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 HUD.gov U.S. Department of Housing and Urban Development HopeNow.com Support and Guidance for Homeowners |
Case Study #4House Value: $325,000 Total Mortgage Balance: $400,000 Payment Status: 2 months behind Total Mortgage Payment: $3,931 P.I.T.I.* Loan Type: 2 year Fixed at 10.30% Hardship: The client was a real estate agent who purchased her home in 2006. Her real estate business started drying up in 2007, and she had no real estate related income in 2008. She quickly depleted her savings and started getting behind on her mortgage payments. Although she had found part time clerical work, her income was not enough to cover her monthly payments. Lender's Proposal: New 2 year ARM at 4.85% New Payment: $2,609 P.I.T.I.* Total Monthly Savings: $1,322 Time from submission to acceptance: 73 days * Principal, Interest, Property Taxes and Homeowner's Insurance |
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