November 17, 2009
CLIENT/BORROWER: Edward F.
LENDER: GMAC
ORIGINAL PAYMENT: $1,956.73
MODIFIED PAYMENT: $1,732.81
MONTHLY SAVINGS: $223.92
LIFE OF LOAN SAVINGS: $62,352.00
TERMS: Approved for a Permanent Modification and no payment due with signed paperwork on this second mortgage. Spoke with Diana at lender. The Old Higher Interest Rate of 14.3% has been reduced to a New Lower Interest rate of 8% for the life of the loan. The client was nine months behind owing $5,102.07.
MODIFICATION TEAM: The Dean Dream Team
| November 17, 2009
CLIENT/BORROWER: Douglas and Donna
LENDER: Ocwen
ORIGINAL PAYMENT: $831.23
MODIFIED PAYMENT: $628.79
MONTHLY SAVINGS: $202.44
LIFE OF LOAN SAVINGS: $72,878.40
TERMS: Approved for Traditional Modification with a client down payment due of $575 with signed paperwork. Spoke with Prapahm at lender. The Old Higher Interest Rate of 9.25% has been reduced to a New Lower Interest rate of 3.95% for the life of the loan. The client was fourteen months behind owing a past due balance over $13,000. The sale date of November 25, 2009 on the home has been removed.
MODIFICATION TEAM: The Dean Dream Team
| November 17, 2009
CLIENT/BORROWER: Karen and Carl
LENDER: Wells Fargo (2nd Mortgage)
ORIGINAL PAYMENT: $274.63
MODIFIED PAYMENT: $258.10
MONTHLY SAVINGS: $16.53
TERMS: Approved for Special Forbearance to Permanent Modification Plan. Spoke with Felicia ID#DJT at lender.
MODIFICATION TEAM: The Mod Squad
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November 18, 2009
CLIENT/BORROWER: Richard and Melissa
LENDER: GMAC
ORIGINAL PAYMENT: $1,956.73
MODIFIED PAYMENT: $1,732.81
MONTHLY SAVINGS: $223.92
LIFE OF LOAN SAVINGS: $80,611.20
TERMS: Approved for Three Month Trial Modification upon completion will be reviewed for Permanent Modification. Spoke with Author at lender. The $12,349.68 will be rolled into the balance or go onto the back of the loan after trial period is successfully completed. The sale date of the home for 1/28/2010 will be removed once the first payment is made.
MODIFICATION TEAM: The Mod Squad
| November 18, 2009
CLIENT/BORROWER: William and Gwen
LENDER: WMAU
ORIGINAL PAYMENT: $2,956.15
MODIFIED PAYMENT: $2,857.20
MONTHLY SAVINGS: $98.95
TERMS: Approved for Three Month Trial Modification upon completion will be reviewed for Permanent Modification. Spoke with Chris at ext 3813445 at lender. The Client currently has adjustable rate without escrow included in mortgage payment (current property taxes are $288.15 and homeowners insurance is $68.00). The client is now approved for a fixed rate that includes escrow. The Client was six months behind owing a past due amount of $15,361.24.
MODIFICATION TEAM: The Mod Squad
| November 18, 2009
CLIENT/BORROWER: Gustavo S.
LENDER: GMAC
ORIGINAL PAYMENT: $3,277.00
MODIFIED PAYMENT: $2,568.60
MONTHLY SAVINGS: $708.40
LIFE OF LOAN SAVINGS: $255,024.00
TERMS: Approved for Permanent Modification. Spoke with Rick Id# RJS at lender. The Client Original Higher Interest Rate is 5.773% has been bought down to New Lower Interest Rate of 4.5. The Client was behind eight months owing $26,666.09.
MODIFICATION TEAM: The Dean Dream Team
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November 18, 2009
CLIENT/BORROWER: John and Patricia
LENDER: Wells Fargo
TERMS: Approved for Permanent Modification. Spoke with Corey Id# 84v at lender. The Client was behind ten months owing a past due balance of $12,264.72. The Lender did not drop the monthly payment or rate. Based off the client's financials, the current payment is less than 31% of the client's current income. However, the past due balance will be rolled into the life of the loan and the first payment is not due until February 1, 2010.
MODIFICATION TEAM: The Dean Dream Team
| November 19, 2009
CLIENT/BORROWER: Jesse and Amy
LENDER: ASC
ORIGINAL PAYMENT: $1,222.00
MODIFIED PAYMENT: $985.31
MONTHLY SAVINGS: $236.69
LIFE OF LOAN SAVINGS: $85,208.40
TERMS: Approved for an In House Modification. A contribution payment of $3,484.52 is due with signed paperwork. Client said she did not have contribution payment to make. The lender will not modify without contribution. Informed client of fixed permanent rate and lower payment will begin once contribution is made.
MODIFICATION TEAM: The Mod Squad
| November 19, 2009
CLIENT/BORROWER: Tina and Willie
LENDER: Bank of America
ORIGINAL PAYMENT: $1,219.56
MODIFIED PAYMENT: $778.56
MONTHLY SAVINGS: $441.00
THREE MONTH SAVINGS: $1,323.00
TERMS: Approved for Three Month Trial MHA Modification. The client will receive paperwork for permanent modification before March 1,2010. Upon making all three trial payments. Lender has advised that if client does not receive permanent paperwork before March 1st to have client continue to make trial payment. Lender is behind as of now on sending out permanent modification packets.
MODIFICATION TEAM: The Mod Squad
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November 19, 2009
CLIENT/BORROWER: Todd D.
LENDER: Chase
ORIGINAL PAYMENT: $1,401.21
MODIFIED PAYMENT: $1,173.11
MONTHLY SAVINGS: $228.10
LIFE OF LOAN SAVINGS: $82,116.00
TERMS: Approved for Permanent Modification. Spoke with Rob Id# 20010 at lender. The Client's first new lower monthly payment is not due until January 1, 2010 and there is no down payment required. The Client was behind six months owing a past due balance of $8,831.74.
MODIFICATION TEAM: The Dean Dream Team
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