This client was one month behind when we received this file.
Old payment PI: $2216.00
Old rate: 6.25%
Approved for a step rate modification
Until May 2013-
New payment PI: $1720
New rate: 3.375%
Savings: $496.00
From May 2013- May 2014
New payment PI: $1904.29
New rate: 4.375%
Savings: $311.71
May 2014 until the remainder of the term
New payment PI: $2068.06
New rate: 5.25%
Savings: $147.94
This modification brings her current, she is no longer in default.
Total savings over the first 4 year period: $15,644.52
This post was written by Aubrey Feriante
