754.79 plus escrow $404.00 = $3,158.79
|
| Total reduction of payment of payment – $628.80 for the remaining 318 months = $199,958.40 |
