This is a Rental Property & the borrower was on an Adjustable loan which got up to 11.00% before settling to 10.25% and the client was behind over 12 months on the mortgage payment. His main worry was his Interest rate could go up higher once Interest rates start moving upwards. The old and new terms are as follows
OLD TERMS
10.25% Interest Rate (Adjustable)
No Escrows included
12 months behind on mortgage payments
Loan modification was turned down once before by the bank
NEW TERMS
8.00% Interest Rate (Fixed)
Loan is now impounded
Client is now current and is longer facing foreclosure
I would like to note that the loan modification is not the best of terms but at the end of the day ALL banks have the final say on what they want to give the Borrower as in new loan modification terms or even approving a loan modification. Feel free to give me a call or email me with any questions you may have 800-208-4753 Office or refionce@gmail.com Click on the link for Approval http://bit.ly/ayjl5hNewApproval
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