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Monthly payment $887.12 PITI past due $11,172.77 and in foreclosure.
New monthly payment for 6 month forbearance plan is $443.56 per month. Saving 50% monthly!
Borrower was 8 months past due with an interest rate of 6.875% and monthly PITI payments of $1,768.91.
Borrower received a traditional modification starting with monthly payments of $1,381.30 ($387.61 savings per month). Interest rate will start at 3.5% for months 1-60, than change to 4.5% for months 61-72 and then change to 5% for the rest of the life of the loan.
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