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 Bank of America 1st (Click here to view loan modification agreement).
Loan Modification: 8.99% Adjustable Rate Mortgage scheduled to begin adjusting in May of 2010 was modified to a 2.75% Step-Rate loan. 2.75% for one year, 3.75% for one year, 4.75% for one year, and capping at 5.75% for the remaining term of the loan. The client's monthly payment was reduced from $4,090.26/mo to $2,181.15/mo.; a reduction of $1,909.11/mo. Their payment was nearly cut in half and they will never face the uncertainty of an adjustable rate mortgage again. The results obtained for this client are not a guarantee, warranty or prediction of result; every case is different and results may vary.
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