Colleen J.

Servicer: Indymac Bank

First Mortgage

ColleenOld LoanModified Loan
Interest Rate7.75%3% for 5 years and on the 6th year rate will be 5.50% for the life of the loan.
Loan TypeOption ARM35 Fixed (Interest Only) Interest Only for 5 years then Fixed for 35 years. (40 yr term)
Monthly Payment$3,114.64 Interest Only$1,905.99 Interest Only with Taxes Included

TOTAL SAVINGS: This loan modification resulted in a Total Monthly Savings of $2506.97 for our client. All delinquents interest payments, late fees and $14,000 delinquent taxes capitalized into the principle balance.

Second Mortgage

ColleenOld LoanModified Loan
Interest Rate9.875%3% for the life of the loan
Loan Type15 Yr Fixed15 yr Fixed, 12 Years remaining
Monthly Payment$547.06 Principle and Interest$298.25 Principle and Interest

TOTAL SAVINGS: This loan modification resulted in a Total Monthly Savings of $248.81 for our client. All delinquents interest payments capitalized into the principle balance.