LOAN MODIFICATION
Prior Results Obtained by FMG's Clients
The following outcomes obtained by actual FMG loan modification clients do not constitute any sort of a guarantee, warranty, or prediction regarding the outcome of your particular legal matter.
Ignacio S. saved $521.59 per month.
Original Terms:
1st Mortgage for $434K
6.9% fixed rate.
6.9% fixed rate.
Monthly Payment:
$1,648.79
(including taxes and insurance)
(including taxes and insurance)
Modified Terms:
Borrower’s principal balance on mortgage was reduced by nearly $87K. Borrower was then approved for Step Modification Plan on remaining $347K balance of loan. Modification fixed interest rate for 2 years at 3.9%, with rate increasing every year thereafter by .325% until rate fixes at 6.168% in 2016.
New Monthly Payment (P&I):
$1,127.20
(including taxes and insurance)
(including taxes and insurance)
Savings:
$521.59 per month!
Joann B. saved $1,537.76 per month.
Original Terms:
1st Mortgage for $514K
6.75% ARM
6.75% ARM
Monthly Payment:
1st Mortgage: $2,973.20
(including taxes and insurance)
(including taxes and insurance)
Modified Terms:
Borrower approved for MHA program – 3 month trial plan to modification. Payment was substantially reduced (and converted to P&I from I.O.) and if borrower makes all three payments under trial modification then interest rate will be set to effectuate a fixed rate with a payment that is similar to the payment made under the trial modification. In addition, if all trial payments are made, all unpaid late charges are waived.
New Monthly Payment (P&I):
1st Mortgage: $1,435.44
(including taxes and insurance)
(including taxes and insurance)
Savings:
$1,537.76 per month!
Leslie R. saved $1,316.08 per month.
Original Terms:
1st Mortgage for $380K
7.55% fixed rate loan.
7.55% fixed rate loan.
Monthly Payment:
1st Mortgage: $2,829.19
(including taxes and insurance)
(including taxes and insurance)
Modified Terms:
Borrower approved for MHA program – 3 month trial plan to modification. Payment was substantially reduced and if borrower makes all three payments under trial modification then interest rate will be set to effectuate a fixed rate with a payment that is similar to the payment made under the trial modification. In addition, if all trial payments are made, all unpaid late charges are waived.
New Monthly Payment (P&I):
1st Mortgage: $1,513.11
(including taxes and insurance)
(including taxes and insurance)
Savings:
$1,316.08 per month!
Lorreta W. saved $1,483.33 per month.
Original Terms:
1st Mortgage for $626K
6% ARM
6% ARM
Monthly Payment:
$3,433.40
(including taxes and insurance)
(including taxes and insurance)
Modified Terms:
Borrower approved for MHA program – 3 month trial plan to modification. Payment was substantially reduced and if borrower makes all three payments under trial modification then interest rate will be set to effectuate a fixed rate with a payment that is similar to the payment made under the trial modification. In addition, if all trial payments are made, all unpaid late charges are waived.
New Monthly Payment (P&I):
$1,950.07
(including taxes and insurance)
(including taxes and insurance)
Savings:
$1483.33 per month!
Louis B. saved $1,784.97 per month.
Original Terms:
1st Mortgage for $440K
interest only 1 year LIBOR at 6.5%.
2nd Mortgage for $82K on fixed rate of 9.05%.
interest only 1 year LIBOR at 6.5%.
2nd Mortgage for $82K on fixed rate of 9.05%.
Monthly Payment:
1st Mortgage - $2,383.33
2nd Mortgage - $666.00
Total - $3049.33
2nd Mortgage - $666.00
Total - $3049.33
Modified Terms:
2nd Mortgage charged off in full! 1st Mortgage modified to step rate program with $95K+ of principal deferred to end of loan. Remaining balance of loan set at 3% fixed for 5 years, 4% fixed for 1 year and capped at 4.850% for the remainder of the loan.
New Monthly Payment (P&I):
1st Mortgage: $1,284.36
Savings:
$1,784.97 per month!
Mario R. saved $1,146.43 per month.
Original Terms:
1st Mortgage for $461K on a 6.45% ARM
2nd Mortgage for $63K on 7.75% fixed rate
2nd Mortgage for $63K on 7.75% fixed rate
Monthly Payment:
1st Mortgage: $3,166.40
2nd Mortgage: $645.10
Total: $3,811.50
2nd Mortgage: $645.10
Total: $3,811.50
Modified Terms:
Principal balance on Borrower’s 1st mortgage was reduced by nearly $35K. Borrower was approved for 5 year fixed interest rate on 1st mortgage. When the 5 year period is completed the borrower’s loan will revert to the adjustable rate schedule set forth in the initial loan documents.
On 2nd mortgage, Borrower was approved for 6 month payment plan and if borrower is still facing a hardship at the conclusion of the 6 month period, they can apply for an extension of up to an additional 18 months at the same rate and payment.
New Monthly Payment (P&I):
1st Mortgage: $2,297.28
2nd Mortgage: $367.79
Total: 2,665.07
2nd Mortgage: $367.79
Total: 2,665.07
Savings:
$1,146.43 per month + $34,694.52 on Balance!!
Roxanne S. saved $501.46 per month.
Original Terms:
1st Mortgage for $185K
Adjustable Neg Am at 6.115%
Adjustable Neg Am at 6.115%
Monthly Payment:
$1,446.41
Modified Terms:
Step Rate program of 3.5% for 3 years
4.0% for two years and 4.5% for remainining 20 years of the loan
4.0% for two years and 4.5% for remainining 20 years of the loan
New Monthly Payment (P&I):
$944.95
Savings:
$501.46 per month!
Sean H. saved $1,553.15 per month.
Original Terms:
1st Mortgage for $488K
6.375% fixed rate
6.375% fixed rate
Monthly Payment:
$2,591.84
Modified Terms:
Borrower approved for MHA program – 3 month trial plan to modification.
Payment was substantially reduced and if borrower makes all three payments under trial modification then interest rate will be set to effectuate a fixed rate with a payment that is similar to the payment made under the trial modification.
In addition, if all trial payments are made, all unpaid late charges are waived.
New Monthly Payment (P&I):
$1,038.69
(including taxes and insurance)
(including taxes and insurance)
Savings:
$1,553.15 per month!
Sheila H. saved $1,787.39 per month.
Original Terms:
1st Mortgage for $366K
7.8% Neg Am loan.
7.8% Neg Am loan.
Monthly Payment:
1st Mortgage: $3,360.13
(including taxes and insurance)
(including taxes and insurance)
Modified Terms:
Borrower approved for HAMP program – 3 month trial plan to modification. Payment was substantially reduced and if borrower makes all three payments under trial modification then interest rate will be set to effectuate a fixed rate with a payment that is similar to the payment made under the trial modification. In addition, if all trial payments are made, all unpaid late charges are waived.
New Monthly Payment (P&I):
1st Mortgage: $1,572.74
(including taxes and insurance)
(including taxes and insurance)
Savings:
$1,787.39 per month!
Thomas A. saved $1,423.54 per month.
Original Terms:
1st Mortgage for $397K
6.125% fixed rate
2nd Mortgage for $50K
6.875% fixed rate HELOC
6.125% fixed rate
2nd Mortgage for $50K
6.875% fixed rate HELOC
Monthly Payment:
1st Mortgage: $2,745.82
2nd Mortgage:$331.09
Total: $3,076.91
(including taxes and insurance)
2nd Mortgage:$331.09
Total: $3,076.91
(including taxes and insurance)
Modified Terms:
On 1st Mortgage Borrower approved for MHA program – 3 month trial plan to modification. Payment was substantially reduced and if borrower makes all three payments under trial modification then interest rate will be set to effectuate a fixed rate with a payment that is similar to the payment made under the trial modification. In addition, if all trial payments are made, all unpaid late charges are waived.
No modification was achieved on 2nd Mortgage based on savings received on 1st.
New Monthly Payment (P&I):
1st Mortgage: $1,322.28
2nd Mortgage: $331.09
Total: $1,653.37
(including taxes and insurance)
2nd Mortgage: $331.09
Total: $1,653.37
(including taxes and insurance)
Savings:
$1423.54 per month!
The foregoing outcomes obtained by actual FMG loan modification clients do not constitute any sort of a guarantee, warranty, or prediction regarding the outcome of your particular legal matter.
For additional information, please contact our Mortgage Mitigation Department toll free at (888) 416-7093, option 5, or Andrea Grant at (858) 642-2002 x359 or agrant@fmglegal.com
Nevada State License No. 3330