It’s interesting to see how the economic downturn effects everyone regardless of financial or economic standing. Just as we’ve seen modest single family homes face foreclosure, we’ve seen it, too, with grandiose dream homes. Even golf courses, large buildings and developments are not immune.
Loan modification can mean everything to a homeowner no matter what your mortgage payment is. Two recent success stories show this.
- A homeowner with Bayview Loan Servicing started with a $4,511.16 monthly mortgage payment. This person could not sustain the payments if they couldn’t be adjusted. By utilizing the Making Home Affordable plan, this client’s payment was reduced to $2,313.55. That is an astronomical savings of $2,195.61 per month. Needless to say, that’s an incredibly satisfactory result.
- Another homeowner began working on their $913.61 monthly payment with NationStar Mortgage. After the negotiating company’s work was complete, the result was a 30 year fixed loan at 5.5% for the client with a payment reduction to $672.29 per month. They are saving $241.32 every month now. This new payment is nearly a 30% reduction and even though it’s much smaller, represents the difference between home affordability and foreclosure.
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