Example list of some Home Loan Modifications successfully completed!

(alphabetica order)

Lender: AHM

Details:

• Traditional Modification
• Current Interest Rate: 8.625% with payments of: $1412.34
• New Modification - Interest Rate: 3.0% with payments of $851.48
• Late payments put on back end of loan: $10,783.01
• 4 weeks to complete modification

Notes: Step-Rate modification: 3%, 4%, 5%, max rate of 6.0%

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Lender: AURORA

Details:

• HAMP
• Payments reduced from $2,746.51 to $1,387.75- $1,395.11 savings each month!
• Past due Amount of $6,746.51 put on back end of loan.
• 5 Days for modification

Lender: Bank of America (Countrywide)

Details:

• Traditional Mortgage Modification Approved
• Interest Rate reduced - 10% interest only to 6.875% Fixed 40 year term Principal and Interest loan
• $500 savings each month!
• late payment put onto back end of loan.
• They where in foreclosure with just 30 days when they found us to help them.  We stopped the foreclosure, and got them a great deal with a P/I loan.
• 14 days to complete modification

Modification: lender gave them a few months adjustment with the promise of a modification.  Once the few months where up they said sorry you do not qualify for modification, and started the foreclosure on them! Mind you, we do not know the details on moving directly to a foreclosure. But what we do know is we stopped the foreclosure and got them a good mortgage loan in exchange.

Lender: Bank of America

Type of Modification: Traditional

A. Trial Mod:

1. Number of Payments: Six

2. Payments of: $ 573.09

3. Past Due Amount: $ $12,333

4. Current Interest Rate: 6.25% with payments of: $ 1,255.66

5. Mod Interest Rate:       ____%  with payments of: $ 573.09

6. Arrearages put on back end of loan: after six months.

7.   2 months to complete modification

Notes:

Saves $682.57 per mo. = 54% savings! They are very Happy!

We stopped the Sale on thier home and got them a huge savings!

A. Trial Mod:

Payments of: 1,790.51

Past Due Amount: $ 12,000

Current Interest Rate: __5__% with payments of: $ 1,977.00

Mod Interest Rate: ____%  with payments of: $ 1,790.51

Arrearages put on back end of loan: $ 12,000

Lender: EMC

Details:

• HAMP Approved
• Payments Reduced from $1,688.00 to $1,116.00 - $572 savings each month!
• $9,668.27 late payment put onto back end of loan.
• Rental ? - though rental it still qualified for the HAMP, because the owner is in the military, and currently stationed elsewhere. Just the same this is his primary residents, if he was not station elsewhere.
• 70 days to complete modification

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Lender: SPS

Details:

• HAMP Approved
• Payments reduced from $1947.40 to $821.96 - $1125.44 savings each month!
• 30 days to complete modification

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Down payment /Contribution : 0.00

Current interest rate: 6.700% with P&I Payments of: $2,760.23

Mod interest rate: 3.35% with P&I Payments of: $1300.84

Arrearages put on back end of loan $35,058.15

Past due balance: $2,237.73

Down payment/Contribution:  0.00

Current Interest rate: 5.822% with payment of $157.98

Mod interest rate: 5.341% with payment of $108.44

Arrearages put on back end of loan: $2,237.73

Notes:   Saved her $1,508.93 per month for 1^st td & 2^nd td.  This modification doesn’t include escrows.

Free Help from the Government with Your Loan Modification (Hamp!)