Loan Modification: Principal reduction of $123,254.80.Loan balance reduced from $398,254.80 to $275,000.00 and delinquent interest and fees of $54,947.12 were eliminated. This is NOT a principal forbearance (deferring a portion of the principal until a later date or as a balloon payment ) but a true principal reduction. Interest rate reduced from 12.25% fixed to 7.75% fixed. Monthly payment reduced by $1,933.98/mo from $4,191.59/mo to $2,257.61/mo. Improve My Loan has formed strategic relationships with some investors (the real owner of the loan) allowing us to deal with them directly on your behalf.
Loan Modification: Interest rate reduced from 8.75% to 3.00%. Monthly payment was reduced by $890.19/mo. The delinquency was capitalized. (Added to the back of the loan.) One of the homeowners had suffered a back injury at work and had not been able to work for many months. Eventually they exhausted their savings and fell behind on the mortgage. They were 7 months behind when the modification was obtained.
Loan Modification: Interest rate reduced from 9.875% to 5.00% Step-Rate. (5.00% for 1 year, 5.25% for 1 year, 6.25% for 1 year and finally coming to 7.88% FIXED for remaining life of the loan.) Monthly payment was reduced by $937.44/mo. A reduction of over 30%. This clients rate had adjusted from the introductory rate of 7.88% to 9.875% and would continue to adjust every 6 months. Her payment had risen by $585.33/mo and she had fallen behind. She now has a low manageable payment and her rate will settle at 7.88% FIXED after four years.
Loan Modification: Interest rate reduced from 8.25% ARM to 5.00% Step Rate. (5.00% for 12 months, 5.50% for next 12 months, 6.00% for next 12 months and stopping at 6.50% until loan maturity.) The interest rate and payments were lowered and the uncertainty of an adjustable rate was eliminated. Their delinquent payments were capitalized and no contribution was required.
Loan Modification: Interest rate reduced from 9.25% P&I to 5.00% I/O for five years. Monthly payment was reduced by $2,270.28/mo. The interest rate had adjusted from 7.75% I/O to 9.25% P&I and the payment had jumped over $1,000.00/mo. The co-borrowers employer had cut back her hours and they had fallen behind on their payments.
Loan Modification: Interest rate reduced from 9.49% Fixed 40/30 (Payment amortized over 40 years but with a balloon payment after 30 years) to 7.25% Fixed 40/40 (Payments amortized over 40 years and NO balloon payment). The monthly payment was reduced by $901.00/mo and the delinquency was capitalized. This homeowner is self employed and her business was suffering. She had fallen behind by 5 payments and had no success in her attempts to negotiate on her own with AHMSI.
Loan Modification: Interest rate reduced from 9.345% ARM to 5.00% for one year. 5.25% for the 2nd year, 6.25% for the 3rd year and finally hitting 8.25% in the 4th year and continuing until loan maturity. Monthly payments were reduced by nearly 30%. These homeowners were having medical difficulties and the uninsured medical expenses combined along with a high interest rate and payment on their mortgage they had fallen behind several payments. The modification gave them a fresh start, a manageable payment and their delinquency was capitalized.
Loan Modification: This client's interest rate was modified from 8.625% ARM to 4.75% Fixed. Both of the borrower's on this loan have reduced income as a result of cut-backs with their employers. They had fallen behind on their mortgage payment and attempted, unsuccessfully, to obtain a loan modification from ASC. The loan modification we obtained on their behalf reduced their monthly payment by $1,186.00/mo and they will never have to face the uncertainty of an adjustable rate mortgage again.
Loan Modification: Interest rate reduced from 10.15% ARM to 5.125% Fixed Rate. (Fixed for life of loan.) The monthly payment was reduced by 30% (From $1,366.22/mo to $953.81/mo). Her original rate was 8.15% and the rate began adjusting after two years. She had never been late prior to the interest rate adjusting but fell behind once the adjustment phase began. Improve My Loan also obtained a modification for this client on her 2nd mortgage with OCWEN.
Loan Modification: Interest rate reduced from 10.625% adjustable to 7.25% fixed rate for life of loan. Payments were reduced over $400.00/mo. The interest rate had adjusted from 8.05% to 10.625% and the homeowner had fallen behind 3 months on payments. The delinquency was capitalized and junk fees were eliminated.
Loan Modification: Interest rate reduced from 10.59% adjustable to 7.00% fixed rate for life of loan. Rate had adjusted from 6.50% to 10.59% and the homeowner had fallen over 6 months behind on payments when we accepted his case. The delinquency was capitalized and junk fees were eliminated.
Forbearance: Delinquency was spread across 11 payments instead of a 4 payment plan that the homeowner had negotiated on his own. This reduced his monthly payment by $210.46/mo on a $56,524.00 2nd mortgage. This plan was achieved in conjunction with a modification of the 1st mortgage.
Loan Modification: Pay Option ARM modified to 3.60% for five years. After five years the interest rate will be 4.60% for one year and finally will cap at 5.12% for the remaining life of the loan. With our help this homeowner was able to escape the trap of a Pay Option ARM with a low interest rate that will never be higher than 5.12%.
Loan Modification: Pay Option ARM (Negative Amortization Loan) modified to 5.25% Fixed Rate principal and interest payment. Rate fixed for life of loan. The delinquency was capitalized and they will never have to worry about interest rate or payment changes again.
Loan Modification: Interest rate reduced from 6.50% Interest Only to 2.50% Principal & Interest. This is a step-rate loan modification. The interest rate will be 2.50% for five years. It will then adjust to 3.50% for the sixth year, 4.50% for the seventh year and will finally cap at 5.25% for the remaining life of the loan.
Loan Modification: 8.99% ARM in adjustment phase was modified to a 6.25% fixed rate. Improve My Loan saved these clients $852.67/mo and their interest rate is now fixed for the life of the loan.
Loan Modification: 8.99% ARM scheduled to begin adjusting in May of 2010 was modified to 2.75% Step-Rate. 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 clients monthly payments were reduced from $4,090.26/mo to $2,181.15/mo. A reduction of $1,909.11/mo. Payment was nearly cut in half and the homeowner's will never face the uncertainty of an Adjustable Rate Mortgage again.
Loan Modification: The interest rate was modified from 9.45% Fixed to 5.25% Fixed. A loan modification of the client's 1st mortgage with Wells Fargo Home Loans was also obtained at a low fixed rate.
Loan Modification: Interest rate reduced from 8.50% adjustable to 5.50% fixed rate for life of loan. Monthly payments were reducedby $535.05/mo. The rate had adjusted from 5.95% to 8.50% and the homeowner had fallen behind 1 payment. He was struggling to get by as his monthly income had dropped while his monthly mortgage payment increased.
Loan Modification: Interest rate reduced from 9.30% fixed rate to 3.00% fixed rate for life of loan. Monthly payment was reduced by 46% from $662.70/mo to $357.73/mo. A savings of over $100,000.00 over the life of the loan.
Loan Modification: Interest rate reduced from 9.90% adjustable to 4.375% for 5 years and then adjusts to 6.375% for 1 year and finally settles at 6.75% fixed rate for the balance of the life of the loan. (Loan matures April 2036.) Improve My Loan reduced their monthly payments from $1,715.15/mo to $1,106.58/mo; a reduction of $608.57/mo. (Lower by 35%.) This client was 11 months delinquent at the time of the modification. This loan was on an investment property. Improve My Loan also negotiated a modification of their loan with EMC on their owner-occupied home.
Loan Modification: Interest rate reduced from 11.149% fixed to 4.25% for 5 years and then adjusts to 6.25% fixed rate for life of loan. (Modified loan balance of $109,519.23.) Monthly payments were reduced by 45% from $986.73/mo to $544.85/mo for 5 years. ($660.85/mo after 5 years for life of loan.) Total savings to the homeowner of over $115,000.00!
Loan Modification: Interest rate reduced from 8.75% adjustable to 6.125% fixed. (6.125% for 5 years & then 6.25% for the life of the loan.) The monthly payment was reduced by $733.05/mo for the next 5 years & by $691.37/mo for the remaining 32 years. The uncertainty of an adjustable rate was replaced with a fixed rate and the delinquency was capitalized. These homeowners initially negotiated on their own behalf and were only able to secure a proposal of 7.625% fixed after months of struggling with Chase. By hiring Improve My Loan to negotiate better termsthey saved over $100,000.00 over the life of the loan.
Loan Modification: Interest rate reduced from 7.625% I/O ARM to 5.00% P&I Fixed. (Fixed for life of loan.) Over $114,000.00 of back payments & over $56,000.00 of delinquent property taxes were capitalized in the modification. This homeowner is self-employed and his business has been severely impacted by the economic downturn. He was 6 months delinquent when the modification was obtained by Improve My Loan. His ARM rate was not yet adjusting but because we were able to obtain a fixed rate for the life of the loan he will never need to worry about rate adjustments in the future.
Loan Modification: Interest rate lowered from 10.79% I/O ARM (in adjustment phase) to 7.79% I/O Fixed (Interest only until 2011 and then principal & interest for the balance of the loan term). Monthly payment reduced by $1,071.00/mo (From $3,741/mo to $2,669/mo).
Loan Modification: Pay Option ARM (Negative Amortization Loan) was modified to a 5.25% fixed rate. (Rate fixed for the life of the loan.) The payments were converted to 5.25% I/O for 2 years and then 5.25% principal and interest for the remaining life of the loan. This homeowner was current on payments but was really starting to understand the poor position she had put herself in by accepting the terms of a negative amortization loan. The background interest rate was adjusting monthly and was over 8% at the time of the modification. Each month her loan balance was growing as she made the minimum monthly payment; she couldn’t afford the interest only payment at a rate of over 8% ! Because we were able to negotiate her terms to an affordable fixed rate she averted the disaster of her loan balance reaching the re-cast amount. If you have this type of loan & have questions about the “re-cast” value & how it affects you please email us at info@improvemyloan.com
Loan Modification: Interest rate reduced from 10.875% ARM to 6.95% Fixed. (Fixed for life of loan.) Monthly payment reduced by $619.00/mo and is now principal & interest instead of interest only. The homeowners now have a secure fixed rate loan at a very affordable payment for the life of the loan.
Loan Modification: Interest rate reduced from 9.72% to 3.25% I/O for five years. The monthly payment, including taxes & insurance was reduced from $3,699.07/mo (High rate and escrow shortage.) to $1,410.19/mo. Monthly payment reduced by $2,288.88/mo! Delinquent interest and escrow shortage were capitalized. All junk fees eliminated.
Loan Modification: Interest rate reduced from 9.95% ARM to 6.95% Fixed Rate. (Fixed for life of loan.) The homeowner's payment was reduced by $560.95/mo and the threat of additional rate changes every 6 months was removed. The delinquency was capitalized. The homeowners had attempted unsuccessfully to negotiate on their own prior to obtaining our services.
Loan Modification: Interest rate reduced from 9.375% ARM to 5.25% Fixed Rate. (Fixed for life of loan.) The 2 year fixed period on this homeowners loan had expired and the interest rate rose from 7.29% to 9.375%. We were able to reduce her monthly payment by $830.96/mo and the rate is now fixed for the life of loan so she does not have to worry about future rate and payment adjustments. Her rate & monthly payment are now lower than the original start rate & payment.
Loan Modification: Interest rate reduced from 9.40% ARM to 5.00% Fixed Rate. (Fixed for life of loan.) This homeowner's hours had been cut at work and he fell behind on his mortgage payments. The monthly payment was reduced by 25%. (Reduced by $656.81/mo.) The delinquent balance was capitalized. Improve My Loan also obtained a loan modification for this homeowner on their rental property.
Loan Modification: Interest rate reduced from 10.625% ARM to 7.52% I/O for 49 months. The 2 year fixed period on this client's loan had expired and his monthly payments had jumped over $1,100.00/mo and the rate was due to adjust upward again. He had tried, unsuccessfully, for 6 months to work with EMC and obtain a modification. Improve My Loan obtained this modification for him in just over 60 days. His monthly payment was reduced by $1,217.00/mo (lower than his original payment before ARM adjusted) and 8 months of delinquency was capitalized. He kept his home and received a fresh start at a very manageable payment.
Loan Modification: Interest rate reduced from 10.75% I/O to 5.00%I/O. (5.00% Interest Only for 90 months and then 5.00% fully amortized for the remaining life of the loan.) Monthly payment reduced from $366.34/mo to $161.93/mo. Interest rate reduced by over 50% and the monthly payment reduced by 56%. This homeowner was never delinquent on either his 1st or 2nd mortgage. Meaningful loan modifications can be obtained without ever making a late payment or harming your credit!
Loan Modification: Pay Option ARM (Negative Amortization Loan) was modified to a 6.00% fixed rate for five years. The homeowners consistently made the minimum payment each month and their loan had reached the "re-cast" figure. They were no longer allowed to make the minimum payment and were required to make an interest only payment at an interest rate of 8.85%; rate adjusting monthly. They were also delinquent 4 months at the time of the modification. Their new payment at 6.00%is fully amortizing and is $587.31/mo less! The delinquency was capitalized.
Loan Modification: Pay Option ARM (Negative Amortization Loan) was modified to a 6.00% fixed rate for five years. Another homeowner consistently making the minimum payment option each month and heading for the disaster of "re-cast". This homeowner was current on her payments but really wanted to get out of a negatively amortizing loan and in to a more secure loan type. It is possible to get out of a Pay Option ARM and in to more secure loan terms without sacrificing your good credit.
Loan Modification: Interest rate reduced from 8.85% ARM to 5.625%. The client's monthly payments were reduced by $502.79/mo (27% less) from $1,885.78/mo to $1,382.99/mo. A copy of this client's monthly mortgage statement before modification is included here with the loan modification agreement obtained on his behalf by Improve My Loan.
Loan Modification: Interest rate reduced from 8.25% ARM to 5.95% for 3 years. (Rate will adjust per the original terms of the Note after 3 years.) The monthly payment was reduced by $413.68/mo. The delinquency was capitalized. These homeowners also had a 2nd mortgage with First Franklin and Improve My Loan was able to obtain a modification of their 2nd mortgage as well. (Shown below.)
Loan Modification: Interest rate reduced from 10.10% Fixed to 6.10% Fixed. (Fixed for the life of the loan.) The monthly payment was reduced by $140.00/mo on a loan amount of $57,768.64. Improve My Loan also obtained a modification of their 1st mortgage with First Franklin.
Loan Modification: Interest rate reduced from 9.875% ARM in adjustment phase to 6.875%. (Step Interest Rate Modification. 6.875% for 2 years, 7.875% for 1 year and 8.375% for balance of loan term.) His monthly payments were reduced by $943.00/mo.
Loan Modification: Pay Option ARM (Negative Amortization Loan) converted to 5.00% Fixed Rate. This client had been making the minimum payment and her loan balance continued to go up. She now understood the risk of the loan type she had accepted. She was never late on her payments and Improve My Loan was able to obtain a low fixed rate of 5.00% for the life of the loan that gave her a manageable payment that now includes principal.
Loan Modification: Interest rate reduced from 8.425% Fixed Rate to 5.00% Fixed Rate. The client's monthly payment was reduced from $800.18/mo to $598.99/mo (A reduction of over 25%). A copy of the client's monthly statement before loan modification was obtained is included here with the loan modification agreement.
Loan Modification:Principal Reduction Settlement. Improve My Loan was able to negotiate a principal reduction settlement of 30% of current balance. The principal wasreduced by 70% and the homeowners were able to pay off the loan for pennies on the dollar. We were able to save the homeowners $90,798.16.
Loan Modification: Interest rate reduced from 10.09% ARM in adjustment phase to 8.10% Fixed Rate. (Fixed for life of loan.) Her payments were reduced by $865.50/mo and the uncertainty of a variable interest rate was eliminated.
Loan Modification: Interest rate reduced from 10.625% ARM (In adjustment phase) to 6.625% Interest Only for 5 years. Monthly payment reduced by $1,201.61/mo.
Loan Modification: Interest rate reduced from 10.875% ARM (In adjustment phase) to 6.875% Principal & Interest for 5 years. Monthly payment reduced by $653.00/mo.
Loan Modification: Interest rate reduced from 7.75% to 5.125%. This client's monthly payment was reduced by $1,030.38/mo. From $5,481.72/mo PITI to $4,451.35/mo PITI. A copy of their monthly mortgage statement prior to modification is included here with the loan modification agreement.
Loan Modification: Interest rate reduced from 8.875% ARM (Not yet in adjustment phase) to 5.875% fixed for 5 years. Monthly payment reduced by $1,202.60/mo. The client was 8 months delinquent at the time the modification was obtained. The delinquency was capitalized. This client had fallen behind on her mortgage payments because she had recently become the legal guardian of her grandchildren and her monthly expenses had increased dramatically. The modification reduced her monthly payment by 30% and enabled her to provide a safe haven for her grandchildren.
Loan Modification: Interest rate reduced from 11.25% Fixed to 5.00% Fixed for five years. Monthly payment reduced by 40%. (From $485.64/mo to $292.17/mo.) The clients are small-business owners and their retail store has been severely impacted by the current financial crisis. Improve My Loan Inc. also obtained a loan modification for these clients on their 1st mortgage with Saxon Mortgage Services.
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Indymac Mortgage Services 1st & 2nd Mortgage
Loan Modification: One of the borrowers had lost her job and this family of four was living off of the husband's income. She was unable to obtain another job and they had fallen behind on their first and second mortgage payments with Indymac Federal Bank by several months when they came to Improve My Loan for assistance. The interest rate was reduced from 7.75% to 3.875% (3.875% for 5 years, 4.875% for 1 year and finally 5.25% for the remaining life of the loan). Monthly payment reduced from $1,849.15/mo to $1,492.48/mo. The interest rate on the 2nd mortgage was reduced from 11.875% to 7.875% for 3 years and the payment was reduced from $729.40/mo to $554.62/mo. Their combined monthly mortgage payment was reduced by 20% per month. They will never be exposed to the risks of an adjustable rate mortgage again.
Indymac Mortgage Services 1st Mortgage
Loan Modification: 8.75% ARM Loan (adjusting every 6 months) was modified to 3.00% Step-Rate loan which caps at 5.375% in the eighth year. The monthly payment was reduced by $856.99 (From $1,192.79/mo to $335.80/mo). This client is retired and her only source of income is social security. Once her loan began adjusting she fell behind on payments. She had attempted to obtain a loan modification from Indymac Bank directly for many months but with no success. Attached you will find a copy of her monthly mortgage statement prior to modification and the loan modification agreement.
Loan Modification: Making Home Affordable (Home Affordable Modification Program or "Obama Plan") Loan Modification Program. Interest rate reduced from 7.70% to 2.00%. Monthly payment reduced from $2,512.91/mo PITI to $1,337.54/mo PITI; a reduction of $1,175.37.
Loan Modification: Making Home Affordable (Home Affordable Modificatin Program or "Obama Plan") Loan Modification Program. Monthly payment reduced from$1,870.49/mo to $863.12/mo; a reduction of $1,007.37/mo. (Payment reduced by 54%.)
Loan Modification: Interest rate reduced from 9.25% ARM (In adjustment phase) to 5.77% Fixed (Fixed for life of loan). Monthly payment reduced by $415.01/mo from $1,965.83/mo to $1,550.82/mo; a reduction of over 20% per month and the rate is now fixed until the loan maturity date and the uncertainty of an adjustable rate has been eliminated.
Loan Modification: Interest rate reduced from 8.45% I/O (Interest Only) ARM to 5.39% P&I (Principal & Interest) for 3 years. Interest rate was reduced by 3.06% and the client's monthly payment now includes principal.
Loan Modification: Interest rate reduced from 12.25% Fixed to 3.25% for 5 years. Monthly payment was reduced by $533.62/mo.; from $822.60/mo to $288.98/mo. A reduction of 65%. The clients were not yet delinquent but one of them had recently lost his job & they were heading for difficult decisions if a resolution could not be achieved on their mortgages. Improve My Loan Inc. was able to dramatically reduce their monthly payment & enable them to make it through difficult financial times.
OCWEN 2nd (Click Here)
Loan Modification: Interest rate reduced from 10.99% Fixed to 3.95% for 3 years. Monthly payment was cut almost in half! From $378.73/mo to $198.67/mo. Improve My Loan also obtained a loan modification for this client on her 1st mortgage with America's Servicing Company.
Loan Modification: Interest rate reduced from 6.30% ARM (Not yet adjusting) to 4.30% Fixed (Fixed for life of loan). The monthly payment was reduced by $340.41/mo and these homeowners will never have to experience the volatility of an adjustable rate payment.
Loan Modification: Step-rate loan modification. Interest rate reduced to 3.00% for one year, 4.00% for the second year, and settling at 5.00% fixed for the remaining term of the loan. The term of the loan was modified from 30 years to 40 years in order to provide additional payment relief. The monthly payment was reduced by $580.03/mo (34% less).
Loan Modification: These homeowner's are self employed and their business has been adversely affected by the economic downturn. They had fallen behind several months on their payments and to make matters worse their ARM rate was due to adjust upward in February of 2009. Improve My Loan was able to obtain an interest rate of 6.00% for five years for them. This provided a manageable payment that will enable them to keep their home and keep their small business. Improve My Loan also obtained a favorable loan modification of their 2nd mortgage with HomEq Servicing.
Loan Modification: ARM interest rate (in adjustment phase) reduced from 9.50% to 7.39% I/O for 5 years. This client's monthly payment was reduced from $3,608.62/mo to $2,807.13/mo; a savings of $801.49/mo. (His payment was reduced by 22%.) Improve My Loan also obtained a modification of his 2nd mortgage with Saxon Mortgage.
Loan Modification: Interest rate reduced from 11.84% Fixed to 6.00% Fixed. This client's 2nd mortgage payment was reduced from $1,158.60/mo to $775.22/mo. Improve My Loan also obtained a meaningful loan modification of this client's 1st Mortgage.
Loan Modification: This client had his hours reduced at work and began falling behind on his bills. The interest rate was reduced from 7.80% to 3.05%. (3.05% for 5 years, then 4.05% for 1 year, and capping at 4.875% for the remaining term of the loan. His monthly payment was reduced by $813.88/mo (From $2,386.04 to $1,572.16).
Loan Modification: Principal Reduction. The principal balance was reduced by $123,999.42 (From $619,997.10 to $495,997.68). The Negative Amortization (Pay Option ARM) was modified to a step-rate starting at 3.00% I/O and capping at 6.34% Fixed for balance of loan term after 8 years.
Loan Modification: Pay Option ARM (Negative Amortization Loan) modified to Step-Rate starting at 5.05% and capping at 6.50% for the remaining life of the loan.
The workout descriptions and lender paperwork associated with each workout listed above are solely owned by Improve My Loan, Inc. and may not be duplicated, published or distributed without the expressed written consent of Improve My Loan, Inc..
