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Saxon Loan Modification Case Results

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Saxon - [ID: #0001]

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Before

Borrower was 8 months past due with an interest rate of 7.75% adj. P&I Payment was $5,764.02.

After

New interest rate is 1.75% for 5 years. PITI is $4,647.52. Down payment of $1,915.06 and first payment due 5/1/2009. Savings of $1,529.50/month.

Saxon - [ID: #0002]

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Before

PITI payment $2,727.40, 10.75% Sale dates 5/6/2009 and extended to 6/10/2009.

After

PITI payment $1533.50, new rate 2%, no good faith deposit required.

Saxon - [ID: #0003]

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Before

Payment $569.87, sale date scheduled for 5/27/2009.

After

Trial plan of 3 payments to modify for Obama’s Making Homes Affordable plan, new PITI payment $544.81, payment plan began 6/1/2009. Homeowner kept their home with no good faith deposit required.

Saxon - [ID: #0004]

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Before

Borrower was 3 months past due with an interest rate of 7.5% and monthly payment of $2,832.29 PITI.

After

Borrower was placed on 3 month trial plan with a monthly payment of $1,273.64 ($1,558.62 savings) within a month from the start of the process. After the 3rd month, the borrower will be placed in a final modification with a monthly payment of $1,217.31 for 5 years with an interest rate of 2%. The interest rate will change to 3% the 6th year, 4% the 7th year and 4.75% for the life of the loan and the $29,500 principal was deferred to the back of 40 year term.

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