The Home Retention Group
AHMSI - HAMP Final Loan Modification
The mortgage was $467,500.00 with P&I payments of: $3,311.69 with escrows.
The borrower had not made a mortgage payment in 40 months. His arrears totalled more than $130,000.00.
Loan Modification Terms:
Modified Loan Amount: 598,377.69
Deferred principal: 248,000.00
New Interest Bearing Principal Balance to be $350,377.69
Rate: 2% Yr. 1-5 P&I: 1061.03 plus 713.79 escrows; Total 1774.82
3% Yr. 6 P&I: 1232.67
4% Yr 7 P&I: 1413.85
5% Yr. 8 P&I: 1603.10
5.14% Yr. 9-26 P&I: 1629.92
Savings: 1,536.89
*** CitiMortgage HAMP Final Loan Modification ***
*** Bank of America HAMP Final Loan Modification ***
*** INVESTMENT PROPERTY ***
This borrower had a hardship on a home that was purchased for the purpose of housing elderly parents. Unfortunately the deal on the parents home fell though and the borrowers were stuck trying to rent the property. This borrower was 3 months behind on a $470,000 mtg. with P&I payments of $3,807.94. We obtained a new 40 year fixed rate modification where the borrower has new lower payments calculated at 5.5% for the remaining life of the loan, with a new payment of $2,980.73.
These borrowers were initially declined assistance in February of 2009.
CitMortgage whose corporate philosophy towards distressed borrowers differs from most other lenders had made a commitment to find a solution to help these borrowers keep there home with an affordable solution. It took a while but they worked until they could offer help.
In October of 2009 the borrower was offered a HAMP modification with payments beginning in November 2009. After completing the trial period by making their payments as agreed CitiMortgage finalized the modification.
The mortgage was $161,000.00 with P&I payments of: $2,686.00 with escrows.
The new payment is $1,525.40 which includes $733.57 in escrows.
This borrower waited for more than 5 months while Bank of America dragged the process on and on.
Finally a HAMP Trial Period modification was acheived and the borrower made the 3 trial payments as required. During the trial period the borrowers financials were kept updated by faxing and re-faxing documents over and over again. Bank of America was unable to finalize the modification inside the 3 month trial period and the borrower made 5 trial payments before the bank finalized the modification.
We were able to work with Bank of America to achieve a resolution that allowed them to finalize the modification and the borrower can now afford to make their payments.
The mortgage was $357,000.00 with P&I payments of $3,316.23 not including escrows.
The new payment is $1,707.12 including $503.99 in escrows.
They were unable to rent the property for enough to pay the mortgage and were going deeper into debt every month. They kept up for as long as they could.
We were able to work with Bank of America to achieve a resolution that allows the property to cash flow and the borrower can now make ends meet.
The motgage was $180,000.00 with P&I payments of $1,202.51. We obtained a new 40 year modification where the borrower has new lower payments calculated at 5.0% for the 1st year, 5.75% for the 2nd year and then 6.75% for the remaining life of the loan.
This modification saved the borrowers home and lowered their payments with a Savings of $333.60 per month.
Bank_of_America_Investment_Property_Modification.pdf
This modification saved the borrowers home and lowered their payments with a Savings of $827.21 per month.
IndyMac_40_Year_Fixed_Rate_Modification.pdf
This borrower was 4 months behind on a $627,000 mtg. with P&I payments of $4,732. We obtained a stepped rate modification where the borrower has new lower payments starting at 3.75% for 5 years 4.75% for year number 6, 5.75% for year number 7and in year number 8 the loan goes to 6.25% for the remaining life of the loan.
IndyMac Stepped_Rate_Modification.pdf
This is a stepped rate modification where the borrower has 3 years of lower payments starting at 4.6% and ending 5.5% fixed for the remaining life of the loan.
This was a self negotiated Countrywide mortgage where the adjustable 10.25% rate was reduced to 6% for a 5 year period.
Here the borrower had a short term hardship due to a medical problem, got behind on payments went into default and the lender would not work with them.
We were able to get Citi to stop the foreclosure proceedings, and negotiated a reasonable life of the loan modification for the borrower and the lender.
Here the borrower had a 3 family property with deadbeat tenants who caused him to fall behind on payments. After an unsuccessful attempt to workout a payment arrangement with the lender he came to us and we were able to arrange for a 5% Interest Only 5 year bridge to get him over the current crisis.
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Facing a loss of income from a downturn in the economy and slow down in overtime at work this borrower was growing concerned with mounting debt and the unenviable position of having an interest rate hike due on his adjustable rate mortgage. The rate hike would have taken him from 6.75% to 8.75%
We were able to negotiate a 5.35% fixed rate mortgage for the remaining life of the loan.
We welcome any and all feedback...
The Home Retention Group
566 Route 6
Mahopac, NY 10541
(845) 621-0900
FAX (845) 621-1300
Help@HomeRetentionGroup.com