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 HUD.gov U.S. Department of Housing and Urban Development HopeNow.com Support and Guidance for Homeowners |
Case Study #6House Value: $420,000 Total Mortgage Balance: $316,000 Payment Status: 2 months behind Current Total Mortgage Payment: $2,685 P.I.T.I.* Loan Type: 30 year fixed at 8.5% Hardship: The client has been living in his house for 19 years. He owns a small importing business, but the poor economy and the increasing costs for materials and shipping greatly reduced his income. After a major surgery and a divorce, the client was unable to continue making his payments in full. Lender's Proposal: Lower rate to 1.75% for 5 years New Payment: $950 P.I.T.I.* Total Monthly Savings: $1,735 Time from submission to acceptance: 67 days * Principal, Interest, Property Taxes and Homeowner's Insurance |
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