Updated Loan Modification Approvals

Here is the direct link to all my approvals for this year.  As of December 2010 I have seen
many banks move to help borrowers out with loan modifications. 

Loan Modification Approvals

2nd Mortgage Settement with Ocwen Loan Servicing LLC

Borrower was late 9 months and was owed $59,000.00 on a 2nd mortgage with Ocwen Loan Servicing LLC.
We received a settlement offer of $4,000.00.  Once the Borrower pays the $4,000.00 the 2nd loan is paid and the 2nd lien is released! Check out the Old Terms and New Terms.  The Client will save over $162502.31 since he would have paid $166,502.31 over the life of the loan once all the payments would have been made.  Actual Approval


Old Terms

$47,619.15 Original Loan Amount* Actual Loan Amount $59,000.00 with all late fees
11.25% Interest Rate
30 Years Fix
$462.51 Payment
$166,502.31 Total Payments after 30 Years
$118,883.16 Total Interest paid after 30 Years

New Terms

$4,000.00 Payment
$ 0 Payment
0 2nd mortgage

New Loan Modification Approval Aurora Home Loans

Here is a new approval from Aurora Home Loans.  Clients had a 7.25% interest rate and Interest Only Paymentt and were facing financial hardship due to slow down in their income.   Borrower will save over $90,000.00 for the first 5 years and their interest rate will cap out at 4.50% for the life of the loan.  That's a drop of 2.75% percent! Check out the new approval  Aurora Approval and you can also visit this link for my past loan modification approvals http://bit.ly/loanmodapprovals


Old Terms

$488,000.00 Loan Amount
7.25% Interest Rate
$3.227.38 PITI  (Interest Only, Taxes and Insurance)

New Terms 

$529,899.43 Loan Amount
2.00% first 5 years
4.50% fixed for the life of the loan
$1,679.49 (PITI) Principal, Interest, Taxes and Insurance Payment for the 1st 5 years!
$2,257.92 (PITI) Principal, Interest, Taxes and Insurance Payment payment for the life of the loan!