TO CONTRACT WITH LMAC
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Client 1
Client was rejected for modification by the lender while attempting unassisted modification. Old prinicipal & interest (P&I) payment: $2,407.52. Client was 90 days behind on the mortgage. In 10 business days, LMAC negotiated new P&I payment of $982.92. Savings $1,424.60. Previous past payments were all forgiven and customer has a fresh start.
Old payment:
New payment:
Total savings:
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$2,407.52
$982.92
$1,424.60
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Client 2
Client was in a subprime mortgage with a 2 year interest only ARM. Client was 3 months and approximately $11,000 behind. After the modification was complete, the client was placed in a 5.5% 30 yr fixed loan. $10,762.68 was forgiven. New payment including escrows was $2,049.97. The client received a total savings of $1,364 a month.
Old payment:
New payment:
Total savings:
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$3,413.68
$2,049.97
$1,363.71
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Client 3
Client was in a subprime fixed mortgage at 8%. The mortgage payment was $3648.86. After a successful modification, the payment reduced to 5% fixed. That resulted in the prinicipal and interest payment being reduced to $2,714.03.
Old payment:
New payment:
Total savings:
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$3,648.86
$2,714.03
$934.83
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Client 4
Client had 2 mortgages. The 1st mortgage was an interest only loan of 9.375% and the client was not paying anything on the prinicipal balance of the loan. The interest rate on the 2nd mortgage was 11.375%. Client was also 90 days behind on mortgage payments. After a successful modification, the rate on the first mortgage was reduced to 6.5% and 2% on the 2nd mortgage. The payements were reduced so that now the client has a mortgage payment that not only includes escrows, but also goes towards the principal.
Old payment:
New payment:
Total savings:
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$1,604
$1,285
$319
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