Examples of Successful Modifications
A client who owed $360,000 on their mortgage, their home was worth $230,000 and they had a high adjustable interest rate of 9.75%! They successfully reduced the principal balance by over $90,000 and also reduced the rate to a 7% 30 year fixed mortgage!*
Client had a pay option arm at 6.625% with a minimum payment of 1,435.79 set to recast March 1st. 2009. He negotiated an interest rate freeze to 4.00% with an interest only payment of 1,321.09 AND got himself October and November (2008) payments deferred until December 1st!!*
A client with a 9.9% adjustable rate mortgage got her loan modified to a 6.2% 30 year fixed mortgage after setting up an aggressive repayment program since the borrower was behind over 11 months. Her payments went from $2,475.00 a month to $1,679.00 a month!! Saving her over $795.00 a month!!*
Example of Successful Loan Modification Letter:
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