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SPS Loan Modification Case Results

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Case Studies

Loan Modification Success: SPS Payment and Interest Rate Reduction

Loan Modification Success: Incredible SPS Principal Reduction

SPS - [ID: #0001 ]

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Before

Monthly payment with principal, interest and insurance $3,561.13 with 11.550% ARM interest, 9 months past due, with a scheduled sale date.

After

New monthly payment $2,193.21 (PITI), with fixed 6.00% interest rate for life of the loan, saving $1368 per month.

SPS - [ID: #0002 ]

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Before

Monthly payment $1,924.01, with $42,763.00 past due.

After

Three month reinstatement plan with payments of $1,924.01, $1,209.05 and $1,209.05 during modification to show borrower's good faith.

SPS - [ID: #0003 ]

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Before

Borrower is 6 months behind, with monthly PITI payments of $1,552.09, 9.6% fixed interest rate, with $8,062 past due. Loan balance is $145,256.20.

After

New monthly payment is ZERO ($0). SPS has accepted a settlement in the form of one $3,500 payment. Borrower no longer has to pay their mortgage. Wow!

SPS - [ID: #0004 ]

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Before

Borrower was 8 months behind with monthly P&I payments of $1,374.39 with 9.125% fixed interest rate. Taxes and insurance were $769.15 monthly for total monthly payments of $2,143.54. Borrower was $12,862.95 past due.

Offer

Borrower was offered a special forbearance plan with 3 month payments of $1,374.39.

Settlement

SPS offered to settle the loan, with balance of $176,392.70 for $63,000.00. Customer chose this instead of the modification. Borrower will no longer have a mortgage on their property! New monthly payment is $0.00.

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