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 HUD.gov U.S. Department of Housing and Urban Development HopeNow.com Support and Guidance for Homeowners |
Case Study #3House Value: $333,000 Total Mortgage Balance: $300,000 Payment Status: 4 months behind Current Total Mortgage Payment: $3,850 P.I.T.I.* Loan Type: 30 year fixed at 7.00% Hardship: The clients purchased land to build a home on. During the building process, the costs of labor, materials and unexpected expenses drove the price up by almost 20%. As a result, the clients could not afford to complete the house, but have been living in it due to lack of funds. The clients also took three months of medical leave and have been struggling to make ends meet since then. Lender's Proposal: 5 year ARM at 5.875% New Payment: $2,121 P.I.T.I.* Total Monthly Savings: $1,729 Time from submission to acceptance: 66 days * Principal, Interest, Property Taxes and Homeowner's Insurance |
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