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Loan Modification Success: PNC Payment Reduction
Borrower was $11,755.52 past due and in an active foreclosure with a sale date. Monthly payment was $1,343.17 PITI with an interest rate of 6.25%.
Borrower's sale date was CANCELED and borrower was given a fresh start. New payment is $1,319.11 PITI and interest rate is 6.25% fixed for the life of the loan. The term has been extended to 40 years and they provided only a $1,506.11 initial deposit.
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