EXAMPLES OF LOAN MODIFICATIONS GETTING DONE
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• COUNTRYWIDE- Had 7.6 3 MONTHS BEHIND- MOD APPROVED AT 6.7 FIXED FOR 30 YEARS
• CHASE- 7.4 ADJUSTABLE- MOD APPROVED AT 4.25 FIXED FOR FIVE YEARS, 6.25 FIXED FOR REMAINING TERMS OF THE LOAN
• INDY MAC-10.75 FIXED- MOD APPROVED AT 4% FOR FIVE YEARS AFTER WILL MODIFY TO 7.25 FOR REMAINING TERM OF THE LOAN
• FIRST FRANKLIN- 8.25 ADJUSTABLE- MOD APPROVED AT 5.26 OFR THREE YEARS THEN WILL INCREASE .25 PERCENT FOR REMAINING TERM OF THE LOAN.
• INDY MAC- 11.625 MOD APPROVED AT 8.625 FOR FIVE YEARS. WILL MODIFY AGAIN AFTER FIVE YEARS
• LITTON- 10% ADJ- MOD APPROVED AT 8.25 % FIXED FOR 30 YEARS
• CHASE- 7.55 ADJ- MOD APPROVED AT 5%
• FIRST FRANKLIN- 11.68- MOD APPROVED 5.625 FOR 3 YEARS, THEN ADJUSTS TO 8% FOR LIFE OF THE LOAN
• COUNTRYWIDE- 9.625- MOD APPROVED TO 3.25 FOR TWO YEARS, 4.6 FOR TWO YEARS, THEN ADJUSTS TO 5% FOR REMAINING TERM OF THE LOAN.
• NATIONAL CITY – CLIENT HAD A 7.75% NEG AM LOAN AND WAS 9 MONTHS BEHIND ($24,500 DUE). CURRENT LENDER OFFERING BORROWER A FREEZE AT 7.75% AND HE ALSO HAD TO PAY ALL AREARAGES. LAW FIRM WAS ABLE TO GET CLIENT 5.5% FREEZE FOR FIVE YEARS AND 6.5% 30YR FIXED AND ALLOWED BORROWER TO ONLY HAVE TO PAY LENDER $6,500 FOR AREARAGES.
• HOME EQ – CLIENT HAD 2/28 11.00% - RECEIVED NEW 30YR FIXED LOAN AT 7.4% SAVING HIM $924.00 PER MONTH.
Wednesday, August 27, 2008
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