Los Angeles, California Loan Modification Lawyer Howard Law Home
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 |
| Monthly Payment | $3,607.10 Includes Interest, Taxes and Insurance | $1975.89 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.
