Below are the results of a case worked on with Indy Mac and American General.
A borrower had a sale date in late November. This person was in a difficult situation and well behind on payments. Both his 1st and 2nd mortgages were in trouble.
After stopping the sale date, an agreement was made with both his lenders. Here are the case results
- Monthly payment reduced from $4506.57 to $3951. 62
After making this new payment at a savings of $534.95 for six consecutive months, Indy Mac will modify the loan permanently and put delinquent payments at the back of the loan.
Additionally, the borrower entered into an agreement with his 2nd lender to reduce his payments by $105 per month with a 2.25% reduction on his interest rate. $4000 in interest was completely forgiven!
The total savings for this homeowner is $639.95 per month!
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