The Home Retention Group
*** 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. 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.
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 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