Craig and Sherri B.
Servicer: Bank of America dba BAC Home Loan Servicing
|Craig & Sheri B.||Old Loan||Modified Loan|
|Interest Rate||6.50%||3.00% for 2 years, then|
3.50% for year 1, then
4.00% for year 1, then
5.00% until maturity 2036
|Loan Type||30 Yr. Conv Jumbo Arm||Step Rate IO and impounds|
Includes Interest, Taxes and Insurance
Includes Interest Only, Taxes and Insurance
TOTAL SAVINGS: This loan modification resulted in a Total Monthly Savings of $1,631.21 for our client and amounts to an estimated savings of over $508,937.52 off the amount financed over the life of the loan. All delinquent interest and late fees have been capitalized to the principle balance of the loan.