Loan Modification Example

Loan Modification Example

Here is an example of a loan modification workout. This was a situation where the home was already in foreclosure. The were in default in the amount of about 19,000 dollars. Their rate had adjusted up to 9.5% which made it difficult for then to make the payments. In this example of a loan modification workout we were able to get the rate down to 5.4% fixed which lowered the payment by 800 dollars a month. The foreclosure was stopped and all back payments owed were added back into the loan amount so the owners did not have to worry about coming up with the 19,000 dollars to catch up. As a matter of fact the only fee they ended up paying was the 500 dollar escrow fee and the cost of the successful loan modification which saved them thousands of dollars a year.

Beverly Shortsale Inc. - Beverly Hills Office
8484 Wilshire Blvd Suite 220 Boulevard
Beverly Hills, CA 91202
P: (310) 598-1399
F: (818) 688-8045