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 HUD.gov U.S. Department of Housing and Urban Development HopeNow.com Support and Guidance for Homeowners |
Case Study #2House Value: $725,000 Total Mortgage Balance: $535,000 Payment Status: 15 months behind Current Total Mortgage Payment: $5,147 interest-only, no property taxes Loan Type: 2-year fixed at 11.25% Other: 18 months delinquent on property taxes Hardship: The client works in the mortgage industry and experienced a dramatic drop in income over the past two years since he purchased the property. The client had already defaulted on two previous loan modification agreements made with his lender and was unable to successfully modify the loan for a third time. He came to us 18 days prior to the sale of his home. Lender's Proposal: 2 year ARM at 4.875% New Payment: $3,750 including $550 in property taxes Total Monthly Savings: $1,947 Time from submission to acceptance: 12 days |
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