Successful Loan Workouts
OLD TERMS PRINCIPLE BALANCE: $ 241,000.00 RATE: 6.95% LOAN TYPE: Neg-Am (Option ARM) PAYMENTS: $ 1388.12 DELINQUENT: 2 months behind
NEW TERMS 6 MONTH TRIAL PLAN PRINCIPLE BALANCE: $ 243,212.01 RATE: TBD PAYMENTS: $ 906.31
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Countrywide
OLD TERMS PRINCIPLE BALANCE: $ 1,718,000.00 RATE: 6.0% LOAN TYPE: Neg-Am (Option ARM) PAYMENTS: $ 9484.79 DELINQUENT: 3 months behind AMOUNT PAST DUE: $ 36,947.24
NEW TERMS PRINCIPLE BALANCE: $ 1,754,947.24 RATE: 2.795% PAYMENTS: $ 6780.97 2.795% for the first 2 years, 3.795% for the following 2 years then fixed at 4.795% for the remaining term of the loan
Wells Fargo
OLD TERMS PRINCIPLE BALANCE: $ 147,028.00 RATE: 5.75% PAYMENTS: $ 1,069.79 DELINQUENT: 0 months behind
NEW TERMS PRINCIPLE BALANCE: $148,602.55 Years Interest Rate Start Date Payments 1-5 2.000% 2/1/2010 $539.49 6 3.000% 2/1/2015 $605.38 7 4.000% 2/1/2016 $673.23 8-31 4.875% 2/1/2017 $733.74
GMAC
OLD TERMS PRINCIPLE BALANCE: $ 398,579.00 RATE: 6.0% PAYMENTS: $2446.13 DELINQUENT: 0 months behind
NEW TERMS 3 MONTH TRIAL PLAN PRINCIPLE BALANCE: TBD RATE: TBD PAYMENTS: $1356.93 FIRST PAYMENT DUE: 2/1/2010
Paltelco Credit Union
OLD TERMS PRINCIPLE BALANCE: $ 579,000.00 RATE: 6.125% PAYMENTS: $ 4,552.59 DELINQUENT: 0 months behind
NEW TERMS PRINCIPLE BALANCE: 579,000.00 RATE: 3.75% PAYMENTS: $ 3,173.49 FIRST PAYMENT DUE: 1/1/2010
Suntrust
OLD TERMS PRINCIPLE BALANCE: $389,674.53 RATE: 5.0% PAYMENTS: $ 2757.66 DELINQUENT: 3 months behind
NEW TERMS PRINCIPLE BALANCE: $397,158.29 RATE: 2.0% PAYMENTS: $1393.37 FIRST PAYMENT DUE: 1/1/2010 2% 5 years $1393.3 3% 1 year $1572.73 4% 1 year $1758.33 4.55% for the rest of the term the $1861.90
Aurora
OLD TERMS PRINCIPLE BALANCE: $363,000.00 RATE: 6.625% PAYMENTS: $ 2009.16 DELINQUENT: 12 months behind AMOUNT PAST DUE: $ 26,119.08
NEW TERMS PRINCIPLE BALANCE: $389,119.08 RATE: TBD PAYMENTS: $1319.09 FIRST PAYMENT DUE: 2/1/2010
Ocwen
OLD TERMS PRINCIPLE BALANCE: $356273.56 RATE: 6.875% DELINQUENT: 12 months behind AMOUNT PAST DUE: $ 26,119.08
NEW TERMS PRINCIPLE BALANCE: $362529.25 RATE: 2.00005% for 3 years then fixed at 2.4242% for remaining term PAYMENTS: $1137.00 FIRST PAYMENT DUE: 2/1/2010
Bayview (2nd Mortgage)
OLD TERMS PRINCIPLE BALANCE: $ 78908.36 RATE: 11.0% PAYMENTS: $808.00 DELINQUENT: 10+ months behind
NEW TERMS PRINCIPLE BALANCE: $86,622.90 RATE: 5.0% PAYMENTS: $417.42 AMOUNT CAPITALIZED: $ 7720.54 FIRST PAYMENT DUE: 2/1/2010
Bank United
OLD TERMS PRINCIPLE BALANCE: $384122.82 RATE: 5.75% PAYMENTS: $ 2786.66 DELINQUENT: 0 months behind
NEW TERMS PRINCIPLE BALANCE: TBD RATE: TBD PAYMENTS: $1565.00
WaMu
OLD TERMS PRINCIPLE BALANCE: $198,877.90 RATE: 8.99% PAYMENTS: $ 1869.90 DELINQUENT: 15 months behind
NEW TERMS PRINCIPLE BALANCE: $235,643.25 RATE: 3.6% Interest Only for 5 years then fixed at 5% for remaining term of the loan. PAYMENTS: $ 706.93 FIRST PAYMENT DUE: 2/1/2010
Chase
OLD TERMS PRINCIPLE BALANCE: $ 646,000 RATE: 6.5% Payment: $3292.84 DELINQUENT: 0 months behind
NEW TERMS 3 MONTH TRIAL PLAN PRINCIPLE BALANCE: TBD RATE: TBD PAYMENTS: $ 1,609.283 FIRST PAYMENT DUE: 1/1/2010
OLD TERMS PRINCIPLE BALANCE: $ 430000.00 RATE: 7.0% PAYMENTS: $2,333.33 DELINQUENT: 11 months behind
NEW TERMS PRINCIPLE BALANCE: $306,928 PRINCIPLE DEFERRED: $123,500 RATE: 2.0% First 5 years, 3% on the 6th year, 4% on the 7th year, 5% fixed for the remainder of the term PAYMENTS: $ 1,244.36 PITI FIRST PAYMENT DUE: 1/1/2010
AHMSI
OLD TERMS LOAN TYPE: Neg-Am (Option ARM) RATE: 5.891% DELINQUENT: 17+ months behind AMOUNT PAST DUE: $ 59,730.81 SALE DATE: 1/13/2010
NEW TERMS RATE: 4.5% fixed FORECLOSURE SALE CANCELED ACCOUNT BROUGHT CURRENT TERM LEFT ON LOAN: 29yrs 9 mos.
Bank of America
OLD TERMS PRINCIPAL BAL: $479,000.00 RATE: 8.50% PAYMENTS: $3518.85 DELINQUENT: 18 months behind
NEW TERMS PRINCIPLE BALANCE: $ 525,647.64 RATE: 5.25% for 1st year INTEREST ONLY FOR 10 YEARS PAYMENTS: $ 2299.71 1/01/2011 – 5.65% 1/01/2012 – 6.00% 1/01/2013 – 6.375% 1/01/2014 – 6.75% 1/01/2015 – 7.25% 1/01/2016 – 7.75% 1/01/2017 – 8.00% for remaining term of loan
OLD TERMS PRINCIPLE BALANCE: $ 399,976 RATE: 7.0% PAYMENTS: $ 2,898.24 DELINQUENT: 12 months behind AMOUNT PAST DUE: $ 41,094.94
NEW TERMS PRINCIPLE BALANCE: $ 466,576.96 DEFERRED $79,700 BALANCE $386,876.96 RATE: 2% PAYMENTS: $ 1,171.50 1st 5 years 2% payment $1,171.50 P/I Year 6 3% payment $1,361.08 P/I Year 7 4% payment $1,561.13 P/I Year 8-26 4.75% payment $1,716.68 P/I FIRST PAYMENT DUE: 2/1/2010
OLD TERMS PRINCIPLE BALANCE: $ 220,510.77 RATE: 6.5% PAYMENTS: $ 2861.71 DELINQUENT: 7 months behind SALE DATE: 1/4/2010
NEW TERMS PRINCIPLE BALANCE: $ 246,595.69 RATE: 5.375% Fixed PAYMENTS: $ 1380.86 FIRST PAYMENT DUE: 2/1/2010
OLD TERMS PRINCIPLE BALANCE: $ 385,281.95 RATE: 6.0% PAYMENTS: $ 2,977.04
NEW TERMS PRINCIPLE BALANCE: $ 389,543.48 RATE: 4% for 5 years then 5% for remaining term PAYMENTS: $ 1,971.39
OLD TERMS PRINCIPLE BALANCE: $ 352,084 RATE: 4.25% PAYMENTS: $ 1288.62 DELINQUENT: 7 months behind SALE DATE: 1/4/2010
NEW TERMS PRINCIPLE BALANCE: $ 305,597 (deferring $51,522) RATE: 2% 2010-2014 3% 2014-2015 4% 2015-2016 4.75% 2016-then fixed for the life of the loan PAYMENTS: $ 925.42 FIRST PAYMENT DUE: 1/1/2010
Saxon
OLD TERMS PRINCIPLE BALANCE: $204,000 RATE: 6.9% PAYMENTS: $1,534.52 PITI DELINQUENT: 0 months behind
NEW TERMS PRINCIPLE BALANCE: TBD RATE: 3.0% PAYMENTS: $1,023.39 PITI FIRST PAYMENT DUE: 2/1/2010
OLD TERMS PRINCIPLE BALANCE: $ $255280.19 RATE: 5.875% PAYMENTS: $2161.81 PITI DELINQUENT: 2 month behind
NEW TERMS 3 MONTH TRIAL PLAN PRINCIPLE BALANCE: TBD RATE: TBD PAYMENTS: $1050.00 FIRST PAYMENT DUE: 1/1/2010
OLD TERMS PRINCIPLE BALANCE: $516997.21 RATE: 7.75% LOAN TYPE: NEG-AM (OPTION ARM) PAYMENTS: $ 2473.58 minimum payment DELINQUENT: 0 month behind
NEW TERMS 3 MONTH TRIAL PLAN PRINCIPLE BALANCE: $ 523588.17 RATE: 3.72668% for 3 years After 3 years rate will be fixed at 4.30603% PAYMENTS: $ 2996.68 PITI FIRST PAYMENT DUE: 2/1/2010
OLD TERMS PRINCIPAL BAL: $147,028.00 RATE: 5.75% PYMNT:$1,069.79 PITI
NEW TERMS Term extended by 62 months Years Interest Rate Rate Change Date Monthly Payments # of Months 1-5 2.000% 2/1/2010 $539.49 60 6 3.000% 2/1/2015 $605.38 12 7 4.000% 2/1/2016 $673.23 12 8-31 4.875% 2/1/2017 $733.74 285
CitiMortgage
OLD TERMS PRINCIPLE BALANCE: $ 452,524.15 RATE: 5.125% PAYMENTS: $ 2567.17
NEW TERMS PRINCIPLE BALANCE: TBD RATE: 2.0% PAYMENTS: $1,962.92 New Terms will be 2% for the first 5 years and will go up 1% after that and will cap out at 4.75%
Pacific Captiol
1ST MORTGAGE OLD TERMS PRINCIPAL BAL: $474,698.77 RATE: 5.50.% PYMNT:$2816.24 DELINQUENT: 8 months behind
NEW TERMS PRINCIPLE BALANCE: TBD RATE: 2% for 3 yrs PAYMENTS: $796.16 plus $1303.00 Bank does not capitalize. They placed a repayment plan on all late charges and fee & costs for both 1st and 2nd mrt. $719.00 for 36 month. This will still give the client a lower payment than his normal payment. Total amt of payment $3096.49 FIRST PAYMENT DUE: 1/01/2010
National City/PNC
OLD TERMS PRINCIPLE BALANCE: $ 725000.00 RATE: 6.0% PAYMENTS: $ 4146.46 DELINQUENT: 2 month behind
NEW TERMS PRINCIPLE BALANCE: TBD RATE: 2.25% PAYMENTS: $ 3288 FIRST PAYMENT DUE: 1/1/2010 Offer made by PNC formerly National City, step rate to begin at 2.25% for 5yrs and will increase 1% every 12 mos for the 6th, 7th and 8th year, will cap out on the 8th year at 4.25 for the life of loan, Loan terms extended to 39yrs.
OLD TERMS PRINCIPLE BALANCE:$ 576000.00 RATE: 6.25% Interest Only Payment: $3000.00 DELINQUENT: 0 months behind
NEW TERMS PRINCIPLE BALANCE: $576000 RATE: 2.75% Interest Only PAYMENTS: $1320.00 FIRST PAYMENT DUE: 1/1/2010
First Franklin
OLD TERMS PRINCIPLE BALANCE: $358857.26 RATE: 6.125% Interest Only Payment: $ 2401.66 DELINQUENT: 0 months behind
NEW TERMS PRINCIPLE BALANCE: $ 379005.63 RATE: 3.75% PAYMENTS: $ 1532.85 PITI FIRST PAYMENT DUE: 2/1/2010
US Bank
OLD TERMS PRINCIPLE BALANCE: $ 254654.86 RATE: 6.125% Interest Only Payment: $ 1592.3 DELINQUENT: 0 months behind
NEW TERMS PRINCIPLE BALANCE: $ 258737.97 RATE: 3.0% PAYMENTS: $ 1195.02 PITI FIRST PAYMENT DUE: 1/1/2010 MATURITY DATE: 5/1/2047 Rate fixed at 4.71% after first 5yrs.
Select Portfolio
OLD TERMS RATE: 6.60% PAYMENT: $3049.00 w/impounds DELINQUENT: $15,000 past due
NEW TERMS PRINCIPAL BALANCE: $508,379.46 PRINCIPAL DEFFERAL: $152,379.46 Principal borrower will make payments on is $356,000.00 RATE: 2% for 5 years RATE WILL INCREASE 1% EACH YEAR WITH A CAP AT 4.75% NEW PAYMENT: $1,624.30
OLD TERMS PRINCIPLE BALANCE: $263,292.65 RATE:6.375% Interest Only PAYMENTS: $1,512.99 w/impounds DELINQUENT: 10 Months Behind with a Sale Date 12/18/09
NEW TERMS 3 MONTH TRIAL PLAN PROJECTED RATE: 2.25% PAYMENTS: $698.92 1st Payment due on 1/9/2010 2nd Payment due on 2/9/2010 3rd Payment due on 3/2010
OLD TERMS PAYMENTS: $2,526.25 SALE DATE: 12/15
FORBEARANCE PLAN PAYMENTS DUE: 1/1/2010, 2/1/2010, 3/1/2010 PAYMENTS: $2,006.29 SALE POSTPONED
WAMU
OLD TERMS PRINCIPLE BALANCE: 390,452.93 RATE: 5.875% PAYMENTS: $2366.15 2 MONTHS DELINQUENT
NEW TERMS 3 MONTH TRIAL PLAN PAYMENTS DUE: 1/1/2010, 2/1/2010, 3/1/2010 PAYMENTS: $1346.09
Wachovia
OLD TERMS LOAN TYPE: NEG-AM (OPTION ARM) PRINCIPLE BALANCE: $304357.16 RATE: 5.91% PAYMENTS: $1655.05 DELINQUENT: 6 months past due
NEW TERMS PRINCIPLE BALANCE: $249572.87 RATE: 5.534% Interest Only for 10 years PAYMENTS: $1150.95 FIRST PAYMENT DUE: 1/15/2010 PAYMENTS AT 1/15/2020: $1422.38
OLD TERMS PRINCIPAL BALANCE: $416,000.00 RATE: 6.125% Interest Only PAYMENT: $2,123.33
NEW TERMS PRINCIPAL BALANCE: $421,568.95 RATE: 2.0% for 5 years PAYMENT: $1,484.49 Note: After the fifth year rate will increase by 1% until it reaches 4.5%.
OLD TERMS PRINCIPLE BALANCE: $495558.20 RATE: 5.25% Interest Only PAYMENTS: $3073.18 DELINQUENT: 7 MONTHS AMOUNT DELINQUENT: $22393.49
NEW TERMS PRINCIPLE BALANCE: $515393.72 RATE: 3.0% Interest Only PAYMENTS: $1708.02 FIRST PAYMENT DUE: 1/1/2010 MATURITY DATE: 1/1/2050
OLD TERMS PRINCIPLE BALANCE: $282,397.34 RATE: 9.550% PAYMENTS: $2,584.65 DELINQUENT: 8 months behind
NEW TERMS RATE: 4.71% PAYMENTS: $1824.06 Account brought current and foreclosure canceled
Ditech
OLD TERMS PRINCIPAL BAL: $378,707.53 RATE: 7.125% PAYMENTS: $3349.88 TYPE THE LOAN: FIXED DELINQUENT: 2 months behind
PLEASE NOTE THAT CLIENTS DO NOT QUALIFY FOR A MOD AT THIS TIME. BUT AS OF NEXT MONTH THE DITECH WILL BE ROLLING OUT NEW PROGRAMS WHERE THE CLIENT MAY QUALIFY FOR. SO THEY ARE PLACING THEM ON A 2 MONTH FORBEARANCE UNTIL THEY GET REVIEWED FOR LOWER PAYMENT MODIFICATION NEXT MONTH.
NEW TERMS 2 MONTHS SPECIAL FORBEARANCE NEW PAYMENT: $2580.07 FIRST PAYMENT DUE: 1/01/2010 & 02/01/2010
OLD TERMS PRINCIPAL BALANCE: $484,000.00 RATE: 7.45% Interest Only ARM PAYMENT $3,347.25
NEW TERMS PRINCIPAL BALANCE: $499,087.27 PRICIPAL DEFFERAL: $260,087.27 PRINCIPAL THAT BORROWER WILL MAKE PAYMENTS ON IS $239,000 RATE: 7.450% NEW PAYMENT: $1,857.54 MODIFICATION FOR THE LIFE OF THE LOAN 328 MONTHS INCENTIVE: If payments are made on time every month lender will pay down the balance by $83.33 every month. FIRST PAYMENT DUE: 12/1/09
OLD TERMS PRINCIPLE BALANCE: $292500.00 RATE: 6.5% Interest Only PAYMENTS: $1684.27 DELINQUENT: 16 months behind
NEW TERMS PRINCIPLE BALANCE: $320179.27 RATE: 3.5% yr 1-5 4.5% yr 6 5.5% yr 7-maturity PAYMENTS: $1585.72 PITI yr 1-5 $1640.29 PITI yr 6 $1717.83 PITI yr 7 through maturity FIRST PAYMENT DUE: 1/1/2010 MATURITY DATE: 4/1/2038 Property was wrongfully sold at foreclosure and went to REO. Foreclosure was rescinded and loan was modified!
OLD TERMS PRINCIPLE BALANCE: $159,103.74 RATE: 7.625% PAYMENTS: $1,271.27 DELINQUENT: 2 months behind
NEW TERMS 3 MONTH TRIAL PLAN PRINCIPLE BALANCE: TBD RATE: TBD PAYMENTS: $969.00 PAYMENT DUE: 12/1/2010, 1/1/2010, 2/1/2010 Originally Chase insisting there was nothing can be done because the property is a rental. Chase soon approved homeowner for a forbearance plan.
Indymac
OLD TERMS PRINCIPAL BAL: $327,779.43 RATE: 6.25% adjustable PAYMENT:$1900.10 PITI DELINQUENT: 7 months behind
NEW TERMS PRINCIPLE BALANCE: $339,422.75 PRINCIPLE AMOUNT DEFERRED: $95,160.08 NEW RATE: 2% FOR 5 YRS PAYMENT $739.69 WITH IMPOUNDS $1304.48 3% FOR THE 6TH YEAR, PAYMENT OF $859.35 + IMPOUNDS 4% FOR THE 7TH YEAR PAYMENT OF $985.65 + IMPOUNDS 5% FOR THE 8TH YEAR PAYMENT OF $1117.58 + IMPOUNDS 5.125% FOR THE REMAININD TERM OF THE LOAN, PAYMENT OF $1134.27 + IMPOUNDS LOAN WAS EXTEND TO A 40 YEAR FIRST PAYMENT DUE: 1/01/2010
OLD TERMS PRINCIPLE BALANCE: $604,138.98 RATE: 5.625% Interest Only PAYMENTS: $2831.90 ACCOUNT IS CURRENT
NEW TERMS 3 MONTH TRIAL PLAN PRINCIPLE BALANCE: TBD RATE: 2.0% PAYMENTS: $1904.54 FIRST PAYMENT DUE: 1/1/2010
OLD TERMS PRINCIPLE BALANCE: $411,604 RATE: 6.0% fixed PAYMENTS: $2501.54 ACCOUNT IS NOT DELINQUENT
NEW TERMS PRINCIPLE BALANCE: TBD RATE: 2.0% PAYMENTS:$1515 PAYMENT DUE: 1/1/2010
LIEN POSITION: 1st lien PRINCIPLE BALANCE: 215693.81 LOAN TYPE: Neg-Am (OPTION ARM) RATE: 6.02% PAYMENTS: $1508.06 PITI ACCOUNT IS NOT DELINQUENT
NEW TERMS PRINCIPLE BALANCE: $199169.98 (18% principle reduction) Term: 40 years 1/15/09-12/15/10 rate: 3.500% payment: 516.75 IO + escrow ( 578.86) 1/15/11-12/15/11 rate: 3.625% payment: 535.21 IO + escrow 1/15/12-12/15/12 rate: 3.750% payment: 553.66 IO + escrow 1/15/13-12/15/13 rate: 3.875% payment: 572.12 IO + escrow 1/15/14-12/15/14 rate: 4.00% payment: 590.57 IO + escrow 1/15/15-12-15-15 rate: 4.125% payment: 609.03 IO + escrow 1/15/16 – maturity rate: 4.547% fixed payment: 853.81 PI + escrow _______________________________________________________
LIEN POSITION: 2nd lien HELOC PRINCIPLE BALANCE: $148630.17 RATE: 6.34% 10 years Interest Only PAYMENTS: $652.47 ACCOUNT IS NOT DELINQUENT
NEW TERMS PRINCIPLE BALANCE: $121876.74 (18% principle reduction) TERM: UNCHANGED RATE: 4.0% Interest Only for 1st 10 years PAYMENTS: $414.05 Then 4.114% fixed for remaining term of the loan
Wilshire
OLD TERMS RATE: 6.15% PAYMENTS: $3009.39 DELINQUENT: 7 months behind
NEW TERMS 3 MONTH TRIAL PLAN PROJECTED RATE: 2.0% PAYMENTS: $1804.69 PAYMENTS DUE: 1/1/2010, 2/1/2010, 3/1/2010
ASC
OLD TERM PRINCIPLE BALANCE: $291488.55 RATE: 6.125% Interest Only PAYMENTS: $1811.57 DELINQUENT: 2 months behind
NEW TERMS 3 MONTH TRIAL PLAN PAYMENTS: $1336.10 PAYMENTS DUE: 1/1/2010, 2/1/2010, 3/1/2010
OLD TERMS PRINCIPAL BALANCE: $137,442.97 RATE: 7.50% adjustable PAYMENTS: $1420.65 DELINQUENT: 16 months behind AMOUNT PAST DUE: $15304.32 FORECLOSURE SALE DATE: 12/14/09
NEW TERMS PRINCIPLE BALANCE: $152,747.28 RATE: 4% fixed for life of the loan PAYMENTS: $773.02 PITI FIRST PAYMENT DUE: 2/1/2010 MATURITY DATE: 12/1/2036 FORECLOSURE CANCELED, ACCOUNT BROUGHT CURRENT
Provident
OLD TERMS PRINCIPLE BALANCE: $484,263.00 RATE: 5.75% PAYMENTS: $2186.08 DELINQUENT: 1 month behind
NEW TERMS PRINCIPLE BALANCE: $487,757.89 RATE: 3.5% 5 year Interest Only PAYMENTS: $1406.17 PAYMENT DUE: 1/1/2010
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OLD TERMS RATE: 6.60% PAYMENT: $3049.00 IN FORECLOSURE
NEW TERMS RATE: 2% for 5 years NEW PAYMENT: $1,624.30 FORECLOSURE CANCELED
OLD TERMS PRINCIPLE BALANCE: $548,000 RATE: 6.99% adjusts every 6 months PAYMENTS: $3,192.10 DELINQUENT: 11 months behind IN FORECLOSURE
NEW TERMS 3 MONTH TRIAL PLAN RATE: TBD PAYMENTS: $1273.42 FORECLOSURE ON HOLD
read more.
I really liked your blog! It helped me alot…
Very nice information.
Your bookmarking strategy is working as I Found you through Stumbleupon. Hope to read more from you soon.
i read a lot just about this topic in the last few weeks and i consider it might be true. Eventhough i believe everyone is responsible for himself. Just my two cents…