AHMSI Loan Modification Case Results

AHMSI - [ID: #0001]

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Before

Rate of 9.00%, mortgage payment of $857.00 (principal and interest). Client was 3 months behind on his payments and had $2,914.15 past due to the lender.

After

  • For the first year, the interest rate was lowered to 4% with a monthly payment of $538.83 (principal and interest).
  • For the second year the interest rate will be 5% with a monthly payment of $599.74 (principal and interest).
  • For the third year the interest rate will be 6% with a monthly payment of $662.08 (principal and interest).
  • For the fourth year and the remaining term of the mortgage the interest rate will be 7.00% with a monthly payment of $725.52 (principal and interest).

AHMSI - [ID: #0002]

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Before

Borrower had a sale date. Owed $22,595.98 since 5/1/2008. interest rate was 9.99% monthly payment was $1,015.16 with taxes and insurance.

After

New interest rate: 3.0% 1st year, 3.25% 2nd year, 5.25% for third, 7.25% for the life of the loan after 4th year. New payment $731.75 for the first year. Saving $283.41 a month.

AHMSI - [ID: #0003]

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Before

Borrower was 5 months behind, in foreclosure, 7.806%, Option ARM program. PITI payment $2,403.80.

After

PITI payment $1,284.19. First payment due July 1. First year interest rate 2%, 2nd year 2.5%, third year and for the life of the loan 4%. Saving $1,119.61. No good faith deposit required.

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AHMSI - [ID: #0004]

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Before

Borrower was 6 months behind, owing $3,800 in late fees and payments.  Adjustable 9.75% interest rate.

After

Fixed 5.47% for the life of the loan. New P&I payment $414.47. Saving $92.53 per month. First payment September 1, 2009.

AHMSI - [ID: #0005]

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Before

1st mortgage: $1,643.77 monthly, 7.99% interest rate, escrows included. 2nd mortgage: $496.76, 11.70%.

After

1st mortgage: 5.5% for the first year, $1,312.22 with escrows. 2nd mortgage: $362.99.

AHMSI - [ID: #0006]

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Before

Previous payment $2,462.77. With escrows, total payment of $3,152.24.

After

New payment is $1,435.88. With escrows total, $2,125.35.

AHMSI - [ID: #0012]

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Before

Original payment $2,077.77 PITI with 9.875% adjustable interest rate. Property is 11 months past due, owing more than $30,000 and in foreclosure.

After

Making Home Affordable 3 month trial plan to modify. New payment is $1,117.55 PITI with $960.22 savings per month.

AHMSI - [ID: #0013]

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Before

Current payment is $1,807.78 PITI, with fixed 5.50% interest rate. Currently past due 7 months, owing $15,793.00, property in foreclosure.

After

Home is saved from forclosure! Granted a 3 month trial plan with payments of $1,548.35 PITI, saving $259.43 per month.

AHMSI - [ID: #0014]

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Before

Past due over $40,000.00. Monthly PITI payments were $1,427.24 with 10.65% adjustable interest rate.

After

Approved for a traditional modification with 5.00% fixed interest rate and new monthly PITI payment is $801.64.

AHMSI - [ID: #0015]

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Before

Borrower was 6 months past due with an adjustable interest rate of 3.371% and monthly PII (principal, interest and insurance) payment of $4,228.64.

After

Borrower received a traditional modification to a fixed 2% interest rate the first two years and a monthly PITI payment of $4,768.55. By 5th year interest rate will be locked at 4% for the life of the loan. The original term was extended 10 years and the past due amount was added to the back of the loan. AHMSI did not request any additional contribution from the borrower.

AHMSI - [ID: #0016]

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Before

Borrower was more than 24 months past due, owing $33,403.81, and had a foreclosure sale date. Borrower had a fixed interest rate of 6.95% and a monthly P&I payment of $1,383.88.

After

Borrower's sale date was canceled, no contribution was required and borrower was granted a permanent modification. New interest rate will begin at 2% and step-up 1% per year until the 5th year when the interest rate will be fixed at 5.06% for the remaining life of the loan. New monthly payment is $1,141.68 ($242.20 savings per month) and the past due balance was added to the back of the loan.

AHMSI - [ID: #0017]

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Before

Borrower was $10,031.20 past due (not including $3,485.51 escrow shortage and fees) and his monthly payment was $1,973.67 PITI with an interest rate of 10.890%.

After

Borrower has new payment of $1,090.22 PITI ($883.45 savings) with an interest rate of 2.000% for the first 5 years, 3.00% the 6th year, 4.00% the 7th year and 4.50% the 8th year and for the life of the loan.

AHMSI - [ID: #0018]

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Before

Borrower was $15,056.30 past due with a monthly payment of $3,168.95 PITI and an interest rate of 6.650%.

Trial Loan Modification:

Borrower was approved for a 3 month trial plan in the amount of $2,038.31 per month. Temporary savings of $1,130.64 per month.

Final Loan Modification:

Permanent monthly payment is $2,038.67 PITI ($1,130.28 savings) with fixed 2.560% interest.

AHMSI - [ID: #0019]

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Before

Borrower was $12,863.95 past due on her 9.87% interest rate loan and monthly payment was $1,969.10 PITI.

After

Borrower's new payment is $1,193.97 PITI and new interest rate is 2.00% for first 5 years, 3.00% the 6th year, 4.00% the 7th year, and 4.375% for the remaining life of the loan. All past due amounts were placed at the back of the loan.

AHMSI - [ID: #0020]

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Before

This AHMSI loan was in foreclosure with an impending sale date. The homeowners were past due $21,821.52, with a monthly mortgage payment of $1,133.60 PITI and a 8.875% ARM interest rate.

After

Approved for a permanent loan modification and the sale date was canceled. New monthly mortgage payments are $1,039.57 PITI and a fixed interest rate of 5.125%.

 

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