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 HUD.gov U.S. Department of Housing and Urban Development HopeNow.com Support and Guidance for Homeowners |
Case Study #1House Value: $329,000 Total Mortgage Balance: $294,000 Payment Status: 2 months behind Current Total Mortgage Payment: $3,150 P.I.T.I.* Loan Type: 30 year fixed at 11.25% Hardship: The client separated with partner who was helping to pay the mortgage, but whose name was not on the loan. The partner continued helping with the payments for a few months after the separation, but then stopped making contributions entirely. Our client was left unable to afford the full mortgage payment amount. Lender's Proposal: 2 year ARM at 5.625% New Payment: $2,068 P.I.T.I.* Total Monthly Savings: $1,082 Time from submission to acceptance: 58 days * Principal, Interest, Property Taxes and Homeowner's Insurance |
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