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 HUD.gov U.S. Department of Housing and Urban Development HopeNow.com Support and Guidance for Homeowners |
Case Study #7House Value: $370,000 Total Mortgage Balance: $451,000 Payment Status: Current Current Total Mortgage Payment: $2,900 interest-only Loan Type: 2 year ARM at 8.875% Hardship: The client purchased the property as a home for his growing family. He owns a small mortgage company, and saw a dramatic drop in income over the past two years. His business is still operating, but at a much lower profit. Lenders' Proposal: 2 year ARM at 5.00% for the first mortgage, and 2 year ARM at 3.00% for the second mortgage. The first mortgage lender opened a new escrow account for the client, paid his 2008 property taxes, and added the cost to the loan balance. New Payment: $2,485 P.I.T.I.* Total Monthly Savings: $773 Time from submission to acceptance: 19 days * Principal, Interest, Property Taxes and Homeowner's Insurance |
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