New Loan Modification Approval!!!

Another client was approved for a modification. Below is the old loans he had with CITI-Residential and the new loan modifications he just received today.

OLD LOANS

6.30% Interest Rate (Adjustable)
$2,399.33 on the 1st Mortgage Payment (Principal and Interest)
$1,161.47 Taxes and Insurance in Los Angeles

12.35% Interest Rate (Fixed)
$1,108.42 on the 2nd Mortgage

$4,669.22 Total Mortgage Payment

NEW MODIFIED LOANS

2% Interest Rate (Fixed for 5 years) then goes up 1% every year for the lifetime cap of 6% fixed. The terms are the same for the 1st and 2nd mortgages.

Payments are as follows:

$2050.49 Principal and Interest on the 1st Mortgage that includes the taxes and insurance $451.96 Principal and Interest on the 2nd Mortgage. The customer is now saving $2,166.77 a month. For the First 5 years he will be saving a total $130,006.20

Since this modification was approved today I will post the Letter from the lender as soon as the client receives it. Please be aware that this modification did take 5 1/2 months to complete. I just wanted to give you the some details of another finalized modification and how you should never give up. This customer here was turned down TWICE before.

Feel free to give me a call at anytime. 800-208-4753 or refionce@gmail.com