Here you will find a compilation of homeowner testimonials and case scenarios of before and after workout plans.
Please, you are urged to read all the workouts below and do contact us with any questions about any of the workouts directly.
Counseling is for folks who are courageously facing their fears; we specialize in housing counseling.
THE WORD OF THE WISE!IF YOU ARE NOT PAYING YOUR MORTGAGE PAYMENT, PLEASE CREATE A SEPARATE SAVINGS ACCOUNT FOR ANY MONEY LEFT OVER THAT YOU CAN CONTRIBUTE TOWARDS YOUR FUTURE MORTGAGE PAYMENT, SOME PEOPLE HAVE BEEN SPENDING THEIR MORTGAGE PAYMENT MONEY THEY ARE NOT PAYING TO THE BANK FRIVOLOUSLY! SHOULD YOU BE SO IGNORANT TO SPEND THE MORTGAGE PAYMENT MONEY YOU ARE NOT PAYING TO THE BANK – YOU PROBABLY WILL JEOPARDIZE ANY CHANCES FOR A LOAN MODIFICATION WORKOUT BECAUSE THE BANK WILL ASK YOU TO COVER CERTAIN COSTS SUCH AS THE ESCROWS YOU OWE, PROPERTY TAXES AND INSURANCE IF ANY.
I just want to say I read your e-mails because of the motivation you consistently put out there for us. THHF helped me get into a trial payment plan with Bank of America and I’m working hard to make sure I put in my part of the deal to keep my condo. I appreciate all your efforts and definitely will pray for a way to get out of this hardship for me and everyone else going through the same thing.
Thank you,
Elaine Reyes
Dear Daisy,
GOODMORNING to you!!! I just want to say thank you for being such a
light in this world. It is so beautiful to see how you are allowing
yourself to touch the lives of so many people! I’m sure their are so
many ways which you never know, so I thought I would just share this
incident that just happened to give you a glimpse on a receivers end
for a change :0)
I had tried to open your email…all of the sudden my
husband said for the first time ever “after 2 years of trying to find a
job I think I’m finally starting to get discouraged.” Just then your
email came and I opened it with him sitting next to me
so he watched it…In no way do I think that’s a coincident…I believe
it’s just another small example of how God works in small but powerful
ways to minister in ways we could never orchestrate in our wildest
dreams. Just thought I’ ld share that with you, and say thank you for all that you are doing.
Kind regards,
Susan V
Thank You
Thank you again for another excellent seminar on preserving home ownership and avoiding foreclosure. I cannot begin to tell you how helpful these seminars are for our library customers.
I am looking forward to your upcoming seminars.
Helene Palmer
Section Supervisor,
Business, Law, and Government Services
Broward County Main Library
(954) 357-7434
Thank You
I just want to take a moment to say THANK YOU to all of you. Words are not enough to express how I feel about all of you. YOU did a fantastic job. The Event was a HUGE success and we did not do it alone….YOU were a very important part of the success. it was wonderful to see how all the families that attended the event got the much needed information and services from all of you . They truly left the event with a smile because they were able to find help when they needed it the most. I am really looking forward to working with all of you in the future.
Alba Linares – prestigehealthchoice.com
Thank You
Lender: GMAC
Thank you very much for care enough to make a difference. My God will never live me or your organization.
“THIS IS MY HOUSE, THIS IS THE ONLY THING ME AND MY HUSBAND HAVE TO KEEP MY FAMILY TOGETHER AND MY KIDS SAFE AND STABLE.” EVERYTHING WE HAD ACCOMPLISH ON ALL THIS YEARS IN USA ARE IN THIS HOUSE. THANKYOU FOR HELPING KEEP MY HOUSE, ME AND MY KIDS ARE PAYING A VERY HIGH PRICE RIGHT NOW TO KEEP THIS HOUSE. MY HUSBAND IS IN IRAQ WORKING SO WE CAN HAVE SOME MONEY AND TRY TO SAVE OUR HOUSE AT ANY PRICE. HE IS BEING AWAY FOR 2 YEARS AND NOW HE IS HOMESICK AND WANTS TO COME BACK; ME AND MY KIDS NEED HIM, BUT FOR US TO BE ABLE TO SURVIVE WE NEED A LOAN MODIFICATION THAT GIVES HIM THE OPPORTUNITY TO WORK HERE IN FLORIDA AND PAY THE HOUSE AND MORE IMPORTANT BE A HUSBAND, FATHER, FRIEND AND PROVIDER.
Thank you again, bless you all!!
Marie M.
(Lender ACS
Adjustable Rate Mortgage 12.5% that reset every 6 months
payment $3,700.00
Balance due: $ 310,791.59
Actual property Value $183,00.00
Lender mod offer:
Loan 3.75% fixed
Monthly mortgage payment $2,000.00 including taxes and ins.)
Kissimmee, FL
Lender: GMAC
Previous: interest rate: 6.375% Adjustable.
PITI: $1996.62
I was not sure if there was going to be an end to the nightmare. Back in April of 2010 I did
not know where to turn. Thank you Helpful Hands Foundation and Erika for bieng there with
me every step of the wayl
My new payment is $782.91 with interst at 3.125 until 2034. Thank you!
Genier C.
Re: Thank you
Daisy,
Thank you for your help.
These are trying times, but it is a blessing to know there are people like you out there that are helping. I feel that these hard times are necessary to make us appreciate what we have today and this has been sorely missed throughout the past couple of decades. I teach special needs kids, so I get to witness daily what extra help can do and accomplish when everyone works together.
Again, thanks for your time and assistance.
Nancy G.
Re: Thank you
To: “Daisy Raisler”
RE: Graziella
Thanks for your hard work…..and much time on this file.
I know it’s frustrating for you with the kind of hardship and
extra special needs she required for her husband that
she had to not have the bank work with you even more.
BUt, we can only do so much and you did all you could
by hanging in there with this case until you at least saved
the home and this helped her pay some things off.
Regards,
Dee H.
Re: Thank you
To: “Daisy Raisler”
I absolutely will continue to advertise for thhf. I believe this is a wonderful org and more like a family than a team. Any response I get I will pass to Anna and Wil. I love them.
Sandra L.
Lender: Bank of America
I want to thank The Helpful Hands Foundation for helping me, especially their counselors Ana and Wil Pedroza they are good people.
I contacted The Helpful Hands Foundation back in December of 2009 – I did not know where to turn – we thought the nightmare would never end, with their support we were able to get through this.
On January 2011 my foreclosure case with Bank of America was dismissed because the bank could not produce the original promissory mortgage note.
Shiv T.
Hi Darlene, to notify you that we received today a letter from the attorneys in Tampa that they dismiss action of the foreclosure. That’s means the storm is over for now. We appreciated all your effort and your hard work that help us to preserve our home. Thank you very, very much for your help in our case.
Luis Z
Lender: Wells Fargo
December 31, 2010 – Homeowner from Pennsylvannia
Hello Daisy,
I just wanted to give you an update on my case. Wells Fargo approved me for the modification. I received the documents last night. Yes, my heart was beating LOL, I read it over and over with a big cool smile on my face. I signed it and notarized it this morning. So, it’s on it’s way back to Wells Fargo by Fed X. They lower my rate from 6.5% to 5.125% and extended my loan back to another 3 years so, I can pay off what I owe to them. I will be paying $833 a month and just had to send them $200.98 today with the package.
I am so happy and wanted to thank you for your help. You nailed it, I took your advice and wrote down what you had mentioned to put on my hardship letter. Thanks a million. Words can not explain what I feel.
Thank you so much and have a Happy New Year!!!!! ///(*_*)\\\
Di
(Homeowner consulted with The Helpful Hands Foundation on December of 2009, it took Wells Fargo a year to come up with a solution for the homeowner.)
BOFA Housing Counseling in Florida 08/23/2010
I am very thankful to God, for this foundation such wonderful people working to help us. Especially the person God inspired to start this foundation.
Ms Lily and her wonderful staff God bless you all.
Thank you
Ann Gosse
AHMSI Loan Workout in Florida 08/02/2010
Bank: AHMSI
Previous Rate: 8.5% arm
Previous Payment:$1875.00
Behind 18 months
New workout
2% for 5yrs
3% for the 6yr
4% for the 7yr
4.580% for the remain term fixed..
Flagstar Loan Workout in Florida 07/24/2010
Lender: Flagstar
(We’ve been working with this homeowners’ case since March 2010)
Previous Monthly Payment: $1,057.83
Escrows: $119.79
New Monthly Payment: $551.85 includes Escrows (first five years at 2%)
Year 2015 – 3%: $632.81
Year 2016 – 4% $717.58
Year 2017 -2046: 5% – $771.94
Lender offered forbearance with step up program
GMAC Loan Workout in Florida 07/10/2010
Lender: GMAC
(Homeowner 15 months behind on payments)
Previous Monthly Payment: $1,528.00
New Monthly Trial Payment: $975.43
Homeowner will receive permanent modification after satisfaction of timely trial payments.
Monthly savings of $552.57 – Homeowner is very happy!
Space Coast Credit Union Loan Workout in Florida 06/19/2010
Lender: Space Coast Credit Union
(We’ve been working with this homeowners’ case since December 2009)
Previous Monthly Payment: $1,117.00 includes Escrows
Previous Interest Rate: 7.5%
Lender will offer permanent modification by reducing the Interest Rate to 3% after the satisfaction of 6 months timely trial payments of: $964.91
ASCH Loan Workout in Florida 06/19/2010
Lender: ASCH
(We’ve been working with this homeowners’ case since May 2010)
Previous Monthly Payment: $910.18
Previous Interest Rate: 6.5%
New Monthly Payment: $691.10
New Interest Rate: 4.875%
Homeowner approved for permanent modification (forebearance)
Wells Fargo Loan Workout in Florida 06/19/2010
Lender: Wells Fargo
(We’ve been working with this homeowners’ case since September 2009)
Previous Monthly Payment: $548.74 includes Escrows
Previous Interest Rate: 7%
New Monthly Payment: $402.96 includes Escrows until maturity of loan 7/2040
New Interest Rate: 5.375%
Homeowner approved for permanent modification
Countrywide/Bank of America Loan Workout in Florida 06/10/2010
Lender: Countrywide/Bank of America
(We’ve been working with this homeowners’ case since December 2008)
Previous Monthly Payment: $3,403.41 Interest Only
New Monthly Payment: $1,800.00 includes Escrows
Homeowner approved for permanent modification
Bank of America Loan Workout in Florida 06/10/2010
Lender: Bank of America
(We’ve been working with this homeowners’ case since November 2008)
Previous payment $2,195.00 (Escrows not included)
Interest rate 6.75%
Lender offered a workout which included a principal reduction from $325,000.00 to $240,000.00
SN Servicing Loan Workout in Florida 06/10/2010
Lender: SN Servicing (Private lender)
(We’ve been working with this homeowners’ case since February 2009)
Homeowner behind since Nov 08
Previous payment $1,377.84
Interest rate 11.75%
Foreclosure Stopped
7% for remaining term Payment $913.32
Deposit needed to cover nov08, dec08 and Jan09 payment $4133.52 (good faith payments) Remaining balance will be cut in half.
Ocwen Loan Workout in Florida 06/10/2010
Lender: Ocwen
(We’ve been working with this homeowners’ case since October 2008)
Previous payment $2,214.90
Interest rate 9.2%
Lender worked out new terms
5.5% for 3 years
New Monthly Payment of $2,023.12 includes Escrows and then 6.33% for the maturity of the loan.
Homeowner happy.
First Franklin Loan Workout in Florida 06/09/2010
Lender: First Franklin
(We’ve been working with this homeowners’ case since October 2009)
Previous Monthly Payment: $1,271.00
Previous Interest Rate: 10.39%
Homeowner approved for permanent modification.
Housing Counselor Narrative:
After working with First Franklin for several months they finally pre-approved a trialperiod starting on March 1, 2010 for $651.00. Once the trial had been completed on May 1st, 2010, they requested updated documentation and APPROVED the final modification.
The new loan modification has been approved at a 2% for 5yrs, 3% for the 6yr, 4% for the 7yr and the at the 8th year the rate will be 5% fixed for the term of the loan. They also forgave late fees and took $105,642.34 and deferred into a interest free balloon payment due at the end of the term December 1, 2036.
The current P&I payment is now $344.01 @ 2%
Total P&I savings of $926.99.
After much struggle, client loosing hope she is now extremely happy and could not express enough the appreciation she has for this outcome.
Wells Fargo Loan Workout in Florida 06/04/2010
Lender: Wells Fargo
(We’ve been working with this homeowners’ case since December 2009)
Previous Monthly Payment: $1,271.00
Previous Interest Rate: 10.39%
Homeowner was APPROVED for a final modification step up program.
New P&I Payment: $727.02
Taxes & Insurance: $195.50
Monthly Payment: $922.52
New Interest Rate: 3.5% (Years 1-5)
Year 6: 4.5% P&I Payment: $793.31
Years 7-25: 5% P&I Payment: $826.23
Homecomings Loan Workout in Florida 06/03/2010
Lender: Homecomings
Second Lien with Hartley Ventures (Hard Money)
(We’ve been working with this homeowners’ case since February 2009)
3 Workouts Kissimmee Florida
Housing Counselors Narrative:–Borrower’s hardship pertained to lost wages as a result of hours cut on jobs for both H&W, and the responsibility of taking care of a family member with multiple medical issues. As a result of homeowners not being able to speak English, all verbal and written communications on this file were done through Field Counselor. Without her intervention with the Language Barrier, this file never would have been doable. File was submitted to Hartley Ventures. Verbal communications with their attorney were made the day prior. Our proposal was accepted and the terms of the modification were done in one day for homeowner’s second lien position on their Primary Residence.
Our file submission to Homecomings was approved on March 13, 2009, for 3-month Trial Period for MHAP.
Homecomings / GMAC Old Payment – Jan. 2009
Interest Rate: – 9.62% (LIBOR ARM)
Monthly Payment of P & I – $1346.50
Monthly Escrows (Taxes & Ins.) – $152.56
Monthly Payment of PITI – $1498.43
Monthly Interest Rate – 9.62%
Interest Rate Low & Cap 8.25%, Cap: 14.25%
Term/Amortization – 30 Years
Principal Balance – $158,950
Resets – Every 6 months
Hartley Ventures Second Lien – Workout Approved 2/18/09
Principal Reduction by 25%
Waived: Legal Fees & Costs
Interest Rate Reduction: 17.9% to 6%
Balloon Payment: $21k & re-amortized
Term & Amortization: 30 Years Fixed
Monthly Payment: Went from $313/month to $110.70/month
Loan Type: Interest Only was changed to Principal. & Interest
Settlement Date: March 1, 2009
Maturity Date: February 1, 2039
Arrears & Delinquencies: One Year put back into loan
Payment Due: 15th Day of each month until maturity.
Modification: Was done in one day.
First Workout with Homecomings 3-Month Payment Plan Approved 3/13/09
3/31/09, First Payment PITI – $1325.00
4/31/09 Second Payment: PITI – $1324.00
5/31/09 Third Payment PITI – $1324.00
Modification Approval: Was done in one month.
Second Workout Homecomings – Permanent Modification Approved
Interest Rate – 3% Fixed for 5 Years
Interest Rate Cap: 14.25% (LIBOR)
Monthly Escrows (Taxes & Ins.) – $152.16
Monthly Payment of P & I – $739.14
Monthly Payment of PITI – $890..70
Term/Amortization – 25 Years
Interest Rate Change Date – 1% added to current index.
Commencement Date – July 1, 2009
Maturity Date – June 1, 2034
Principal Balance – $162,457
Interest Rate Change Date – June 1, 2014 (resets every 6 months)
Monthly Savings – $600.73 for PITI
Savings over life of loan – $216,262.80
Monthly Savings for both liens $346 for PITI during 90-Day Trial Period
Monthly Savings: $803. for PITI – for both liens
Bank of America Loan Workout in Florida 05/20/2010
Lender: Bank of America
(We’ve been working with this homeowners’ case since January 2009)
Previous Monthly Payment: $1,385.77
Homeowner approved for permanent modification step up program
Years 1-5: 2% P&I: $841.67
Year 6: 3% P&I: $918.42
Year 7: 4% P&I: $996.98
Year 8: 5% P&I: $1,076.85
Year 9: 5.375% P&I: $1,106.69
Bank of America Loan Workout in Maryland 05/20/2010
Lender: Bank of America
(We’ve been working with this homeowners’ case since April 2009)
Previous Monthly Payment: $3,207.96
Homeowner approved for permanent modification step up program
Years 1-5 3.5% P&I: $1,635.49
Year 6: 4% $2,317.49
Year 7: 4.5% $2,646.24
Year 8-30: 4.99% $2,811.47
Bank of America Loan Workout in Maryland 05/20/2010
Lender: Bank of America
(We’ve been working with this homeowners’ case since July 2009)
Current Loan
12 Months Behind
Interest – 6.0%
Loan Type – ARM
Payment – $3,141.13
New Modification Details
Changed from ARM to Fixed Rate
Interest – 3.875%
Payment – $1,761.11
Monthly Savings – $1,380.02
Wells Fargo Loan Workout in Nevada 05/20/2010
Lender: Wells Fargo
Current Loan
19 Months Behind
Interest – 6.875%
Loan Type – ARM
Payment – $959.09
New Loan Modification Details
Changed from ARM to Fixed Rate
Interest – 5.00%
Payment – $627.76
Monthly Savings – $331.33
We’ve been working with this homeowners’ case since December 2009.
We have had to stop sale 3 times since we received the file.
Wells Fargo Loan Workout in Florida 05/19/2010
Lender/Servicer: Wells Fargo
Loan Type: World COSI Loan/Equity Builder
Interest Only – Pick A Way
Account: No Foreclosure with No Sales Date
Arrears: At time of Approval approx 5 payments
Housing Counselors Narrative:
Transaction Summary – Primary Residence – we started working on this file in August 2009. Borrower’s hardship relates to job termination, UEC, income decline and medical issues on behalf of a family member. After being employed by the same employer for six long dedicated years, borrower’s employer decided to terminate his position during the month of August 2009. Being that Wachovia, at the time, was in the process of being taken over by Wells Fargo, we witnessed a nice lovely long delay before Wachovia could review this scenario for the MHAP.. During the month of November 2009, at the Servicer’s request, the entire contents of the borrower’s file was also sent in via Flat Rate Priority Mail, this was after they had already acknowledged our fax transmissions consisting of a complete file during the Fall. The homeowner’s file was approved on February 4, 2010 for the 90-Day Trial Period for the MHAP.
Feb. 4 2010 – Approved for 90-Day Trial Period for MHAP
Original Principal Balance was $205,907.38 (prior to approval)
Old Payment – Int., Taxes & Ins. $687 every other week, $1489 Monthly
New Monthly Payment for 90-Day Trial Period for HAMP – $1245.72 for PITI
18% Principal Reduction accommodate for HAMP – $37,063.33
New Principal Balance on Modification is $168,844.05
Monthly Savings: $244.31
GMAC Auto Loan Transaction Summary – 6 Month Deferment Approved as housing counselors, one of the most important priorities that we face is assisting our clients with debt restructure. We try to address the entire financial picture, to see if we can help the homeowners reduce their monthly debt. I took a look at the homeowners Auto loan and did a file submission in April 2010 to GMAC to see if there was any way we could do a Re-Write with an interest rate reduction together with extension of term. Being that the homeowner’s vehicle is a 2006 Model, a Rewrite could not be accommodated as we had 38 months left on a term note. The original term on the Note was for 60 months. GMAC’s Policy for Re-writes for 2006 Vehicles, the borrower must have half of 36 months left on term to be considered for this possibility. What we were able to achieve in place of a Re-Write was:
GMAC Auto Loan – 6 Month Payment Deferment Approved May 13, 2010
Contingent upon GMAC receiving $88.83 by May 17th. from the borrower. GMAC’s Policy – A 6-Month Deferment can only be taken once during the life of the loan, which will be split up in the following manner: 90 days the first year, and 90 additional days in the second year. This was verbally agreed upon during a 3-way call with GMAC and the borrower on May 13, 2010. (When people are getting back on their feet, and re-entering the workforce, every little bit helps. Being that the borrower was unemployed for such a long time, and was recently hired with a new job, I feel that this scenario, in addition to the workout for the MHAP, under the circumstances will help the borrower and give him a chance to get back on his feet. He is a family man and has a family to support.
With regard to the borrower’s Primary Residence, we will continue to monitor this file with Wells Fargo, for a Permanent Modification, as we near the completion of the Trial Period for the MHAP.
OCWEN Loan Workout in Florida 05/19/2010
Lender: OCWEN
(We’ve been working with this homeowner’s case since October 2009)
Previous Payment: $952.00
Previous Interest Rate: 7.8%
Homeowner was approved for Home Affordable Modification: $961.85
After timely satisfaction of trial period, lender will waive all late charges and move to
permanent modification as follows:
Years 1-5: 2% Monthly Payment: $436.22
Year 6: 3% — $499.13
Year 7: 4% — $564.89
Year 8 through maturity: 5% — $633.03
Homeowner is relieved and happy.
Chase Loan Workout in Florida 05/19/2010
Lender: Chase
(We’ve been working with this homeowner’s case since August 2009)
Previous Payment: $1,651.94
Previous Interest Rate: 6.25%
New Monthly Payment: $1,177.98
Bank of America Loan Workout in Florida 05/19/2010
Lender: Countrywide/BOFA
(We’ve been working with this homeowner’s case since January 2009)
Previous Payment: $1,385.77
Homeowner approved for permanent modification step up program
Years 1-5: 2% Monthly Payment — $841.67
Year 6: 3% — $918.42
Year 7: 4% — $966.98
Year 8: 5% — $1,076.85
Year 9: 5.375% — $1,106.69
AHMSI Loan Workout in Florida 05/19/2010
Lender: AHMSI
(We’ve been working with this homeowner’s case since January 2009)
Previous Payment: $1,161.00
New Monthly Payment: $950.98 includes taxes and insurance
Homeowner is glad, saving $365.00 a month
AHMSI Loan Workout in Florida 05/19/2010
(Ana Pedroza – Counselor)
Bank AHMSI
Current – 14 months behind
Current – payment $1255.00
Current – Interest 6.25%
New workout 2.5% for 3 yrs payment793.79 including escrow
then 3.5% 1yr $878.51 including escrow
4.5% 964.72 including escrow
5% for the remaining term $1007.80 including escrow.
Regions Bank Loan Workout in Florida 05/15/2010
(Penny Wirt – Counselor)
Lender: Regions Bank
(We’ve been working with this homeowners’ case since August 2009)
CROSS COLLATERALIZATION MORTGAGE AUDIT & TWO PROPOSALS TO REGIONS BANK
Borrower was facing Foreclosure on Two Properties, his Primary Residence in Seminole County and his 2nd Property in Daytona Beach, FL (Regions had first lien position on Condo Property and 2nd Lien Position on Borrower’s Primary Residence.
Transaction Summary:
Borrower was saved from Foreclosure for Condo Purchase Transaction in Daytona Beach, Florida and his Primary Residence located in Seminole County.. Completion of Mortgage Audit and two proposals were submitted to Regions Bank dba Regions Mortgage. Cross Collateralization consisted of the borrower’s equity in his Primary Residence being used as additional Collateral to support his Purchase Transaction for his Condo Property in Daytona Beach, FL.
Delay on this file was caused by repeated requests for documentation from the Realtor, (who acted as a Dual Agent in the transaction, on behalf of Keller Williams as the Realtor, and Key Bay Mortgage of the broker) the Title Company (we were told to contact TICO Title on behalf of Premier Title & Abstract who went out of business) and the Appraiser. Documents were received by the end of November from everyone but the Appraiser, who denied our request.
The homeowner had the Condo Property listed with the MLS in June 2009. At the time of our file submission to Regions Bank, the listing had expired. We advised the homeowner to re-list his property with the MLS. Our first submission to Regions, which consisted of a full package for a modification / and or total forgiveness consisted of all supportive documents and an 11-Page Audit and a Proposal for a Deed in Lieu, with total forgiveness was denied at the end of December 2009. I had advised the homeowner that Regions would probably do this prior to our submission. I had outlined several avenues that we would proceed to avoid foreclosure. , Regions copied us on their response, their reason for decline was documented: “this was not the homeowners Primary Residence.”
We started to work with Regions as far as the Negative equity and property decline for both properties. During the month of February Regions was willing to Negotiate a second loan i/a/o $20K over a term note of 30 years at 3% Fixed Interest Rate.
Second Proposal to Regions
As a Result, we came in with our Second Written Proposal, which provided several different ways to amortize the term with a lower interest rate and/or which would be contingent upon Loan Committee’s Approval – “Proposal # 4” documented A Cash Offer of $10,000 for total forgiveness for both lien positions with the understanding that Regions would not issue a 1099 at the end of the year a deficiency judgment. The following request for a cash offer was documented on our Proposal for consideration.
The borrower was prepared to make a cash offer in the amount of Ten-Thousand Dollars ($10,000.00) for the removal of Region’s Second Lien Position and the recording of the Satisfaction of Mortgage on his primary residence- upon lender approval.
Region Acknowledgment that our Proposal was accepted by Loan Committee. As a result of keeping everyone advised as to our up-to-date follow up on this file, we were able to keep the borrower out of foreclosure on two properties – his Primary Resident and the Condo Conversion located in Daytona Beach, FL. In addition, our intervention with all correspondents connected to this transaction prevented the possibility of Counsel moving forward with a Summary Judgment and both properties going on the Auction Block.
Workout / Cross Collateralization,
$44,414 – 18 months arrears for PITI & HOA Dues (excluding late fees)
$241,292 – Balance due on Note for Condo Conversion, Daytona Beach
$133,100 – Equity – 2nd Lien Position – Borrower’s PR at time of application for Condo
$1,414 – 18 Months – Late Fees at 5% for Mortgage on 2nd Property
+$ 2,000 – Approximate Legal Fees
$422,220 – Total for both Liens (Condo Property & Borrower’s Primary Residence)
- $40,000 – Short Sales Transaction for Condo Property, Daytona Beach, FL
- $10,000 – Cash on Table – Upfront Funds
- $1,732 – Estoppel Letter / HOA Dues Arrears – Reduced
$380,488 – Saved Borrower / Total Forgiveness / Reversed Foreclosure Status on Both Properties.
Indymac Loan Workout in Florida 05/15/2010
(Penny Wirt – Counselor)
Lender: Indymac
(We’ve been working with this homeowners’ case since August 2009)
MHAP Workout Completed
Started to work with homeowner at beginning of September 2009.
Summary of hardship pertains to: borrower paid cash for home in 2002.
Did REFI Cashout i/a/o $175k to pay for husbands medical bills, after husband passed away.
Borrowers monthly gross income consists of: SS Income & Husband’s Pension.
Additionally,. Borrower had medical surgery one year prior where there were medical complications.
As a result surgery was repeated during Sept. 2009, with follow up with REHAB after homeowner was hospitalized.
• 90-Day Trail Period for MHAP Approved October 24, 2009
Original Transaction – $1454 for PITI – Monthly Housing Obligation
Original Terms & Rate: 30 year fixed, 6.375%,
Original Loan Amount: $175,000 w/balloon payment due at maturity – $90,365
Monthly Payment Approved during Trial Period: $1050
Arrears at time of Approval – 2 months
Monthly Savings of: $404
Commencement Date: December 1, 2009
Maturity Date: March 1, 2010
• Permanent Modification Approval for MHAP – April 1, 2010
First 5 years fixed at 2% with monthly payment for P & I – $931.00 ($965. PITI)
Sixth Year – Eighth Year – 1% increase each year thereafter.
Eighth Year – Interest Rate Capped Off through remainder of term at: 4.85% Fixed.
Balloon Payment Reduction Due At Maturity – 42,797.24
Remaining Term / Amortization: 27 Years
Maturity Date: March 1, 2037
In First 5 Years of the loan – with Reduction of Balloon Payment Saved Homeowner $75,000.
DTI = 31% on front end of loan for first 5 years.
GMAC Loan Workout 05/15/2010
Lender: GMAC
(We’ve been working with this homeowners’ case since March 2010)
Previous Monthly Payment: $2,308.72 Option ARM
Previous Interest Rate: 7.25%
New Trial Payment with Escrows: $1,867.54
Homeowner is approved for HAMP, upon satisfaction of trial plan lender will consider permanent modification.
EMC Loan Workout in Florida 05/15/2010
(Lily Santelis – Counselor)
Lender: EMC
(We’ve been working with this homeowners’ case since March 2010)
Previous Monthly Payment: $1,268.76
Homeowner approved for permanent modification step up program
Years 1-5: 2% —- P&I: $622.25
Year 6: 3% —- P&I: $722.91
Year 7: 4% —- P&I: $829.16
Years 8: 5% —- P&I: $940.14
Years 9-27: 5.125% —- P&I: $954.18
BANK OF AMERICA Loan Workout in Maryland 05/04/2010
(Nelyza Garcia – Counselor)
Lender: BANK OF AMERICA
(We’ve been working with this homeowners’ case since April 2009)
Previous Monthly Payment: $3,207.96
Homeowner approved for permanent modification step up program
Years 1-5: 3.5% —- P&I: $1,635.49
Year 6: 4% —- P&I: $2,317.49
Year 7: 4.5% —- P&I: $2,646.24
Years 8-30: 4.99% —- P&I: $2,811.47
BANK OF AMERICA Loan Workout in Maryland 05/04/2010
(Nelyza Garcia – Counselor)
Lender: BANK OF AMERICA
(We’ve been working with this homeowners’ case since July 2009)
Current Loan:
Arrears: 12 months behind
Interest Rate: 6%
Loan Type: Adjustable Rate Mortgage
Payment: $3,141.13
Modified Details:
Interest Rate changed to FIXED RATE
Interest Rate: 3.875%
Payment: $1,761.11
Monthly Savings: $1,380.02
Wells Fargo Loan Workout in Nevada 05/04/2010
(Nelyza Garcia – Counselor)
Lender: Wells Fargo
(We’ve been working with this homeowners’ case since December 2009)
Current Loan:
Arrears: 19 months behind
Interest Rate: 6.875%
Loan Type: Adjustable Rate Mortgage
Payment: $959.09
Modified Details:
Interest Rate changed to FIXED RATE
Interest Rate: 5%
Payment: $627.76
Monthly Savings: $331.33
*additional comment from mitigator: This property was set for auction 3 times, we have had to stop sale 3 times since we received this file!
CHASE Loan Workout in Florida 04/27/2010
Lender: CHASE
(We’ve been working with this homeowners’ case since November 2009)
Previous Monthly Payment: $777.14
Homeowner approved for permanent modification step up program
Years 1-5 2% P&I: $332.00 (Escrow $171.02)
Year 6: 3% $385.70
Year 7: 4% $442.39
Year 8: 5% $501.61
Year 9-40: 5.125% $509.10
The lender did defer the amount owed in a non interest bearing account. The homeowner was happy not to lose his home.
BANK OF AMERICA & GREENTREE Loan Workout in Florida 04/08/2010
(Coleen Montalvo – Counselor)
Combo Loan
Lender: BAC (1st Mortgage) >> modified on July 2009
Lender: Greentree (2nd Mortgage)
(We’ve been working with this homeowners’ case since March 2009)
Previous Balance: $59,929.43
Previous Monthly Payment: $490.77
Previous Interest Rate: 11%
Comments as per THHF Mitigator: Lender finally approved a permanent modification after not accepting several offers from homeowner. Homeowner was offered a settlement payoff of $28,964.62 or a permanent modification with principal reduction of $24,359.30 at 5.5% with a payment of $145.07 (It pays not to give up trying to resolve the second lien, once the first has been approved the lender is more willing to negotiate)
Homeowner very happy again and extremely happy with The Helpful Hands Foundation and the wonderful help of Coleen.
BANK OF AMERICA Loan Workout in Florida 04/08/2010
(Emma Leveson – Counselor)
Lender: BANK OF AMERICA
(We’ve been working with this homeowners’ case since November 2009)
Previous Monthly Payment: $965.27
Previous Interest Rate: 10.675%
New Payment: $326.95
New Interest Rate: (on ascending scale) starts at 4.375% and not to exceed 8%
Lender offered Forbearance with Interest Only payment for 10 years, this will allow homeowner to get through hardship – they will also be able to pay towards principal balance. Resolution for past due amount with option to pay in full or partial payments or added to principal.
NATIONAL CITY MORTGAGE Loan Workout in Florida 04/08/2010
(Graziella Viteri – Counselor)
Lender: NATIONAL CITY MORTGAGE
(We’ve been working with this homeowners’ case since April 2009)
Previous Monthly Payment: $1,200.00
New Payment: $676.71 (Forbearance Plan)
*Second Lien received a principal reduction of $47,000.00
BANK OF AMERICA Loan Workout in Florida 04/08/2010
(Coleen Montalvo – Counselor)
Lender: BANK OF AMERICA
(We’ve been working with this homeowners’ case since October 2009)
*INVESTMENT PROPERTY
Previous Monthly Payment: $1,632.00 (no Escrows)
New Payment: $1,395.00 (Include Escrows)
*Second Lien approved for modification with Primary approved – BAC
Homeowner is very happy and satisfied.
CHASE Loan Workout in Florida 04/02/2010
(Lily Santelis – Counselor)
Lender: CHASE
(We’ve been working with this homeowners’ case since April 2009)
Previous Monthly Payment: $2,191.95
Previous Interest Rate: 6.35%
Homeowner approved for Step Up Repayment Plan
New monthly payment of $1,392.25 (includes escrows)
Interest rate at 2%
Step up 1% each year til it reaches 5% and will remain there for remainder of 40 yr term.
SPACECOAST Loan Workout in Florida 04/02/2010
(Lily Santelis – Counselor)
Lender: SPACECOAST
(We’ve been working with this homeowners’ case since December 2009)
Previous Monthly Payment: $1,117.59.67
Previous Interest Rate: 7%
Homeowner approved for Forbearance
New monthly payment of $1,029.39
Interest rate at 4.25%
BANK OF AMERICA Loan Workout in Florida 04/02/2010
(Lily Santelis – Counselor)
Lender: BANK OF AMERICA
(We’ve been working with this homeowners’ case since August 2009)
Previous Monthly Payment: $1,117.59.67
Previous Interest Rate: 7%
Homeowner approved for Deferred Payment Plan
New monthly payment of $754.60
Interest rate at 2% for 5 years after that rate will increase annually 15 until it reaches 5.125% for 40 years.
WACHOVIA Loan Workout in Florida 03/22/2010
(Lily Santelis – Counselor)
Lender: WACHOVIA
(We’ve been working with this homeowners’ case since December 2009)
Previous Monthly Payment: $1,914.67
Previous Interest Rate: 5.68% Interest Only
Homeowner approved for modification
New monthly payment of $803.25
Interest rate at 5.01%
PRINCIPAL REDUCTION: $25,692.70 >> Homeowner is Very Happy!
GMAC Loan Workout in Florida 03/22/2010
(Lily Santelis – Counselor)
Lender: GMAC
(We’ve been working with this homeowners’ case since August 2009)
Previous Monthly Payment: $978.33
Previous Interest Rate: 7.25%
Homeowner approved for trial program, Interest rate at 3.625% with monthly payment of $698.54
WELLS FARGO Loan Workout in Florida 03/22/2010
(Graziella Viteri – Counselor)
Lender: WELLS FARGO
(We’ve been working with this homeowners’ case since November 2009)
Previous Monthly Payment: $2,375.75
Homeowner approved for Making Home Affordable trial program using 31% of current income.
New monthly payment of $2,123.61
Monthly savings of: $252.14
Indymac Loan Workout in Florida 03/10/2010
(Penny Wirt – Counselor)
Lender: Indymac
(We’ve been working with this homeowners’ case since August 2009)
Notes from Penny:
Indymac – Permanent Loan Modification Received March 8th
1. New Monthly Payment for PITI – $931.00 PITI for first 5 years.
2. HOA Dues of $35. – factored in comes to $965.00 a month for PITI & HOA Dues for 5 years
3. Old Payment: $1426. for PITI & HOA Dues
4. Monthly Savings for first 5 years PITI & HOA Dues: $ 461.00 a month
5. Original Mortgage had a Balloon Payment due at maturity i/a/o $90,365.97
6. Loan Modification – documented reduction in Balloon payment to $42,792.24
7. Balloon Payment / Principal Reduction – $47,573.73
8. Interest Rate Reduction from 6.375% to 2% for first five years results in savings of $27,660.
9. Interest Rate Reduction – 6th year to 3% – Monthly payment of P& I of $710.51 + HOA Dues of $35 + Estimated Escrows of $301 = Total monthly estimated payment of $1046 PITI & HOA Dues results in a monthly savings i/a/o $380 (yearly savings $4560)
10. Interest Rate Reduction – 7th year at 4%, monthly P & I of 792.73 + HOA $35 + estimated escrows of $301 = Total Estimated monthly payment of $1128.73 for PITI & HOA Dues, monthly savings of $297.27 = $3,567.24 yearly savings
11. Interest Rate Reduction 8th year until maturity of 4.875% – total payment of P & I = $710.51 + HOA Dues of $35 + Estimated Escrows of $301 = Total Estimated Monthly Payment $1046.51 for PITI & HOA Dues, gives us a monthly savings of $379.46 until maturity. . Through 8th year until maturity date which is 19 years we will be saving the borrower the total of $86,523.72
12. Commencement Date: April 1, 2010, (remaining term of 27 years)
13. Maturity Date: March 1, 2037
14. Principal Balance: $177,506.20
15. Savings over life of loan: Total Savings
1. Balloon Payment / Principal Reduction $ 47,573.73
2. First Five Years @ $461/month $ 27,660.00
3. Sixth Year Total Savings $ 4,560.00
4. Seventh Year Total Savings $ 3,567.24
5. Savings thru Eighth Year Until Maturity $ 86,523.72
Total Savings over life of Loan $169,884.69
Original Balloon Payment on Original Note: $ 90,365.95
New Balloon Payment on Modification: $ 42,792.24
A VERY HAPPY HOMEOWNER!!
Bank of America Loan Workout in Florida 03/09/2010
Lender: Bank of America
(We’ve been working with this homeowners’ case since February 2009)
Previous Monthly Payment: $1,908.36
Homeowner received Final Modification:
Loan Reduction of $52,263.68
Comments: New payment, a lot lower monthly payment that even the trial period at $850.39 includes escrows. New Interest Rate of 2% for the next five years; increases of 1% per year until year 9 when it will be a permanent rate at 5.125% for the life of the loan that is now 40 years.
New Monthly Payment: $1,791.79 (includes Escrows)
Bank of America Loan Workout in Florida 02/24/2010
(Lily Santelis – Counselor)
Lender: Bank of America
(We’ve been working with this homeowners’ case since January 2010)
Previous Monthly Payment: $3,129.87 (includes Escrows)
Homeowner received Trial Plan:
New Monthly Payment: $1,791.79 (includes Escrows)
GMAC Loan Workout in Florida 02/24/2010
(Ana Pedroza – Counselor)
Lender: GMAC
(We’ve been working with this homeowners’ case since August 2009)
homeowner arrears 11 months
Previous Monthly Payment: $1,528.87 (includes Escrows)
Homeowner received Trial Plan:
New Monthly Payment: $1,066.40 (includes Escrows)
Lender did require a $1,500.00 deposit.
ASC Loan Workout in Florida 02/24/2010
(Ana Pedroza – Counselor)
Lender: ASC
(We’ve been working with this homeowners’ case since August 2009)
homeowner arrears 13 months, file was in active foreclosure, foreclosure has been halted twice.
Previous Monthly Payment: $1,289.43 (includes Escrows)
Homeowner approved for HAMP program:
New Monthly Payment: $708.04 (includes Escrows)
Homeowner was so happy she was screaming with joy!
BAC Loan Workout in Florida 02/24/2010
(Coleen Montalvo – Counselor)
Lender: BAC (bought by Taylor, Bean & Whitaker)
(We’ve been working with this homeowners’ case since March 2009)
Previous Monthly Payment: $1,434.32 (without Escrows)
Homeowner approved for trial plan:
New Monthly Payment: $1,522.55 (includes Escrows)
This client has a FHA loan which they can only approve a trial period and then review for other program. Because of FHA guidelines HAMP is not the 1st choice. FHA has a tier program the must follow prior to modification. Borrower is on loan with son (in IRAQ) no information requested on son, and borrower has a substantial reduction of income with possibility of loosing job. Prior to additional deduction their debt ratio is103%. They were recently considering doing a short sale on this property.
ASC Loan Workout in Florida 02/24/2010
(Kimberly Bell – Counselor)
Lender: ASC a division of Wells Fargo
(We’ve been working with this homeowners’ case since February 2009)
Previous Monthly Payment: $1,298.85
Taxes and Insurance: $219.19
Homeowner approved for trial plan:
New Monthly Payment: $706.80
Special thanks …
Coleen Montalvo for halting a foreclosure sale and initiating contact with lender for mediation.
Michelle Kosicki coached homeowner who was in court, attorneys for lender denied hearing of The Helpful Hands Foundation, fortunately homeowner had certified U.S. mail proof indicating that consultation docs had been sent to attorney… judge granted additional 120 days to allow negotiations.
*LETTER FROM HOMEOWNER TO DAVID AND DARLENE
My gratitude goes out to David Shannon, whom I had the good fortune to meet at my grandson’s football game a few years back. Through Dave, I was introduced to the Foundation and its work on behalf of homeowners.
Even back then, I felt that the Foundation offered us a chance to finally get things right. I had a good feeling about Dave’s sincerity and his belief that if the cause is valid, the thirst for victory will lead to the intended results.Same goes for football,too.
Darlene Brumbaugh is a lady who has a positive attitude about her mission:to motivate people to act,in order to get answers and get results. With her, I had the impression that there would be no rest until the case was closed in our favor.Over the last year, Darlene maintained contact with us and provided status reports on a long and tedious undertaking.She advised us to maintain channels open with Citi and cooperate with them at all times. This is the key. The Foundation must work in partnership with the client. It is always about the team and not about the individual.
In the aftermath of the workout, we have a conventional loan that peaks at 5% and will never exceed $1200 per month. We always wanted an achievable goal and we succeeded. We won and kept a home for our daughter and her children.
You have my sincerest gratitude for your professionalism and commitment to those who seek help in time of crisis. We could not have climbed the mountain without you.
With best regards and much continued success,
Edwin H
*LETTER FROM HOMEOWNER TO PENNY
I can’t thank your Foundation enough. For helping me out with my mortgage problem. Because of Penny Wirt hard work and getting my file to Bank United. I’ll be starting my new trial mortgage in March. I can’t thank Penny and Daisy enough for all your help. It is my honor working with a great foundation like yours. I am so happy there are still good people out there in the world today, that work hard an put their heart into everything they do… Thanks again…
Todd M. S.
WaMu Loan Workout in Florida 02/23/2010
(Ana Gaud – Counselor)
Lender: WaMu
(We’ve been working with this homeowners’ case since October 2008)
Previous Monthly Payment: $935.19
Previous Interest Rate: 8.125%
*Adjustable Rate Mortgage
Taxes and Insurance: $232.60
Total Old Payment: $1,167.79
Homeowner received loan modification plan for 5 years:
New Monthly Payment: $652.25.90
New Interest Rate: 4.05%
Taxes and Insurance: $151.17
Total New Payment: $803.42
Total monthly savings of $364.37… this should help the homeowner get back on track and are able to retain their home.
HOMEQ Loan Workout in Florida 02/23/2010
(Ana Pedroza – Counselor)
Lender: HOMEQ (Investment Property)
(We’ve been working with this homeowners’ case since October 2009)
Previous Monthly Payment: $960.69 (Includes Escrows)
Homeowner received loan modification plan for 5 years:
New Monthly Payment: $628.74 (Includes Escrows)
New Interest Rate: 4.125%
Total monthly savings of $331.95… ( in 5 years that will be a total saving $19,917.00)
Chase Loan Workout in Florida 02/23/2010
(Lily Santelis – Counselor)
Lender: Chase
(We’ve been working with this homeowners’ case since October 2009)
Previous Monthly Payment: $1,277.10 (Includes Escrows)
Homeowner received trial offer:
New Monthly Payment: $1,039.09 (Includes Escrows)
Aurora Loan Workout in Florida 02/23/2010
(Iris Velazquez – Counselor)
Lender: Aurora
(We’ve been working with this homeowners’ case since January 2009)
Previous Monthly Payment: $1,231.44
Taxes and Insurance: $194.04
Homeowner was offered trial plan
Monthly Payment: $618.79
Taxes and Insurance are current same as above.
Lender waived all late payments and extra interest.
Aurora Loan Workout in Florida 02/17/2010
(Lily Santelis – Counselor)
Lender: Aurora
(We’ve been working with this homeowners’ case since October 2009)
Previous Monthly Payment: $987.04 (includes Escrows)
*Adjustable Rate Mortgage
Homeowner received Trial Plan for 6 months:
New Monthly Payment: $481.90 (includes Escrows)
Wells Fargo Loan Workout in Florida 02/17/2010
(Graziella Viteri – Counselor)
Lender: Wells Fargo
(We’ve been working with this homeowners’ case since November 2009)
Previous Monthly Payment: $770.70 (includes Escrows)
Homeowner received Trial Plan for 3 months:
New Monthly Payment: $453.13 (includes Escrows)
Countrywide Loan Workout in Florida 02/17/2010
(Graziella Viteri – Counselor)
Lender: Countrywide
(We’ve been working with this homeowners’ case since July 2009)
Previous Monthly Payment: $1,821.74 (includes Escrows)
Previous Interest Rate: 9.625%
Homeowner received modification on his mortgage loan of 4 years:
New Monthly Payment: $1,242.62 (includes Escrows)
New Interest Rate: 3.5%
Homeowner has a savigs of $579.12 (in a 4 year period he will have saved $27,797.76!)
Wells Fargo Loan Workout in Florida 02/16/2010
(Lily Santelis – Counselor)
Lender: Wells Fargo
(We’ve been working with this homeowners’ case since October 2009)
Previous Monthly Payment: $1,087.51
Escrows: $480.84
Total monthly payment: $1,568.35
Previous Interest Rate: 8.25%
Homeowner received final workout:
Year 1 – 5 Interest Rate: 4.125%
New Monthly Payment: $813.43
Escrows: $427.36
Total monthly payment: $1,240.79
Year 6-25 interest rate will go to 5%
Principal & Interest: $877.00
Escrows will adjust.
Wells Fargo Loan Workout in Florida 02/13/2010
(Coleen Montalvo – Counselor)
Lender: Wells Fargo
(We’ve been working with this homeowners’ case since December 2009)
Previous Monthly Payment: $2,423.58 (Escrows included)
Homeowner was approved for a Forbearance Plan:
New Monthly Payment: $2,085.00 (Escrows included)
Monthly Savings: $338.58
Comment from mitigator: Customer understood that their income is high and that Wells Fargo was not very flexible in offering any other altermative. Keeping their home was most important and they are content.
U.S. BANK HOME MORTGAGE Loan Workout in Florida 02/05/2010
(Nelyza Garcia – Counselor)
Lender: U.S. BANK HOME MORTGAGE
Arrears: 12 months behind
(We’ve been working with this homeowners’ case since June 2009)
Old Monthly Payment: $1,342.28
Escrow – $191.72
Previous Interest Rate: 5.72% Adjustable Rate Mortgage
Total Old Payment: $1,534.00
Homeowner was approved for the following trial plan:
New Monthly Payment: $715.02
Escrow – $358.99
Interest Rate: 4.34% Fixed Rate
Total New Payment: $1,074.01
Monthly Savings: $459.99
FREEDOM MORTGAGE Loan Workout in Florida 02/05/2010
(Nelyza Garcia – Counselor)
Lender: FREEDOM MORTGAGE
Arrears: 11 months behind
(We’ve been working with this homeowners’ case since June 2009)
Previous Monthly Payment: $1,630.21
Escrow – $850.85
Previous Interest Rate: 7.750% Adjustable Rate Mortgage
Total Old Payment: $2,481.09
Homeowner was approved for the following trial plan:
Previous Monthly Payment: $1,095.30
Escrow – $632.95
Interest Rate: 4.34% Fixed Rate
Total New Payment: $1,728.25
Monthly Savings: $752.84
Comment from mediator: “Lender had initiated foreclosure and had set a Sale Date for 1/20/10. I had to use the heavy artillery and get Fannie Mae into it, but finally I got Freedom Mortgage to cancel the sale and begin working with the homeowner, after so many months we got them into a trial plan.”
INDYMAC Loan Workout in Florida 02/05/2010
(Ana Gaud – Counselor)
Lender: INDYMAC
Arrears: 18 months behind
(We’ve been working with this homeowners’ case since November 2008)
Previous Monthly Payment: $1,450.42
Escrow – $151.86
Total – $1602.28
Homeowner was approved for the following trial plan, includes Taxes and Insurance:
New Monthly Payment: $1,139.85
CITI MORTGAGE Loan Workout in Florida 02/05/2010
(Ana Gaud – Counselor)
Lender: CITI MORTGAGE
Arrears: 11 months behind
(We’ve been working with this homeowners’ case since March 2009)
Previous Monthly Payment: $1,480.08
Escrow – $424.13
Total – $1904.21
Homeowner was approved for the following trial plan, includes Taxes and Insurance:
New Monthly Payment: $1,539.52
KEYBANK NATIONAL ASSOCIATION Loan Workout in Florida 02/05/2010
(Graziella Viteri – Counselor)
Lender: KEYBANK NATIONAL ASSOCIATION
Previous Monthly Payment: $653.77
Interest Rate: 7.49%
New Monthly Payment: $471.44
New Interest Rate: 4%
This is outstanding work from Graziella, as this file is still being worked on with the Primary Lender… this is a second mortgage holder.
Litton Loan Workout in Florida 02/05/2010
(Darlene Brumbaugh – Counselor)
Comment from THHF Mediator Darlene: Attorney for client asked me to do an affidavit of what happened with the lender and what Litton had told me about our homeowner being able to qualify. Attorney made a motion to set Foreclosure Sale aside.
I accompanied our homeowner to court and had my complete file just in case. Judge Semento, homeowner’s attorney, bailiff and via telephone was the attorney for the lender. Homeowners attorney spoke abut the motion and the lenders attorney objected and READ the objection like she had no real concern for the individual living in the house. It sounded to me like Litton did no investigation into the allegations of a prior workout and not honoring it.
I had a copy of the signed workout offer in my file and I took it out and handed it to the attorney. The judge asked me what The Helpful Hands Foundation did, and I explained we are a nonprofit organization that advocates on behalf of the homeowner. The attorney for the client said that we also objected the price the lender paid of $100 for the house at the auction.
Judge asked what payment the homeowner could afford and I said that figure was on the workout offered by the lender. The judge said he was making a decision to set the foreclosure sale aside and asked if the homeowner could start making payments immediately. Homeowner said he could. Judge asked the lender if they objected, they said no and the homeowner GOT HIS HOUSE BACK!
Attorney and myself told homeowner that he must make his payments on time each month at the courthouse. Homeowner hugged me over and over and said the he always reads how many people The Helpful Hands Foundation helps …and he now wants to see his name on our website as one of the saved homeowners.
(Mr. Butler, on behalf of the whole Helpful Hands Foundation family we thank you for putting your trust in us
and may you find your place to be ‘home sweet home’ for years to come. “helping one hand at a time”
CITI MORTGAGE Loan Workout in Florida 01/20/2010
(Darlene Brumbaugh – Counselor)
Lender: CITI MORTGAGE
Arrears: 15 months behind
(We’ve been working with this homeowners’ case since January 2009)
Previous Monthly Payment: $2,339.73 (Taxes and Insurance NOT included)
Homeowner was approved for the following program:
Mediator comments: Workout involved increase of principal balance for all the late portion, reduced the rate for the first 5 years to 2%, 6th year rate goes to 3%, 7th year to 4%, 8th year to 5% and 9th year to maturity of loan to 5.125%. Homeowner saves $523.39 per month. The good part… they did not have to move out of their home.
AURORA Loan Workout in Florida 01/20/2010
(Ana Pedroza – Counselor)
Lender: AURORA LOAN
Arrears: 14 months behind
(We’ve been working with this homeowners’ case since November 2008)
*Lender had initiated Foreclosure
Previous Monthly Payment: $2,188.75
Homeowner was approved for the following stipulated program:
Mediator comments: Homeowner was offered trial plan for three months.
First three payments of $1,630.00 (Taxes and Insurance included) then, a deposit of $1,300.00 will be required . A final modification will be offered after the 3 payments are satisfied accordingly.
BANK OF AMERICA Loan Workout in Florida 01/20/2010
(Ana Pedroza – Counselor)
Lender: BANK OF AMERICA
Arrears: 14 months behind
(We’ve been working with this homeowners’ case since December 2009)
Previous Monthly Payment: $2,778.76 (not including Insurance)
Homeowner was approved for the following program:
Mediator comments: Homeowner was offered Making Home Affordable.
New Payments for three months: $2, 294.00 (Taxes and Insurance included)
Homeowner is very happy, had been trying to negotiate with lender on his own for a whole year.
LITTON Loan Workout in Florida 01/20/2010
(Lily Santelis – Counselor)
Lender: LITTON
Arrears: 8 months behind
(We’ve been working with this homeowners’ case since July 2009)
Previous Monthly Payment: $1,924.39 (Taxes and Insurance included)
Homeowner was approved for the following program:
Mediator comments: Homeowner was offered trial plan. Lender lowered monthly payment abut $600.00
BANK OF AMERICA Loan Workout in Florida 01/20/2010
(Coleen Montalvo – Counselor)
Lender: BANK OF AMERICA
Arrears: 5 months behind
(We’ve been working with this homeowners’ case since October 2009)
Previous Monthly Payment: $2,467.78 (Taxes and Insurance included)
Homeowner was approved for the following program:
Mediator comments: Homeowner was offered trial plan.
New Monthly Payment: $1,458.55 (Taxes and Insurance included)
FIRST FRANKLIN MORTGAGE Loan Workout in Florida 01/20/2010
(Coleen Montalvo – Counselor)
Lender: FIRST FRANKLIN MORTGAGE
Arrears: 5 months behind
(We’ve been working with this homeowners’ case since October 2009)
Principal Balance: $195,234.26
Previous Interest Rate: 10.40% Adjustable Rate
Previous Monthly Payment: $2,467.78 (Taxes and Insurance included)
Homeowner was approved for the following HAMP program:
Mediator comments: Lender will reduce Principal Balance at end of term to $109,000.00.
Current start up rate: 2% will adjust 1% every year until the 5th year then will remain fixed for remainder of term.
Client also has a 2nd mortgage with First Franklin but will wait until the first mortgage trial is completed. They advised they may modify, hold silent second or be charged off. This is Awesome for the homeowner!!!
Client is EXTREMELY HAPPY!!
AHMSI Loan Workout in Florida 01/20/2010
(Nelly Garcia – Counselor)
Lender: AHMSI
Arrears: 14 months behind
(We’ve been working with this homeowners’ case since April 2009)
Previous Monthly Payment: $1,450.05 (Taxes and Insurance included)
Previous Interest Rate: 7.750% Adjustable Rate
Homeowner was approved for the following program:
Mediator comments: Homeowner has Monthly savings of $286.64
Lender had initiated foreclosure and set foreclosure sale for 1/19/2010.
We were able to stop the sale and obtain a home retention solution for the homeowner. Loan was changed from and adjustable rate loan to a fixed rate loan. Was offered modification on interest rate reduction.
New Monthly Payment: $1,163.41 (Taxes and Insurance included)
New Interest Rate: 4.34%
BANK OF AMERICA Loan Workout in Florida 01/20/2010
(Nelly Garcia – Counselor)
Lender: BANK OF AMERICA
Arrears: 11 months behind
(We’ve been working with this homeowners’ case since July 2009)
*Lender had initiated foreclosure
Previous Monthly Payment: $3,141.13
Previous Interest Rate: 6% Adjustable Rate Mortgage
New Monthly Payment: $2,201.00
Homeowner was approved for the following program:
Mediator comments: Homeowner was approved for the Making Home Affordable trial payments. We opened communications with the lender and owner and homeowner actually made the first payment with the lender over the phone and the lender took the property out of foreclosure.
Monthly savings of: $940.13
HOMECOMINGS & CITI FINANCIAL Loan Workout in Florida 01/20/2010
(Iris Velazquez – Counselor)
COMBO LOAN – with a LINE OF CREDIT
Lender on first loan: HOMECOMINGS
Lender on second loan: CITI FINANCIAL
Arrears: 15 months behind – (We’ve been working with this homeowners’ case since November 2008)
Previous Monthly Payment on first loan: $1,686.42 (Balance $243,000.00)
Previous Monthly Payment on second loan: $416.39 (Balance $94,000.00)
*figures do not include Taxes and Insurance
Line of Credit: $42,000.00
Previous Interest Rate: 11.7% Adjustable Rate Mortgage
Homeowner was approved for the following program:
Mediator comments: While working on file, new lender entered into custody of mortgage note (GMAC) who was willing to work with homeowner. Previous lender had denied homeowner 3 times.
Homeowner was offered New Payment of $803.71 at 2% for five years then
$883.54 – 3% for following year
$964.15 – 4% for following year
$1,055.40 -5% for 20 years
On the second loan: New Payment is $292.00 at 3.5% for 27 years.
*New Balance on mortgage: $193,000.00
Line of Credit waived!!
Bank of America – Loan Workout in FLORIDA 01/18/2010
(Nelly Garcia – Counselor)
Lender – Bank of America
Current Loan Scenario
8 Months Behind
Interest – 6.0%
Loan Type – ARM
Payment – $3,141.13
Trial Workout Details
Payment – $2,201.00
Monthly Savings – $940.13
Lender had initiated foreclosure on the property.
Homeowner was approved for Making Home Affordable Trial Payment, we actually made the first payment with lender over the phone and took the property out of Foreclosure.
AHMSI – Loan Workout in FLORIDA 01/18/2010
(Nelly Garcia – Counselor)
Lender – AHMSI
Current Loan Scenario
14 Months Behind
Interest – 7.750% ARM
P&I – $1,088.95
Escrow – $361.10
Total Payment – $1,450.05
Modification Details
Interest – 4.340% Fixed
P&I – $916.36
Escrow – $247.05
Total Payment – $1,163.41
Monthly Savings – $286.64
Lender had initiated foreclosure and had a set sale date for 1/19/2010. We were able to stop the sale and obtain a modification for the homeowner. Loan was changed from an adjustable rate loan to a fixed rate loan.
COUNTRYWIDE Loan Workout in Florida 01/14/2010
(Ana Pedroza – Counselor)
Lender: COUNTRYWIDE
Arrears: 12 months behind
(We’ve been working with this homeowners’ case since January 2009)
**Not in court foreclosure
Previous Monthly Payment: $2,339.73 (Taxes and Insurance NOT included)
Homeowner was approved for the following HAMP program:
New Payment: $1,809.78 (includes Taxes and Insurance)
Trial payments for three months then lender will move to permanent modification; and waive past due of $24,488.00 *Homeowner will be saving $529.95 plus the past due waived.
CITI MORTGAGE Loan Workout in Florida 01/12/2010
Lender: CITI MORTGAGE
Arrears: 10 months behind
(We’ve been working with this homeowners’ case since June 2009)
Previous Monthly Payment: $1,137.81 (includes Taxes and Insurance) 10 yrs/ INTEREST ONLY
Previous Interest Rate: 6.75
Homeowner was approved for the following trial program:
New Payment: $601.18 (includes Taxes and Insurance)
Trial payments for three months then lender will move to permanent modification. Also lender will reduce outstanding debt by $5,000.00.
GMAC Loan Workout in Florida 01/10/2010
(Ana Pedroza – Counselor)
Lender: GMAC
Arrears: 6 months behind
(We’ve been working with this homeowners’ case since June 2009)
Previous Monthly Payment: $1,342.22 (includes Taxes and Insurance)
Homeowner was approved for the following HAMP program:
New Payment: $1,113.59 (includes Taxes and Insurance)
Trial payments for three months then lender will move to permanent modification.
CHASE Loan Workout in Florida 01/07/2010
Lender: CHASE
Arrears: 22 months behind
(We’ve been working with this homeowners’ case since August 2009)
Previous Monthly Payment: $1,746.00
Homeowner was approved for the following repayment plan:
New Payment: $828.66
Lender had sale date on property we were able to stop the foreclosure sale and begin mediation.
Indymac Loan Workout in Florida 01/07/2010
(Iris Velazquez – Counselor)
Lender: Indymac (transferred to Suntrust)
Arrears: 5 months behind
(We’ve been working with this homeowners’ case since October 2009)
Previous Monthly Payment: $1,350.51 (with escrows) Adjustable Rate Mortgage
Previous Interest Rate: 3.875%
Homeowner was approved for the following plan:
New Payment: $1745.00 (includes Taxes and Insurance)
New Interest Rate: 2% for 5 years, then 3% for the remainder of the loan (26 years) *also granted a principal reduction to the actual value of the property.
CHASE Loan Workout in Florida 01/07/2010
(Ana Pedroza – Counselor)
Lender: CHASE
Arrears: 23 months behind
(We’ve been working with this homeowners’ case since March 2009)
Previous Monthly Payment: $1,411.00 (with escrows)
Homeowner was approved for the following repayment plan (Treasury Program):
New Payment: $1,274.83 (includes Taxes and Insurance)
Homeowner was in active foreclosure… thanks to the great work of Ana Pedroza the foreclosure was stopped. Lender is not requiring any deposits.
CHASE Loan Workout in Florida 01/07/2010
(Ana Pedroza – Counselor)
Lender: CHASE
Arrears: 22 months behind
(We’ve been working with this homeowners’ case since April 2009)
Previous Monthly Payment: $1,132.51 (with escrows)
Homeowner was approved for the following repayment plan:
New Payment: $941.30 (includes Taxes and Insurance)
Lender required a $2,000.00 deposit
Homeowner was happy to get our assistance.
GREENTREE Loan Workout in Florida 01/04/2010
(Michelle Kosicki – Counselor)
Florida: Second mortgage modified
Lender: GREENTREE
(We’ve been working with this homeowners’ case since June 2009)
Previous Monthly Payment: $1,680.08
Homeowner was approved for the following repayment plan:
New Payment: $1,243.43
Monthly savings of $437.65 and after two years a total savings of $10,503.60
Investor agree to modify loan interest rate to 4% for two years. That is the longest allowable amount of time for a modification on a second mortgage with this investor. After the two year modification is completed the homeowner is eligible to reapply for an additional modification if she is still experiencing
a hardship and needs additional assistance. Otherwise, the loan will go back to its original terms and become payable in November 2020.
BANK OF AMERICA/COUNTRYWIDE Loan Workout in Michigan 01/04/2010
(Michelle Kosicki – Counselor)
Lender: BANK OF AMERICA/COUNTRYWIDE
Previous Monthly Payment: $788.00 INTEREST ONLY
Taxes and Insurance: $418.00
Full Payment: $1,604.25
Previous Interest Rate: 4.25%
Homeowner was approved for the Making Home Affordable plan:
New Payment: $839.19 (includes Taxes and Insurance)
Homeowner is saving $366.81 from the Interest Only payment and loan balance will actually go down every month.
CHASE – Loan Workout in FLORIDA 01/04/2010
(Ana Gaud – Counselor)
Lender: CHASE
Arrears: 12 months behind
(We’ve been working with this homeowners’ case since April 2009)
Previous Monthly Payment: $1,271.00
Homeowner was approved for the following repayment plan:
New Payment: $588.76 at 2% for 5 years (includes Taxes and Insurance)
Scaling interest rate: On year 6 – 3%; year 7 – 4%
8th year it will go to 4.75% for the remainder of the 40 year term.
INDYMAC – Loan Workout in FLORIDA 01/04/2010
(Coleen Montalvo – Counselor)
Lender: INDYMAC
INVESTMENT PROPERTY
(We’ve been working with this homeowners’ case since September 2009)
Previous Monthly Payment: $770.00
Taxes and Insurance: $184.88
Total Monthly payment: $954.88
Previous Interest Rate: 7%
Homeowner was approved for the following trial plan:
Trial Payment: $727.91 (includes Taxes and Insurance)
Total Monthly saving: $226.95
After trial plan homeowner will be placed on a permanent modification for the life of the loan.
BANK OF AMERICA – Loan Workout in FLORIDA 01/04/2010
(Nelly Garcia – Counselor)
Lender: BANK OF AMERICA
Arrears: 12 months behind
Past due: $23,668.29
(We’ve been working with this homeowners’ case since February 2009)
Previous Monthly Payment: $1,579.29
Taxes and Insurance: $457.45
Total Monthly payment: $2,036.74
Homeowner was approved for the following trial plan:
Trial Payment: $1,481.80 (includes Taxes and Insurance)
Total Monthly saving: $554.94
After trial plan homeowner will be placed on a permanent modification.
HOME EQ – Loan Workout in FLORIDA 01/03/2010
(Ana Pedroza – Counselor)
Lender: HOME EQ
Arrears: 11 months behind
(We’ve been working with this homeowners’ case since February 2009)
Previous Monthly Payment: $1,155.81 (included escrows)
Homeowner was approved for the HAMP trial plan:
Trial Payment: $601.77
Homeowner was very happy with our help.
SPS – Loan Workout in FLORIDA 01/03/2010
(Ana Pedroza – Counselor)
Lender: SPS
Arrears: 20 months behind
(We’ve been working with this homeowners’ case since November 2008)
Previous Monthly Payment: $1,375.29
Previous Interest Rate: 8%
Taxes and Insurance: $357.39
Total Monthly Payment: $1,795.78
Homeowner was approved for the HAMP trial plan: (no deposit required)
Trial Payment: $1,438.39 includes Taxes and Insurance
Upon completion of trial plan, past due balance will be split in half.
BANK OF AMERICA – Loan Workout in FLORIDA 01/03/2010
(Ana Pedroza – Counselor)
Lender: BANK OF AMERICA
Arrears: 15 months behind
(We’ve been working with this homeowners’ case since November 2008)
Previous Monthly Payment: $1,284.65
Homeowner was approved for the HAMP trial plan: (no deposit required)
Trial Payment: $729.83 includes Taxes and Insurance
Upon completion of trial plan, past due late charges will be waived.
VERICREST – Private Lender Loan Workout in FLORIDA 01/03/2010
(Ana Pedroza – Counselor)
Lender: VERICREST (private lender) not on HAMP
Arrears: 6 months behind
Previous Monthly Payment: $1,134.00 (included Taxes and Insurance)
Previous Interest Rate: 8.99%
Homeowner was approved for the following:
Terms were modified for the next two years after which period the account will be re-evaluated.
New Monthly Payment: $782.78 (includes Taxes and Insurance)
New Interest Rate: 4.365%
BANK OF AMERICA – Loan Workout in FLORIDA 01/03/2010
(Ana Pedroza – Counselor)
Lender: BANK OF AMERICA
Arrears: 11 months behind
(We’ve been working with this homeowners’ case since February 2009)
Previous Monthly Payment: $1,333.47 (included Taxes and Insurance)
Previous Interest Rate: 9.5%
Homeowner was approved for the following:
New Monthly Payment: $1,089.24 (includes Taxes and Insurance)
New Interest Rate: 6% for the remaining 315 months.
Past due will be added to the back of the loan. Homeowner is very happy.
BANK OF AMERICA – FHA Loan Workout in FLORIDA 12/29/2009
(Michelle Kosicki – Counselor)
Lender: BANK OF AMERICA – FHA
Arrears: 9 months behind
(We’ve been working with this homeowners’ case since March 2009)
Homeowner had tried contacting the bank for assistance as soon as he was laid off from his work. The lender would not assist him because they were still current on the mortgage and FHA requires the account to be delinquent 60 days in order to qualify for assistance.
The Helpful Hands Foundation had to submit the file multiple times. The lender had placed the homeowner in ACTIVE FORECLOSURE and had a final summary hearing scheduled for October 23rd. The homeowner went and fought for his home in court and provided the courts with The Helpful Hands Foundation Communication log. According to the homeowner the attorney for BOFA cried at the hearing when she was asked by the clerk of the court to read the log of activity showing BOFA failure to provide assistance even though homeowners were pro-active as soon as they were aware that the household income was not going to be sufficient to make ends meet because of the lay-off. The homeowner was granted over 60 days to go back and give an update on the status. Through the great effort of Helpful Hands Foundation Mediator Michelle Kosicki we contacted a HUD specialist through FHA who became involved in assisting us. New hearing date scheduled for January 7th.
ALL FORECLOSURE ACTIVITY HAS BEEN STOPPED
Previous Monthly Payment: $1,795.00
Previous Interest Rate: 6.25%
Past Due: $22,106.00
Homeowners were granted a 6 month forbearance agreement reducing:
New Monthly Payment: $925.00
(monthly savings of $870.00)
After the forbearance homeowner will need to make 5 payments of $1,795.00 per month, after which time they will reduce their interest rate and do a partial claim advance for the total arrears of 0% interest and put the homeowner on a permanent modification.
*Partial claim will not be due until the first lien is paid off or homeowner sells/refinances the property.
Homeowner has a chance to continue his search for employment for an additional 6 months. They have been listening to their Helpful Hands Foundation mediator and have been putting aside as much as money as possible for the past 9 months, and they are ready to satisfy the forbearance agreement being offered.
**Because this is an FHA loan they need to have a certain amount of payments made on the loan to qualify for the permanent modification.
Michelle stated, “It is a shame that BOFA took so long to offer this resolution for the homeowner, the past due could have been so much less. This option was available when we started working the file but BOFA failed to offer it. Only after the homeowner attended the courts and The Helpful Hands Foundation involved FHA/HUD did BOFA assist us.
Homeowners are extremely happy and relieved to get the house out of foreclosure status and enjoy the holidays without this emotional burden.
They told Michelle that none of this would be possible if it was not for the assistance of The Helpful Hands Foundation.
BANK OF AMERICA Loan Workout in FLORIDA 12/29/2009
(Nelly Garcia – Counselor)
Lender: BANK OF AMERICA
Arrears: 19 months behind
(We’ve been working with this homeowners’ case since February 2009)
Previous Monthly Payment: $638.16
Previous Interest Rate: 5.75%
Past Due: $12,749.98
Homeowner was approved for the HAMP trial plan:
Trial Payment: $537.83
Interest Rate reduced to 5.25%
If homeowner follows the trial plan after trial plan they will be placed on a permanent modification.
BANK OF AMERICA Loan Workout in FLORIDA 12/28/2009
(Ana Pedroza – Counselor)
Lender: BANK OF AMERICA
Arrears: 2 months behind
(We’ve been working with this homeowners’ case since October 2009)
Previous Monthly Payment: $790.44 (includes Taxes and Insurance)
Homeowner was approved for the HAMP trial plan:
Trial Payment for three months: $335.83 includes Taxes and Insurance
If homeowner follows the trial plan, past due will be waived, homeowner was very excited because she had tried n her own and they told her she did not qualify. She came to The Helpful Hands Foundation we provided foreclosure prevention and housing counseling with positive results.
BANK OF AMERICA Loan Workout in FLORIDA 12/28/2009
(Ana Pedroza – Counselor)
Lender: BANK OF AMERICA
Arrears: 7 months behind
(We’ve been working with this homeowners’ case since July 2009)
Previous Monthly Payment: $674.72.44 (includes Taxes and Insurance)
Homeowner was approved for the HAMP trial plan:
Trial Payment for three months: $519.87 includes Taxes and Insurance
Once trial payments are satisfied old payments will be waived and final modification will take effect. Homeowner was happy.
BANK OF AMERICA Loan Workout in FLORIDA 12/28/2009
(Iris Velazquez – Counselor)
Lender: BANK OF AMERICA
(We’ve been working with this homeowners’ case since July 2009)
Previous Monthly Payment: $757.88 (no taxes and insurance)
Previous Interest Rate: 7.375% with reset every 6 months
Loan was 1 year in default for non-payment, with pending Foreclosure Sale Date.
Homeowner was approved for the following:
New Monthly Payment: $644.05 (includes Taxes and Insurance) All late fees and charges waived. Foreclosure Activity suspended.
Homeowner is an active Pastor and very grateful for the assistance from The Helpful Hands Foundation, she paid for services with 3 previous companies who took her money and failed to provide service.
She will include us in his prayers to open the way for lenders and servicers to help more homeowners.
BANK OF AMERICA – VA Loan Workout in FLORIDA 12/28/2009
(Iris Velazquez – Counselor)
Lender: BANK OF AMERICA – VA Loan
(We’ve been working with this homeowners’ case since January 2009)
Previous Monthly Payment: $1,477.00 (no taxes and insurance)
Previous Interest Rate: 6.875%
Pending Foreclosure.
Homeowner was approved for the following trial payments:
New Monthly Trial Payment: $670.63 (includes Taxes and Insurance) If homeowner demonstrates timely payments lender will offer forbearance plan for 8 months, after satisfaction of those payments then will move to permanent loan modification.
Homeowner in this scenario had been denied the Obama Plan, we called the lender and they were qualified for a forbearance which suspended the foreclosure. Lender had violated RESPA by no providing a solution during the required time.
Homeowner was overjoyed with tears, he thought that after the impasse that there would be no options available for him. The Helpful Hands Foundation helped make this experience bearable.
GMAC Loan Workout in FLORIDA 12/28/2009
Lender: GMAC
Arrears: 13 months behind
(We’ve been working with this homeowners’ case since February 2009)
Previous Monthly Payment: $1,050.00 (includes Taxes and Insurance)
Homeowner was approved for the following:
New Payment: $514.00 includes Taxes and Insurance
Homeowner was happy with our service.
COUNTRYWIDE Loan Workout in FLORIDA 12/28/2009
(Eva Conner – Counselor)
Lender: COUNTRYWIDE
Arrears: 17 months behind
(We’ve been working with this homeowners’ case since November 2008)
Previous Monthly Payment: $1,267.35
Previous Interest Rate: 8.99%
Homeowner was approved for the following:
New Payment: $390.76 Interest Only for 5 years, after that period the loan will amortize fully at 5%.
(if homeowner wishes to include Taxes and Insurance the payment would be $618.76)
Unpaid balance is $133,973.69, homeowner will need to submit a down payment of $2,535.00
CHASE Loan Workout in FLORIDA 12/26/2009
(Ana Pedroza – Counselor)
Lender: CHASE
Arrears: 18 months behind
(We’ve been working with this homeowners’ case since March 2008)
Previous Monthly Payment: $2,023.00 (includes Taxes and Insurance)
Homeowner was approved for the HAMP plan:
Trial Payment for three months: $961.53
If homeowner follows the trial plan, the late fees will be waived, no deposit required and foreclosure proceedings will be stopped.
ASC Loan Workout in FLORIDA 12/23/2009
(Ana Gaud – Counselor)
Lender: ASC
Arrears: 14 months behind
(We’ve been working with this homeowners’ case since December 2008)
Previous Monthly Payment: $1,715.38
Homeowner was approved for trial plan:
New Payment: $809.41 (includes Taxes and Insurance)
AURORA Loan Workout in FLORIDA 12/23/2009
(Ana Gaud – Counselor)
Lender: AURORA
Arrears: 16 months behind
(We’ve been working with this homeowners’ case since October 2008)
Previous Monthly Payment: $1,420.11
Taxes: $153.02
Insurance: $74.76
Homeowner was approved for trial plan:
New Payment: $1,054.62 (includes Taxes and Insurance)
BANK OF AMERICA Loan Workout in FLORIDA 12/23/2009
(Ana Gaud – Counselor)
Lender: BANK OF AMERICA
Arrears: 15 months behind
(We’ve been working with this homeowners’ case since November 2008)
Previous Monthly Payment: $835.83
Taxes: $178.53
Insurance: $87.87
Homeowner was approved for trial plan:
New Payment: $906.02 (includes Taxes and Insurance)
WELLS FARGO Loan Workout in FLORIDA 12/22/2009
(Iris Velazquez – Counselor)
Lender: WELLS FARGO
Previous Interest Rate: 11% ARM reset every 6 months
Arrears: 15 months behind
(We’ve been working with this homeowners’ case since November 2008)
Previous Monthly Payment: $1,277.25 (included Taxes and Insurance)
Homeowner was approved for Forbearance plan:
New Payment: $435.42 (includes Taxes and Insurance)
New Interest Rate: 2% Fixed Rate
Lender advised that after trial period monthly payments will remain the same, (Lender had made a mistake with previous mortgage structure and had included taxes and insurance – homeowner is retired with full military pension he does not require to pay taxes. Lender gave him credit for the remainder of mortgage term)
Additional: Lender had initiated foreclosure, Sale Date was set for December 7th All foreclosure process was halted and waived.
Another Happy day for Florida homeowner!
ASC Loan Workout in FLORIDA 12/22/2009
(Iris Velazquez – Counselor)
Lender: ASC
Previous Interest Rate: 11.12% ARM reset every 6 months
Arrears: 14 months behind
(We’ve been working with this homeowners’ case since November 2008)
Previous Monthly Payment: $3,700.00 (no escrows)
Homeowner was approved for the following:
New Payment: $2,000.00 (includes Taxes and Insurance)
New Interest Rate: 3.75% Fixed Rate
* Husband was in Iraq – Iris called him to give him the good news – he sent an email back stating that his troop was having a party to celebrate his good fortune. Also, he was given permission to return home on December 24th. He had volunteered to go to Iraq to earn more money since his wife could not longer work.
The Helpful Hands Foundation LOVES our American Troops!
SUNTRUST Loan Workout in FLORIDA 12/22/2009
(Iris Velazquez – Counselor)
Lender: SUNTRUST — COMBO LOAN
Previous Interest Rate: 7% ARM (resent once a year)
(We’ve been working with this homeowners’ case since May 2009)
Previous Monthly Payment:
First Lien 80%: $1,920.26
Second Lien 20%: $282.48
Total Monthly Payment: $2,202.74
Balance on First Lien: $184,165.45
Balance on Second Lien: $34,716.94
Homeowner was approved for the following:
New Monthly Payment: $1,464.26 (includes Taxes and Insurance)
New Interest Rate: 3% Fixed Rate
Second Lien (20%) was waived.
*After homeowner complies with Trial plan lender will consider a principal reduction after the county updates records in May of 2010 (if the property value at that time is 40% less then original purchase value — Current Property Value is $80,000.00 – once homeowner provides proof the payments could be reduced another $400.00)
Also, the property was not registered as homestead and with assistance of Iris, the property is homesteaded with full exemptions, taxes were cut from $2,859.62 to $979.99
CITI MORTGAGE CORP Loan Workout in FLORIDA 12/22/2009
(Iris Velazquez – Counselor)
Lender: CITI MORTGAGE
Previous Interest Rate: 6.75% OPTION ARM (5/1)
(We’ve been working with this homeowners’ case since October 2009)
Previous Monthly Payment: $1,777.71
Homeowner was approved for the following:
New Monthly Payment: $242.00
New Interest Rate: 2% Fixed Rate 30 years
*Additional Info: Lender gave homeowner credit for taxes since the previously lender was charging escrows and the homeowner ALSO was paying the county the escrows every year. After 3 years homeowner can add the escrows or pay county separately.
WILSHIRE CREDIT CORP Loan Workout in FLORIDA 12/21/2009
(Kimberly Bell – Counselor)
(COMBO LOAN)
Lender on First Mortgage: WILSHIRE CREDIT CORP
Arrears: 11 months behind
Previous Monthly Payment: $1,282.20
Escrows: $235.29
Previous Interest Rate: 8% Adjustable Rate
(We’ve been working with this homeowners’ case since November 2008)
New Monthly Payment: $805.30
Escrows: $232.80
New Interest Rate: 2% Fixed for 5 years
Mortgage Balance: $154,211.04
Balance on Line of Credit: $29,666.09
Lender on Second Mortgage: CADLEROCK JOINT VENTURE
Arrears: 14 months behind
Previous Monthly Payment: $465.61
Previous Interest Rate: 12.7%
New Monthly Payment: $200.00
New Interest Rate: 4% fixed for 21.9 years
The principal balance of $49,912.60 is being reduced to $35,000.00; the unpaid interest of $15,062.92 is being forgiven as well as the late fees of $1,536.48
INDYMAC Loan Workout in FLORIDA 12/20/2009
(Ana Pedroza – Counselor)
Lender: INDYMAC
Arrears: 12 months behind
(We’ve been working with this homeowners’ case since April 2009)
Previous Monthly Payment: $830.40
Escrows: $273.14
Total Monthly Payment: $1,103.54
Homeowner was approved for following Home Affordable Program:
New Payment: $824.94 Includes Taxes and Insurance
If the homeowner fulfills the terms of the trial period, the unpaid charges will be waived. The lender had initiated foreclosure proceedings – Extra Thank You to Ana for stopping the foreclosure and negotiating with Indymac to review the file for reconsideration for home retention.
BANK OF AMERICA Loan Workout in FLORIDA 12/20/2009
(Graziella Viteri – Counselor)
Lender: BANK OF AMERICA
Arrears: 13 months behind
(We’ve been working with this homeowners’ case since February 2009)
Previous Monthly Payment: $1,275.02 without escrows.
Previous Interest Rate: 7%
Homeowner was approved for following Modification:
New Payment: $1,328.54 includes escrows
Lender modified the interest rate down to: 5.605%
*Homeowners had an FHA loan which is not as flexible as other government loans.
ASC Loan Workout in FLORIDA 12/20/2009
Lender: ASC
Arrears: 11 months behind
(We’ve been working with this homeowners’ case since April 2009)
Previous Monthly Payment: $1,752.05
Homeowner was approved for following Trial Payment:
New Payment: $1,128.20
Small Victories – 12/17/2009
(Michelle Kosicki – Counselor)
It serves as a reminder of team work, it helps Field Counselors know that they can go out and promote our service to their community knowing that we have a caring pool of Mitigation Counselors that go the extra mile.
While Field Counselors battle the field, the doubt and mistrust of homeowners our Mitigation Counselors spend countless of hours on the phone with lenders, attorneys, distraught homeowners and horrible static hold music. It all comes together when the homeowners call or email us with their hearts of gratitude.
Just to give you an idea… how deep the problems go and the work that is done.
This particular homeowner had fallen behind on their taxes, American Home mortgage paid them and forced placed it in their escrows. The escrow shortage was $11,685.63 – the payment needed to be paid off in one year. This almost doubled their monthly mortgage by an extra $1,295.63 per month for a new monthly payment of $3,143.63!! With this additional payment increase along with the homeowners hardship of reduced income they began falling behind. Special thanks to Michelle now the homeowner received a 36 month extension on the escrow shortage reducing the additional payment to $909.31 (a monthly savings of $386.32) We’re not stopping there! The file is still under active review for a modification.
GMAC Loan Workout in FLORIDA 12/16/2009
(Iris Velazquez – Counselor)
Lender: GMAC
Previous Interest Rate: 6% Fixed Rate
with Line of Credit: CITI MORTGAGE (12% ARM that reset every 6 months)
Arrears: 14 months behind
(We’ve been working with this homeowners’ case since September 2009)
Previous Monthly Payment: $1,229.91 (included Taxes and Insurance)
Mortgage Balance: $154,211.04
Balance on Line of Credit: $29,666.09
Homeowner was approved for following 2 months trial period:
New Payment: $682.00 (includes Taxes and Insurance)
New Interest Rate: 2% Fixed Rate
*After homeowner complies with trial period modification will be moved to permanent status with same payment and rate fixed for 30 years. Line of credit – behind 16 mortgage payments behind were waived
along with late fees.
–More details: Lender had initiated foreclosure proceedings; property was set for Sale when we received the file in September… The Helpful Hands Foundation was able to postpone the sale and began the mediation with the lender. The lender routed the homeowners package to a wrong department and again the property was set for Auction. Fortunately for the diligent work of Iris and cooperation of the homeowner, the sale was stopped a second time!
Ps: The homeowner met with Iris and was overjoyed with tears!
WASHINGTON MUTUAL Loan Workout in FLORIDA 12/16/2009
(Ana Pedroza – Counselor)
Lender: WASHINGTON MUTUAL
Arrears: 9 months behind
(We’ve been working with this homeowners’ case since March 2008)
Previous Monthly Payment: $1,210.52
Homeowner was approved for Obama plan workout:
Three month Trial Period Plan:
New Payment: $1,059.00 includes Taxes and Insurance
*After 9 months the payments will be cut in half, no deposit needed.
Lender had initiated foreclosure proceedings, Ana was able to work with the lender to stop the foreclosure and initiate mediation. GREAT WORK!
CADLEROCK JOINT VENTURE, LP Loan Workout in FLORIDA 12/15/2009
(Kimberly Bell – Counselor)
Lender: CADLEROCK JOINT VENTURE, LP
Arrears: 14 months behind
(We’ve been working with this homeowners’ case since November 2008)
Previous Interest Rate: 12.7%
Previous Monthly Payment: $465.61
Homeowner was approved for following workout:
Unpaid balance was $59,512.00
Principal balance of $42,912.60 was reduced to $35,000.00
Lender forgave unpaid interest of $15,062.92 as well as late fees of $1,536.48
New Interest Rate: 4% for 21.9 years
New Payment: $200.00
*This workout is for the second mortgage. The Helpful Hands Foundation has already assisted the homeowner with mediations on the primary mortgage. Patience and trust in our work has been the key to this outcome.
BANK OF AMERICA Loan Workout in FLORIDA 12/15/2009
(Iris Velazquez – Counselor)
Arrears: 18 months behind – (We’ve been working with this homeowners’ case since February)
Previous Interest Rate: 11% Interest Only
Pick a Payment that reset every 6 months
Previous Monthly Payment: $2,051.65 No Escrows
Previous Principal Balance: $379,598.61
Homeowner was approved for following workout – no trial period required.
Reduced Principal Balance: $284,699.61
New Interest Rate: 3.85% fixed for 27 years and 6 months
New Payment: $1,290.62
Taxes: $460.88
*This file is reflecting a saving on loan balance of $94,899.00 plus late charges of $24,005.18 also saved on defaulted payments: $36,929.70. Total Savings of: $155,833.88
They waived all existing late fees and interest. Homeowner was ecstatic with joy!
OCWEN Loan Workout in FLORIDA 12/08/2009
(Coleen Montalvo – Counselor)
Lender: OCWEN
Arrears: 14 months behind – (We’ve been working with this homeowners’ case since April)
Previous Interest Rate: 9.5%
Previous Monthly Payment: $1,387.53
Taxes and Insurance: $331.79
Total monthly payment: $1,719.82
The lender had considered offering the homeowner under the Presidential Plan but was denied due to low income. Ocwen did offer the homeowner their in house modification plan.
Homeowner is to pay a down payment of $1405 which will put the account current.
They are to make two additional payments of $1,089.82 includes escrows.
Once this trial has been completed they would make the permanent workout.
New payment: $759.09 Principal and Interest at 2%
Escrows: $331.79 making total payment $1,089.82
After the trial the interest will be 3.95% for 5 years. Lender had to take $94,000.00 of the mortgage balance and make a balloon payment to be paid at the end of the loan in 2036.
This was all done to make the home affordable for the client.
MOREQUITY Loan Workout in FLORIDA 12/08/2009
(Graziella Viteri – Counselor)
Lender: MOREQUITY
Arrears: 8 months behind – (we’ve been working with this homeowners’ case since June)
Previous Monthly Payment: $1,123.11 Principal and Interest only
Homeowner was approved for following workout:
Home Affordable Program with trial payments of $854.38 includes Taxes and Insurance.
Monthly savings of $554.68 – Homeowner is very happy.
BANK OF AMERICA Loan Modification Workout in FLORIDA 12/08/2009
(Ana Pedroza – Counselor)
Lender: BANK OF AMERICA
Arrears: 6 months behind – (we’ve been working with this homeowners’ case since May)
Previous Interest Rate: 6.5%
Previous Monthly Payment: $840.00
Homeowner was approved for following workout:
Homesaver Payment Modification of 6 trial payments of $575.66 – once the trial payment is complete homeowner will receive a final modification and all late arrears will be dismissed.
AURORA Loan Modification Workout in FLORIDA 12/08/2009
(Ana Pedroza – Counselor)
Lender: AURORA
Arrears: 17 months behind – (we’ve been working with this homeowners’ case since February)
Previous Interest Rate: 6.5%
Previous Monthly Payment: $840.00
Homeowner was approved for following workout:
HASP Program through Fannie Mae, homeowner to make 4 trial payments of $696.84; after complying with timely payments lender has offered a modification of 2% interest for 40 year term to include taxes and insurance.
AURORA Loan Modification Workout in FLORIDA 12/01/2009
(Ana Pedroza – Counselor)
Lender: AURORA
Arrears: 9 months behind – (We’ve been working with this homeowners’ case since August)
Previous Interest Rate: 7.625%
Previous Monthly Payment: $1,283.19 includes Taxes and Insurance
Homeowner was approved for special modification plan – due to private lender not participating in the Obama plan:
Deposit required in the amount of $1,855.06
For the following five months there after homeowner will make monthly payments of $628.71 includes Taxes and Insurance
After 5 months the loan will have the final modification.
Special note: This home was set for auction, through the quick and diligent efforts of Ana the foreclosure sale was stopped!
Also…it is imperative that homeowners who may be going through a hardship save as much money towards their mortgage as possible – some lenders will require a deposit.
SUNTRUST Loan Modification Workout in FLORIDA 12/01/2009
(Darlene Brumbaugh – Counselor)
Lender: SUNTRUST
Arrears: 6 months behind – (we’ve been working with this homeowners’ case since March)
Previous Interest Rate: 6.875%
Previous Monthly Payment: $1,299.00
Homeowner was approved for following workout:
New Interest Rate: 4%
New Payment: $807.48 includes Taxes and Insurance
*This file had its unique challenges, because the homeowner lost her job the day after she requested assistance through The Helpful Hands Foundation. The good news is.. she now has a much better job.
Darlene say: It’s wonderful helping people!
HSBC Loan Modification Workout in FLORIDA 11/30/2009
(Ana Pedroza – Counselor)
Lender: HSBC
Arrears: 10 months behind – (we’ve been working with this homeowners’ case since November 2008)
Previous Monthly Payment: $2669.00 (including escrows)
Homeowner was offered the Obama plan with trial period:
Trial payment: $1,497.49 (with escrows)
Lender had initiated foreclosure action and set foreclosure sale date, The Helpful Hands Foundation team was able to stop the foreclosure and mediate with lender to have all arrears and late fees waved.
Homeowner was EXCITED!
AMERICAN SERVICING CO. Loan Modification Workout in FLORIDA 11/30/2009
(Ana Gaud – Counselor)
Lender: AMERICAN SERVICING CO. – (we’ve been working with this homeowners’ case since June 2009)
Previous Interest Rate: 7.89%
Previous Monthly Payment: $724.18
Escrows: $178.38
New Interest Rate: 3%
New Payment: $473.52
Homeowner is happy for the relief.
CITI MORTGAGE Loan Modification Workout in MARYLAND 11/30/2009
(Nelly Garcia – Counselor)
Lender: CITI MORTGAGE
Arrears: 5 months behind – (we’ve been working with this homeowners’ case since July)
Past due: $10,668.69
Previous Interest Rate: 7.625%
Previous Monthly Payment: $1,775.51
Escrow: $160.15
Homeowner was offered HAMP trial period:
New Payment: Interest reduced to 5.250%
Trial payment: $1,673.45 (with escrows)
After complying with trial payments homeowner will be placed on a permanent modification.
WELLS FARGO Loan Modification Workout in MINNESOTA 11/30/2009
(Michelle Kosicki – Counselor)
Lender: WELLS FARGO – (we’ve been working with this homeowners’ case since May)
Past due: $8,349.51
Previous Interest Rate: 6.875%
Previous Monthly Payment: $911.18 (includes escrows)
New Payment: $820.06 (with escrows)
Payment will remain at $820.06 for the life of the loan.
Homeowner fell behind due to job loss. Is working again and could afford the original payment, just not the past due arrears.
Homeowners are VERY HAPPY their foreclosure Sale date has been stopped and the past due forgiven.
CITI BANK Loan Modification Workout in Florida 11/30/2009
(Erika Echevestre – Counselor)
Lender: CITI BANK (sold to Chase) – (we’ve been working with this homeowners’ case since December 2008)
Previous Interest Rate: 9.875%
Previous Monthly Payment: $1,233.42
New Payment: $833.05 (with escrows)
WASHINGTON MUTUAL Loan Modification Workout in Florida 11/30/2009
Lender: WASHINGTON MUTUAL – (we’ve been working with this homeowners’ case since March)
Previous Interest Rate: 9.82%
Previous Monthly Payment: $1,434.42
Escrows: $392.00
New Payment: $1,164.01 (with escrows)
Lender had already initiated foreclosure action, with the help of The Helpful Hands Foundation, foreclosure proceedings were stopped and home retention plans were underway!
I just want to say I read your e-mails because of the motivation you consistently put out there for us. THHF helped me get into a trial payment plan with Bank of America and I’m working hard to make sure I put in my part of the deal to keep my condo. I appreciate all your efforts and definitely will pray for a way to get out of this hardship for me and everyone else going through the same thing.
Thank you,
Elaine R
NATIONAL CITY MORTGAGE Loan Modification Workout in OHIO 11/20/2009
(Michelle Kosicki – Counselor)
Lender: NATIONAL CITY MORTGAGE
Arrears: 7 months behind – (We’ve been working with this homeowners’ case since July)
Previous Interest Rate: 6.25%
Previous Monthly Payment: $1,121.27 (no escrows)
Homeowner was approved for three month trial payment:
New Payment: $913.06 including escrows
Lender will offer permanent modification after prompt payments are received.
Total monthly savings: $208.31
Homeowner is very happy!
CITI MORTGAGE Loan Modification Workout in Florida 11/20/2009
(Iris Velazquez – Counselor)
Lender: CITI MORTGAGE
Arrears: 2 months behind – (we’ve been working with this homeowners’ case since August)
Previous Interest Rate: 5.50%
Previous Monthly Payment: $1,698.26 (no escrows)
Homeowner was approved for following workout:
New Payment: $831.00 for 12 months (escrows not included because property is not homesteaded – after full homestead is recorded the payment will increase to $999.00 and will remain there for the remainder of the term)
Homeowner is SUPER happy!
AURORA Loan Modification Workout in Florida 11/20/2009
(Iris Velazquez – Counselor)
Lender: AURORA
Arrears: 10 months behind!!
(We’ve been working with this homeowner’s case since February)
Previous Interest Rate: 6.75% FHA
Previous Monthly Payment: $1,067.00
SECOND LIEN: LINE OF CREDIT – BANK OF AMERICA
Interest Rate: 9%
Payment: $348.00 – (taxes and insurance included)
Homeowner was approved for following workout:
Payment will be $650.00
After February new payment will be set at: $860.93
More details on this scenario: Lender had initiated foreclosure proceedings on this homeowner. The Helpful Hands Foundation was able to stop the sale date, advocating on behalf of the homeowner Iris was able to have the lender agree to mediation. This homeowner was very frustrated at the slow speed of the process but in the end is now very happy to still have a roof to call home.
CHASE Loan Modification Workout in Florida 11/20/2009
(Iris Velazquez – Counselor)
Lender: CHASE
Arrears: 11 months behind ($28,000.00) – (we’ve been working with this homeowners’ case since January)
Previous Interest Rate: 7%
Previous Monthly Payment: $2,118.00 (no escrows)
Homeowner was approved for a step up payment:
New Payment: $800.00 for 12 months; interest rate will go to 3% on second year on third year it will go to 4% and cap there for remainder of term.
CHASE Loan Modification Workout in Florida 11/20/2009
(Iris Velazquez – Counselor)
Lender: CHASE
Arrears: 11 months behind – (we’ve been working with this homeowners’ case since February)
Previous Monthly Payment: $1,200.00
Homeowner was approved for the following payment:
New Payment: $800.00 includes taxes and insurance at 2% for remainder of term.
If homeowner complies in making timely payments … permanent modification will have same terms for remainder of term. Homeowner was overjoyed with tears and grateful that we were there to advocate for him.
Another happy day for these Florida homeowners!
Small Victories allow for a Fighting Chance! 11/20/2009
For many of us buying a house is just the ‘next’ thing to do when we ‘grow up’. Yet… a house will most likely be the Biggest investment that we ever make. Many of us – and I am guilty of this myself – just live life through trial and error. Many never consulted with a financial adviser.
Most financial adviser starts at $250 an hour; usually there is an in-person meeting where the adviser obtains as much information as possible about the client’s finances and goals. The adviser then develops a comprehensive financial plan that identifies problem areas and makes recommendations for improvement. Sometimes this plan is written, but more often it is in the form of verbal advice.
I share this with you to express Love and Passion that our members of The Helpful Hands Foundation have… and also to share with you the personal burden and sadness that I feel every time we get a call from a homeowner… because I know we are the LAST RESORT.
Now that I have shared with you what a financial adviser does — It is important to know what kind of service you are going to get when you hire someone to help you with foreclosure prevention counseling.
The Helpful Hands Foundation – Foreclosure Prevention Consultation Program is a two part program. One is the consultation (this is what the homeowners actually pay for), at the consultation our Field Counselors review financial documents, help homeowner prepare a current budget profile of income and expenses, review
homeowner’s current mortgage to establish if it exceeds the allowable housing ratios, educate the homeowner on lenders various loss mitigation programs, also educate homeowner regarding state foreclosure process. In addition, we educate them on what requirements and documentation they will need when calling their lender as to any hardships they may be facing regarding home retention. That is what homeowners pay for according to the contract they sign with The Helpful Hands Foundation.
BUT WE GIVE THEM MORE.
Loss Mitigation – is a different service all together.
That work entails a mediator who will serve as the go between for the homeowner and lender. This process can take from 3 months to over a year (depending on how inefficient the lender is and how quick the homeowner can provide documents requested). It is not as simple as making a phone call and sending documents.
Our THHF mediator has to be able to take all the information provided by our Field Counselor and contact the right entities and discuss the different loss mitigation option for that particular bank and client. ~ There is A LOT of praying and WAITING.
Two things I believe, — one — America was not ready for this mortgage fiasco (even though I highly suspect that government does have a hand in this mess) – and two – Banks had no systems in place to deal with the chaos.
THE REAL REASON FOR THIS EMAIL…
You know you have passion for what you do… when money is not the motivating factor of your actions.
Below is proof of the work we do and what you didn’t know was the phone call I got from our mediator – who’s voice was sore from talking all day, she said “Daisy, I don’t know what else I can do for this homeowner, I have called everyone I could… no one wants to help.. I am so sick to my stomach I think I’m going to throw up”. My response was… “We went above and beyond what any other company would have done… now let’s pray”.
Because of the dedication and passion that Michelle Kosicki has for what she does – two homeowners will
be able to not only remain in their homes through-out the holidays but… have an opportunity to FIGHT for
home retention.
We are celebrating two 60 day extensions on November 17th 2009.
Counselor: Michelle Kosicki
First file. We have been working on this file since June. One Sale date has already been stopped on June 23rd in order to review their documentation for assistance. Homeowner’s were approved for assistance on September 3rd but paperwork has yet to be generated. This is why it is so important to forward all correspondence to the THHF mitigator. The homeowner’s received court notice for a sale date of November 17th. BANK HAS NO RECORD OF SALE DATE less than a week away. Finally…after chasing down all departments that deal with the sale and contacting the attorney we were given a postponement and 60 day extension to work with the lender.
Second file and this was INTENSE. File also was started in June. Original Sale date of June 23rd was postponed due to a moratorium in the state. File was under active review since June for assistance – we had been given a postponement on October 20th because Indymac was reviewing this file. No additional in formation was being requested but the new sale date of November 17th would NOT be postponed even though it was under active review and it has been for months. This file was not denied but was going to be sold at auction. Nobody at the bank would help, the investor wouldn’t help, the attorney would not help. The homeowners were not notified of the sale date properly and there were some questionable practices concerning this file. I contacted the Attorney General in Nebraska, tracked down the NE office of Banking and Finance to find out what else could the homeowner’s could do. The homeowner spoke with the clerk of the court who stated that an injunction to halt the foreclosure sale would be something they need to file. The homeowner’s filed this document in the courthouse at the very last minute –the night before the sale. It was down to the wire. I did everything I thought possible to help. NO ONE would help us. At the end of the night I was still trying to come up with other ways to help this family. I couldn’t let them lose their home even though everyone who had the ability to STOP the sale said there was no way to stop it. We fought til the very last second and came out on top!
Homeowner’s are in their home for 60 more days so we can work it out and get a final resolution for them.
CHASE Loan Modification Workout 11/04/2009
Lender: CHASE
Arrears: 7 months behind – (We’ve been working with this homeowners’ case since May)
Previous Interest Rate: 6.25%
Previous Monthly Payment: $1,651.91
Homeowner was approved for trial period payments fro Making Home Affordable:
Trial Payment: $1,255.88 Includes Taxes and Insurance
Upon complying with trial plan, lender will re-evaluate for permanent modification.
If homeowner makes payments on time every year he will have $1,000 reduced from the principal balance for the first five years, totaling $5,000.00.
As many of you know … Florida homeowners are much luckier than those say – out in California. …and this we can thank to the Florida Judicial process – a lender must adhere to court in order to take back a house if the homeowner has defaulted.
In Non Judicial States our counselors have to move pretty fast and also at the same time prepare the home owner for the inevitable should the lender not agree to work with the homeowner… there is NO law protecting the homeowners in California. If people do not have the where withal to fight these banks or a third party counselor to assist them, those 3 months can go by pretty fast and eviction notices will be served.
AMERICAN HOME SERVICING Loan Modification Workout in New Jersey 11/04/2009
(Michelle Kosicki – Counselor)
Lender: AMERICAN HOME SERVICING
Past due: $42,131.37 – (we’ve been working with this homeowners case since March)
Previous Interest Rate: 10.41%
Previous Monthly Payment: $1,699.00
Escrows: $498.25
Total Payment: $2,197.25
Homeowner was offered the HAMP program with 3 month trial payments:
Trial Payment: $1,073.88
Payment includes monthly taxes and insurance
Total monthly savings: $1,123.37
This account was in Active foreclosure with a sale date scheduled for December 16th 2009. Yes we have another happy homeowner!
SPS Loan Modification Workout in Florida 11/04/2009
(Iris Velazquez – Counselor)
Lender: SPS – SELECT PORTFOLIO SERVICES
Arrears: 32 months behind!! – (we’ve been working with this homeowners case since January)
Previous Interest Rate: 9.75%
Previous Monthly Payment: $1,646.71 ( with escrows)
Principal Balance: $144,188.92
Current Market Value: $157,000.00
Homeowner was approved for trial period payments:
Trial Payment: $758.00 INCLUDES TAXES & INSURANCE, ALL PAST DUE will be WAIVED upon successful trial payments received.
New Interest Rate Reduced to 2.75% fixed for 30 years.
More details on this scenario: We are still amazed at the miracle! (Hard to believe that the bank granted the workout despite improved market.) Lender had already initiated the foreclosure process, this homeowner requested court mediation because the lender did not have a clue that the homeowner existed; apparently all existing files were lost due to a power outage, damaging their computers. The Helpful Hands Foundation has been working diligently on this file; lender’s attorney claimed nothing had been submitted and did not want to grant the homeowner an extension or mediation.
Again, thanks to the great work from Helpful Hands Foundation counselor – Iris Velazquez, the homeowner brought proof into court of all work being done on their behalf and despite some frustrations and negativity from the lender’s attorney – the lenders independently opted to work with the homeowner.
WACHOVIA Loan Modification Workout in Florida 11/04/2009
(Iris Velazquez – Counselor)
Lender: WACHOVIA
Arrears: 26 months behind – (we’ve been working with this homeowners’ case since January)
Previous Interest Rate: 7.25%
Previous Monthly Payment: $1,399.13 Interest Only (no escrows)
Homeowner was approved for trial period payments:
Trial Payment: $800.00 INCLUDES TAXES & INSURANCE – ALL PAST DUE WAIVED
Upon complying with trial plan, lender is suggesting a permanent modification at 3% for 30 years fixed rate.
SPS Bank Loan Modification Workout in Maryland 11/03/2009
(Nelyza Garcia – Counselor)
Lender – SPS
HAMP Trial Period Approved
Current Status
8 Months Behind
Past Due – $16,199.68
Interest 6.650%
P&I – $1,662.69
Escrow – $300.17
Total Payment – $1,962.86
Trial Period Plan
Interest Reduced to 2%
Trial Payment – $942.40
Monthly Saving of $ 1,020.46
Homeowner had notice of intent to foreclose for Non-Judicial Foreclosure. All Foreclosure action stopped.
IndyMac Bank Loan Modification Workout in Maryland 11/03/2009
(Nelyza Garcia – Counselor)
Lender – IndyMac
HAMP Trial Period Approved
Current Status
3 Months Behind
Past Due – $8,704.09
Interest 8.125%
P&I – $2,153.24
Escrow – $414.79
Total Payment – $2,568.03
Trial Period Plan
Interest Reduced to 2.250%
Trial Payment – $1,517.22
(P&I- $1,049.19, Escrow- $468.03)
Monthly Saving of $ 1,050.81
Homeowner is very happy.
BANK OF AMERICA Loan Modification Workout in Florida 10/30/2009
(Iris Velazquez – Counselor)
Lender: BANK OF AMERICA
Arrears: 12 months behind – (we’ve been working with this homeowners case since June)
Previous Monthly Payment: $1,453.16 Interest Only – they had an additional Credit Line monthly payment of: $424.47 (with a different lender)
Previous Interest Rate: 6.875%
Principal Reduction from: $131,000.00
To new Mortgage Balance of: $85,000.00
Homeowner was approved for 3 Month Trial Period: $640.67 (includes Escrows)
After Trial Period homeowner has been approved to continue making same payment for 24 months
after which interest rate will go to 3% for the rest of the term.
Homeowner is EXTREMELY HAPPY AND APPRECIATIVE!!
PHH Mortgage Loan Modification Workout in Florida 10/21/2009
Lender: PHH MORTGAGE
Arrears: 30 months behind – (we’ve been working with this homeowners case since May)
Previous Monthly Payment: $731.85
Escrow: $180.66
Previous Interest Rate: 6.6%
Homeowner hardship included illness and unemployment.
After months of struggle her situation improved and lender approved the Home Affordable Trial Period: $987.12 includes taxes and insurance.
Homeowner is VERY happy to keep her home and that things have improved where she can continue to make her payments. P.S. Homeowner has satisfied her Trial Period which began in August.
WASHINGTON MUTUAL Loan Modification Workout in Florida 10/21/2009
(Ana Gaud – Counselor)
Lender: WASHINGTON MUTUAL
Arrears: 14 months behind
(we’ve been working with this homeowners case since October 2008)
Previous Monthly Payment: $ 1,124.00
Previous Interest Rate: 8.175%
Homeowner was approved for new payment of $670.84
Monthly Saving of $ 453.18
BANK OF AMERICA Loan Modification Workout in Florida 10/20/2009
(Nelyza Garcia – Counselor)
Lender – Bank Of America
HAMP Trial Period Approved
Current Status:
18 Months Behind
Past Due – $28,005.14
Interest 5.750%
P&I – $1,085.45
Escrow – $322.01
Total Payment – $1,407.46
Trial Period Plan:
Trial Payment – $1,085.31
Monthly Saving of $ 322.15
After Trial Period he has been approved for a payment of $743.88 at 2% for 5 years capping at 5.25% (payment would include escrow) – Total Monthly Saving of $ 663.58
OCWEN Loan Modification Workout in Florida 10/20/2009
(Coleen Montalvo – Counselor)
Lender: OCWEN
Arrears: 8 months
Previous Monthly Payment: $1,404.85
Previous Interest Rate: 9.5%
Homeowner was approved under Ocwen’s own loss mitigation plan: Fixed for 5 years at 3.75% new payment: $750.00
Total Monthly Payment including escrows: $1,087.00
BBVA Loan Modification Workout in Puerto Rico 10/09/2009
(Nelyza Garcia – Counselor)
Lender: BBVA – Modification Approved
Current Status:
3 Months Behind
Past Due – $4,314.00
Interest 7.650%
P&I – $1,203.57
Escrow – $234.43
Total Payment – $1,438.
3 Month Trial Period Plan
Interest Reduced to 4%
Trial Payment – $721.00
After Trial Homeowner will continue to make payments at 4% for $719.00 for the next 42 months.
Monthly Saving of $ 717.00
Aurora Loan Modification Workout in Florida 10/09/2009
(Nelyza Garcia – Counselor)
Lender: Aurora Loan Services – Permanent Modification Approved
Current Status:
12 Months Behind
Past Due – $13,671.00
Interest 6.875%
P&I – $1,110.30
Escrow – Non – Escrowed
Taxes – $351.96
Insurance – $39.16
Total Payment – $1,501.42
Modification:
Interest Reduced to 2%
Payment – $659.03 Including Taxes
Will be at 2% for the first 6 years and then will go up by 1% every year up to capping at 5.625%
Monthly Saving of $ 842.39
ASC Loan Modification Workout in Maryland 10/09/2009
(Nelyza Garcia – Counselor)
Lender: ASC – HAMP Trial Period Approved
Current Status:
17 Months Behind
Past Due – $47,433.35
Interest 11.50%
P&I – $2,252.91
Escrow – $348.55
Total Payment – $2601.46
Trial Period Plan:
Interest Reduced to 6%
Trial Payment – $1,860.00
Monthly Saving of $ 741.46
Homeowner had notice of intent to foreclose for Non-Judicial Foreclosure. All Foreclosure action stopped.
ASC Loan Modification Workout in Florida 10/09/2009
(Nelyza Garcia – Counselor)
Lender: ASC – HAMP Trial Period Approved
Current Status:
11 Months Behind
Past Due – $8,676.03
Interest 7.65%
P&I – $567.17
Escrow – $188.91
Total Payment – $756.08
Trial Period Plan:
Interest Reduced to 6%
Trial Payment – $669.02
Monthly Saving of $ 87.02
This homeowner had a final judgment issued and a sale date for October 13, 2009. Sale date and Foreclosure actions have been canceled. Homeowner is happy she won’t be losing her home.
BANK OF AMERICA Loan Modification Workout in Florida 10/09/2009
(Lily Santelis – Counselor)
Lender: BANK OF AMERICA
Arrears: 14 months
Previous Monthly Payment: $1,185.00
Lender offered home owner a trial period:
New Trial Monthly Payment: $744.73
BANK OF AMERICA Loan Modification Workout in Florida 10/09/2009
(Graziella Viteri – Counselor)
Lender: BANK OF AMERICA
Arrears: 11 months behind
Previous Monthly Payment: $1,549.46 including escrows
Lender offered 3 month trial period prior to full modification.
New Trial Payment of $1,004.92 including escrow.
BANK OF AMERICA Loan Modification Workout in Florida 10/08/2009
(Graziella Viteri – Counselor)
Lender: BANK OF AMERICA
Arrears: 8 months behind
Previous Monthly Payment: $1,645.14 including escrows
Lender offered 3 month trial period prior to full modification.
New Trial Payment $857.67 including escrow. (That’s a $787.47 monthly reduction!)
LITTON Loan Modification Workout in Florida 10/08/2009
(Lily Santelis – Counselor)
Lender: LITTON
Arrears: 13 months
Previous Monthly Payment -P&I: $1401.44
Escrows: $476.45
Interest rate: 7.625%
New Monthly Payment – P& I: $908.53
Escrows $476.45
Interest rate: 3%
The workout is based on a gradual step up program:1st and 2nd year interest rate will be 3%, the 4th year will be 4% and the 5th year will be 5% until maturity date.
BAC Loan Modification Workout in Florida 10/07/2009
Lender: BAC
Previous Monthly Payment: 1st BAC 1034, taxes & ins 356 & 75 = $1,465.00
Previous Interest Rate 5.875%
New Monthly Payment: $837.00, includes escrows
New Interest Rate: 2%!!!!!
BAC advised that this is a 5 year rate.
AURORA Loan Modification Workout in Virginia 10/07/2009
(Nelyza Garcia – Counselor)
Lender: AURORA
Monthly Principal and Interest: $1,372.50
Current Interest Rate – 7.625%
Escrow – $192.80
Total Payment – $1,564.58
Home owner was approved for Trial Period under HAMP Program on first Mortgage
New Trial Payment: $1,046.84
Interest Rate – 4.125%
Escrow – $223.39
Total Payment – $1,270.23
*Monthly Savings of $294.35*
CHASE Loan Modification Workout in Florida 09/30/2009
Lender: CHASE
Arrears: 8 Months
Home owner has been given a 3 month trial workout on his 1st mortgage with Chase. His original payment was $927.57 his new payment will be $842.68. Not much of a savings, but he said he was happy with it. All
late payments are being put in arrears. After 3 months trial remaining balance will be amortized for 30 years at a lower rate. This will reduce the payment even more.
GOOD WORK!!
SAXON Loan Modification Workout 09/29/2009
Lender: SAXON
Previous Monthly Payment: $1,456.57
New Monthly Payment: $954.73 (includes escrows)
INDYMAC Loan Modification Workout in Florida 09/25/2009
(Erika Echevestre – Counselor)
Lender: INDYMAC
Previous Monthly Payment: $1,258.80
Previous Interest Rate: 6.875%
Arrears: 3 months behind – ARREARS: 3,881.50
New Monthly Payment: $ 468.92
New Interest Rate: 3.00%
(Home owner is VERY Happy!)
Six Loan Modification Workouts in Florida 09/25/2009
(Ana Pedroza and Kimberly Bell – Counselors)
1. Suntrust bank previous payment $1,700.00
New Monthly Payment $1,319.17
Lender will wave all arrears — 11 months behind.
2. Wilshire bank previous payment $1,706.00
New Monthly Payment of $1,135.17
Waiving all arrears of 8 months behind.
3. Wachovia previous payment $1,379.00
New Monthly Payment $1,026.24
Interest 5.65% and will increase a 1/2 a point not exceeding 6.5 for the remaining term.
All arrears forgiven of over 8 months behind.
4. SPS – previous payment $1,765.00
New Monthly Payment $1,265.00
5. Litton mortgage previous monthly payment: $1,142.70
New Monthly Payment of $463.28 for three consecutive payments
Interest rate 2% for 5yrs
Arrears: 10 months behind, all arrears were forgiven.
6. CITI previous montly payment $1,345.54
Arrears: 8 months behind
New Monthly Payment $892.80
Interest Rate: 2% for 5 yrs and 1% every year not exceeding 4.86% for remaining term.
CITI MORTGAGE Loan Modification Workout in Florida 09/25/2009
Lender: CITI MORTGAGE
Arrears: 8 months
Previous Monthly Payment: $1,329 PITI
New Payment: $936.76 PITI,
New Interest Rate: 2%, 30 years fixed.
AURORA Loan Modification Workout in Florida 09/25/2009
(Iris Velazquez – Counselor)
Lender: AURORA
Arrears: Home owner was 2 years behind.
Previous Monthly Payment: $600.84 Interest Only
I called the bank to follow up on the final decision on the home owner’s case like I was instructed to do and the decision is as follow:
AURORA agreed to put her on a trial period for 3 months making a payment of $600.84 on September 18,2009, also lender advised that after the homeowner makes the 2nd payment she will receive the loan modification package with the terms,instructions, and the modification will be done.
All debt waived by lender as well as paid current 2 years of property taxes.
So after that conversation I called homeowner and gave her the good news, she started to cry because she is so happy that finally she can keep her dream home!!
Another happy homeowner thanks to a job well done for our part with the bank and the good cooperation of a homeowner as well.
CITI Loan Modification Workout in Florida 09/25/2009
(Coleen Montalvo – Counselor)
Lender: CITI
Previous Monthly Payment: $558.00
Previous Interest Rate: 8.34%
Escrows of $170.16 a month.
Home owner was approved to a new trial period and once payments are complete they will work on it being fixed.
Proposed Trial Payment is: $254.40
Interest Rate: 2%
Payment to begin Nov, Dec, Jan of 09.
Taxes will remain at $61.00/mo
Her total savings on principal and interest is $303.60. Saving on H/O ins. $46.75. Total savings $350.35 monthly!!
WACHOVIA Loan Modification Workout in Florida 09/18/2009
(Iris Velazquez – Counselor)
Another Florida home owner sees light at the end of their dark tunnel.
Please send out a SUPER congrats to Associate Director / Mitigator Iris Velazquez ( irisvelazquez@thhf.org )
This home owner had almost lost all hope, thank you to the steadfast support of Iris he and his family are now able to stay in their home with payments they can handle.
Home owner was 9 months behind when he sought help from The Helpful Hands Foundation, we have
been working diligently with him and the lender since December last year. Lender had initiated the foreclosure process, fortunately with the kind guidance and support of Iris the mediation process went smooth — lender requested The Helpful Hands Foundation assist with home owners 3 investment properties that are also in foreclosure.
Lender: WACHOVIA
Previous Monthly Payment: $1,226.00
Escrows: $333.30
Previous Interest Rate: 11% Interest Only
Arrears: 18 months behind
Mortgage Balance: $299,000.00
Lender approved home owner for Trial Payment and reduced Principal Balance: $237,000.00!!!
New Trial Payment: $876.00 includes taxes and insurance
New Interest Rate: 2%
After trial payment plan, interest will remain the same for next 5 years.
EMC Loan Modification Workout in Maryland 09/18/2009
(Nelyza Garcia – Counselor)
Columbia, MD
Lender: EMC
4 Months Behind – Past Due – $6,699.40
* P&I: $798.96
* Interest 6.250%
* Escrow: $481.71
* Total Payment: $1,280.67
Temporary Repayment Plan Approved
* P&I – $543.07
* Escrow – $417.60
* Trial Payment – $960.67
Monthly Saving of $ 320.00
The home owner had an Interest only loan with negative amortization the temporary repayment was approved
while it is been reviewed for the HAMP Program. It has been converted from Interest Only to a Fully Amortizing Loan.
Homeowner is very Happy since this is what the homeowner really wanted.
As indicated by the bank homeowner is pre-approved for the HAMP Program and once we receive and submit
documents and the lender packet the payment under HAMP will be $773.14, giving the homeowner a monthly savings of $507.53
ASC Loan Modification Workout in Florida 09/18/2009
(Nelyza Garcia – Counselor)
Jacksonville, FL
Lender: ASC
19 Months Behind – Past Due – $23,321.17
P&I: $1,035.99
Interest: 10.95%
Escrow: $151.49
Total Payment – $1,187.48
HAMP Trial Period Approved
Interest Reduced to 2%
Trial Payment – $860.38
Monthly Saving of $ 327.10
AMERICAN HOME SERVICING Loan Modification Workout in Florida 09/18/2009
LENDER: AMERICAN HOME SERVICING
Prior payment and escrows 1037.53
Home owner was approved for a step up program.
1st yr. 3% P&I 485.97
2nd yr 3.5% P&I 521.61
3rd yr 4.2% P&I 572.51
4th yr 5.2% P&I 647.51
5.2% until the maturity date of the loan.
ASC Loan Modification Workout in Maryland 09/17/2009
(Nelyza Garcia – Counselor)
Field Counselor – MJ Anton
Lender – ASC
Trial Period Approved
Current Payment 1135.03 ($30,510 in past due (behind by 26 months)
Trial Period payment $1,025.33 (account brought current and out of foreclosure, late fees and charges waived)
File received on 7/29/2009 with sale date for 8/11/2009, we stopped the sale on 8/7/09 confirmed by attorneys on 8/10/09; client approved for the HAMP Program. Client was 26 months behind and had 32,510 in past due amount.
Trial Payment down to 31% of borrowers income account will be current and home owner will keep their home.
Client Happy.
Monthly Saving of $ 109.70
GMAC Loan Modification Workout in Florida 09/17/2009
(Nelyza Garcia – Counselor)
Lender – GMAC
Trial Period Approved
Current Status
8 Months Behind
Past Due – $13,683.56
Interest 7.00%
P&I – $1,346.58
Escrow – $296.65
Total Payment – $1,643.23
Trial Period Plan
Interest Reduced to 2%
P&I – $722.83
Escrow – $245.92
Total Payment – $968.75
Monthly Saving of $ 674.48
Wells Fargo Loan Modification Workout in Florida 09/17/2009
(Nelyza Garcia – Counselor)
Trial Period Approved for;
Lender – Wells Fargo
Current Status
10 Months Behind
Past Due – $23,626.80
Interest 6.75%
P&I – $1,497.29
Escrow – $491.31
Total Payment – $1,988.60
Trial Period Plan
Interest Reduced to 2%
P&I – $677.07
Escrow – $337.84
Total Payment – $1,014.91
Monthly Saving of $ 973.69
Bank of America Loan Modification Workout in Florida 09/11/2009
(Penny Wirt – Counselor)
Here are the details as per Penny:
We have a workout with BOA. Her new monthly payment will work into a permanent loan modification. We are in the process of trying to Negotiate with 7 Investors on the home owner’s Second lien.
This is not easy, because I spent almost all morning yesterday speaking with 3 of them. One of them is in agreement into deleting the Interest totally, home owner is going to try to talk the other investors into this.
Now the hard part will be to see if they would be willing to do a 13 year note i/a/o $110k, Zero Interest.
Keep in mind that all of the Investors are senior citizens, and their one concern is if they will live to see the entire debt paid off.
Working on the Second Lien on Primary Residence – i/a/o $110K.
Originally had a 5-year note, interest compounded annually, with balance due at Maturity. (home owner was 12 months delinquent, investor said they would forgive this.).
Country Wide / Bank Of America 3 Month Payment Plan – Permanent Loan Modification To Follow
- 1. 90-day trail period, Monthly Payments of PITI $2285.46 = to 31% DTI
- 2. Commencement Date; October 15, 2009
- 3. After completion of Trail Period received on time, File will be permanently modified with same amount.
- 4. Old Payment PITI $2853, Monthly Savings: $557
- 5. Optional ARM.
GO TEAM!
COUNTRYWIDE Loan Modification Workout in Florida 09/11/2009
(Darlene Brumbaugh – Counselor)
Lender: COUNTRYWIDE
8/26/09 – Client received workout package at:
Terms below:
10/2009 2% $615.56 (old P&I $887.65) Savings of $272.09
10/2011 3% $690.06
10/2013 4% $763.94
10/2014 5.375% $868.37
They are 8 months behind and can now stay in their home.
COUNTRYWIDE Loan Modification Workout in Florida 09/10/2009
Lender: COUNTRYWIDE
Arrears: 10 months
Previous Monthly Payment: $1,805.00 (included taxes and insurance)
Lender offered trial plan workout: New payment $1,178. – reduction of $627. Home owner is very happy.
*you can email Evelyn for more details on this workout.
GO TEAM!!
LITTON Loan Modification Workout in Florida 09/09/2009
(Ana Pedroza – Counselor)
Lender: LITTON
Previous Monthly Payment: $1,142.70
Previous Interest Rate: 8.125%
Arrears: Behind 11 months
Home owner was approved for the President Obama plan.
Needs to make 3 payments at $463.28
Interest rate decreased to 2% for 5 years
After 5yrs will go up 1% annually until it reaches market average.
Homeowner did not have to make any deposit and all arrears forgiven.
Homeowner happy.
HOMECOMINGS Loan Modification Workout in Florida 09/08/2009
(Iris Velazquez – Counselor)
Lender: HOMECOMINGS
Arrears: 25 months
Previous Mortgage Balance: $299,000.00
Previous Monthly Payment: $1235.00 (without escrows)
Previous Interest Rate: 9% (Interest Only)
PRINCIPAL REDUCTION! $217,000.00
New Monthly Payment: $755.00 (includes insurance)
New Interest Rate: 2.0% for 30 years
Homeowner will not have to pay taxes because he is retired military.
GMAC Loan Modification Workout in Florida 09/08/2009
(Iris Velazquez – Counselor)
Lender: GMAC
Arrears: 18 months
Previous Mortgage Balance: $212,000.00
Previous Monthly Payment: $2,132.20 (without escrows)
Previous Interest Rate: 11% (Interest Only – and kept rising every 6 months)
PRINCIPAL REDUCTION! $188,000.00
New Monthly Payment: $877.52 (includes taxes and insurance)
New Interest Rate: 3.25% for 13 years then will go down to 2.5% for the remainder of the term. Homeowner owed 2 years of taxes – which was paid by lender.
U.S.Bank Loan Modification Workout in Florida 09/01/2009
(Lily Santelis – Counselor)
Lender: U.S.Bank
Previous Monthly Payment: $2,094.91 with escrows
Previous Interest Rate: 6%
Lender offered a trial payment of: $1,667.87 escrow included.
Lender advised that payments will not change after trial period is over.
Countrywide Loan Modification Workout 09/01/2009
Lender: Countrywide
Current Monthly Payment: $3118.66
(P & I – $2654.41 and escrows – $426.27)
Arrears: 19 months behind – foreclosure in process
Lender offered trial period payment $1,757.00
WELLS FARGO Loan Modification Workout in New Jersey 08/28/2009
(Michelle Kosicki – Counselor)
Lender: WELLS FARGO
Previous Monthly Payment: $1378.10
Previous Interest Rate: 6.75% 30 yr Fixed
Homeowner had an issue with legally deferred taxes. Lender paid the taxes even though they were legally deferred and was forcing the homeowner to escrow future taxes in the amount of $225 and pay an additional $380 per month to pay off the past due taxes of $16,789.
Increasing their payment from $733 to $1378.10 per month causing the hardship that ultimately led them to fall behind. The homeowners insurance was paid out of pocket and was not included in the previous payment.
New payment: $694.00
New Interest Rate: 2% Fixed rate extended to 30 year term
After many challenges, Team Kosicki was able to get the homeowner qualified for the HAMP trial period plan.
The payment of $694.00 includes escrows for taxes and insurance as well as including the $16,789 in deferred taxes that Wells Fargo paid.
Total monthly savings: $788.10
*this includes her insurance payment she no longer needs to pay out of pocket.
Total savings over the life of the loan: $283,716.00
*Home owner was very happy with our services and would pay twice the amount for us to do the work if they had to!!!
BANK OF AMERICA Loan Modification Workout in Texas 08/28/2009
(Michelle Kosicki – Counselor)
Lender: BANK OF AMERICA
Previous Monthly Payment: $2008.94
Previous Interest Rate: 6.25% Interest Only Loan ARM
Old payment did not pay down the Principal balance but did include Escrows.
Fully amortized payment: $2,310.01 Principal, interest, taxes and insurance.
New payment: $1833.92 fixed rate mortgage
The loan term will not be extended but will mature at the end of their current loan terms.
Total monthly savings of: $ 476.09
Total Savings over the life of the loan: $159,966.24
**Their balance will go down now every month where before the balance remained the same!
Borrower qualified for the HAMP program and was offered a three month trial period plan beginning Sept 1st 2009.
Payment should remain the same after the trial period and the workout will bring their total Monthly mortgage payment PITI to 31% of their gross income.
CHASE Loan Modification Workout 08/27/2009
(Lily Santelis – Counselor)
Lender: CHASE
Previous Monthly Payment: $2,671.34
Previous Interest Rate: 6.25%
Arrears: 2 months
New Trial Payment: $1,450.18
Homeowner is very happy!!! Full modification will be offered after trial period.
NATIONAL CITY MORTGAGE Loan Modification Workout 08/26/2009
Lender: NATIONAL CITY MORTGAGE
Previous Monthly Payment: $2,377.85
New Trial Payment: $1,207.00
Permanent modification to follow trial period.
LITTON Loan Modification Workout 08/26/2009
Lender: LITTON
Previous Monthly Payment: $1,146.00
Arrears: 10 months
New Trial Payment: $859.46 (includes escrows)
Permanent modification to follow trial period.
WELLS FARGO Loan Modification Workout in Florida 08/25/2009
(Graziella Viteri – Counselor)
Lender: WELLS FARGO
Previous Monthly Payment: $1,739.58
Previous Interest Rate: 7.875%
New Trial Payment: $1,050.05
SAVINGS: $689.53!!
Homeowner was offered new interest rate at 2%
BANK OF AMERICA Loan Modification Workout in Florida 08/25/2009
(Graziella Viteri – Counselor)
Lender: BANK OF AMERICA
Previous Monthly Payment: $1,785.71
Previous Interest Rate: 7.75%
New Trial Payment: $693.00
Homeowner was offered step up program starting at 2% for fives years!
SLS (2nd Mortgage) Loan Modification Workout in Florida 08/24/2009
(Nelyza Garcia – Counselor)
Lender: SLS (2nd Mortgage)
Interest Rate: 10.375%
Previous Monthly Payment: $724.33
Arrears: 4 months behind, past due: $3,621.65
Modification –
Balloon Note to 6/2021
Interest Reduced to 6.300%
P&I – $507.01
Monthly Savings $217.32
BANK OF AMERICA Loan Modification Workout in Florida 08/24/2009
(Nelyza Garcia – Counselor)
Lender: BANK OF AMERICA
Interest Rate: 6.620%
Previous Monthly Payment: $3,207.96
Taxes: $656.16 — Insurance – $83.33
Total Monthly Payment: Total Payment – $3,947.45
Arrears: 11 months behind, past due: $37,475.83
Homeowner was approved for trial period, Interest Reduced to 2%
New trial payment: $1,872.17 (including Taxes)
Monthly Savings of $2,075.28
WELLS FARGO Loan Modification Workout in Florida 08/24/2009
(Nelyza Garcia – Counselor)
Lender: WELLS FARGO
Interest Rate: 6.75%
Previous Monthly Payment: $1,497.29
Escrows: $491.31
Total Monthly Payment: $1,988.60
Arrears: 10 months behind, past due: $23,626.80
Homeowner was approved for trial period, Interest Reduced to 2%
New trial payment: P&I – $677.07
Escrow: – $337.84
Total Payment: – $1,014.91
Monthly Saving of $ 973.69
Nationstar Loan Modification Workout in Florida 08/24/2009
(Darlene Brumbaugh – Counselor)
This is an example of the compassion and integrity that is embodied by the members of The Helpful Hands Foundation, please send a warm Congratulation to Mitigator Darlene Brumbaugh – saved another Florida
home owner from foreclosure.
Lender: Nationstar
Previous Monthly Payment: $1,791.00
Previous Interest Rate: 10.1%
New Monthly Payment: $1,081.00 (including escrows)
A ‘step-up’ program was offered with a starter rate of 2%
Savings: $711 per month!
Darlene went above the call of her position, the homeowner was very nervous and requested Darlene accompany them to court house as per Darlene’s narration of events:
” We went to court and there was a court mediator, clients, attorney for Plaintiff and attorney for Plaintiff on the phone.
Nationstar was only going to reduce payment by $50 when I caught the attorney using Gross income with a large car allowance included (which was what we were told by Nationstar had to be calculated). I asked them to re-consider only using the base income as the car allowance was a give and take.
Attorney recalculated and the final offer for forbearance is $1080.29 including escrows. A savings of $750 approx.!!!”
Many homeowners who have been legally foreclosed by the lender just don’t know what to do, what to tell the banks and worse yet… they don’t know what to do when they go to court; many just buy time until the lender takes back the home.
Without the assistance of a qualified Helpful Hands Counselor this homeowner would not have achieved the success and mortgage relief that was needed to stay in their home. Again, thank you for your great work Darlene!
Select Portfolio Servicing Loan Modification Workout in Florida 08/24/2009
Lender: Select Portfolio Servicing
Previous Monthly Payment: $1,367.18 (taxes and insurance not included)
Previous Interest Rate: 11.25%
New Trial Payment: $1,037.00 (includes taxes and insurance)
Previous when client contacted our foundation, Select Portfolio was requesting client agree to the following forbearance plan: Total reinstatement Amount of $11,175.45, first payment of $1,400.00 on 5/29/09. Pamela was successful in getting the servicer to agree and consider the homeowner for the Making Home Affordable Plan.
Servicer and client have agreed to the trial plan before final approval.
After third payment in November servicer states modification will be approved and all unpaid late charges will be waived. According to the customer service representative if the homeowner makes all three payments on time his modification can start out as low as 2% and increase no more than to 5.5% over a 5 year period.
Aurora & Chase Loan Modification Workout in Florida 08/20/2009
(Ana Gaud – Counselor)
SNAPSHOT 1:
Lender: Aurora
Arrears: over 10 months
- Prior Payment $1355.15 w/out escrows
- (Taxes 316.90 & Insurance $98.80.
- New Payment $1,161.34 including escrows.
- Change from Arm to Fixed rate!
SNAPSHOT 2:
Lender: Chase
Arrears: over 14 months
Prior Payment including Escrows $1,322..22
New Payment including Escrows $ 759.50
This is an investment property and was approved for the Obama plan.
Investor/Homeowner is very happy!
Ocwen Loan Modification Workout in Florida 08/18/2009
SNAPSHOT:
Lender: Ocwen Loan Servicing
Original loan monthly $2,516.38 P&I and escrow.
Arrears: Behind 11 months
Prior Streamlined loan modification was $1,914.98 including escrow (02/14/2009; it was counter-offered).
Trial Amount $1,057.03 including escrow.
Homeowner re-established and received credit for Homestead Exception 3 years retro.
HSBC Loan Modification Workout in Florida 08/10/2009
(Graziella Viteri – Counselor)
Lender: HSBC
Previous Monthly Payment: $1,947.05 P&I
Previous Interest Rate: 9.70%
ARREARS: 9,166.84
NEW 6 MONTH TRIAL PAYMENT: 1,576.21 P&I
NEW INTEREST RATE: 6.30%
SAVINGS $370.84 A MONTH
Lender offered a forbearance plan , arrears will be added to the back of the loan.
CITI / SPS Loan Modification Workout in Florida 08/06/2009
SNAPSHOT:
Lender: CITI / SPS (combo loan)
Previous Monthly Payment: (first mortgage) $865.00
Previous Interest Rate: (first mortgage) 7.5%
Previous Monthly Payment: (second mortgage) $345.94
Previous Interest Rate: (second mortgage) 11.625%
Homeowner was offered Obama forbearance plan.
Three month payment plan of: $637.81 then will continue with same payments of $637.81 at 2% for 5 years.
After the 5th year will go to 5.59%
Second mortgage lender offered a 3 month repayment plan of $138.81.
Then modification will stay the same after the trial period, if the homeowner keeps the account current.
CHASE Loan Modification Workout in Florida 08/06/2009
(Ana Gaud – Counselor)
Lender: CHASE
Previous Monthly Payment: $1289.91(including escrows)
Arrears: 12 months
New Payment Monthly Payment: $835.45 (including escrows)
Homeowner was offered the Obama Plan
Six (6) Loan Modification Workouts in Florida 08/05/2009
(Iris Velazquez – Counselor)
SNAPSHOT 1:
Lender: AHMSI
Previous Monthly Payment: $1,235.00
Previous Interest Rate: 7.9% (Interest Only)
Arrears: 7 months
New Monthly Payment: $809.00 (includes insurance)
New Interest Rate: 2% Fixed for 30 years
Principal Reduction: Previous Loan Amount: $342,000.00 reduced to new Principal Balance of: $176,000.00.
Homeowner is a U.S. Veteran, taxes are waved for term of loan.
SNAPSHOT 2:
Lender: OCWEN / SAXON *combo loan
Previous Monthly Payment: $1,854.85
Previous Interest Rate: 11% (Interest Only)
Arrears: 2 years
New Monthly Payment: $800.00 (includes taxes and insurance)
New Interest Rate: 2% Fixed for 5 years
Homeowner will not make any mortgage payment until January 1, 2009
Lender waived $10,000.00 of taxes.
*still mediating with second note holder: Saxon interest rate is at 17% and they are very receptive to providing a reduced monthly payment.
SNAPSHOT 3:
Lender: AHMSI
Previous Monthly Payment: $1,700.00
Previous Interest Rate: 7.9% (Interest Only)
Arrears: 2 years
New Monthly Payment: $822.00 (includes taxes and insurance)
New Interest Rate: 2% Fixed for 30 years
Homeowner will not make any mortgage payment until January 1, 2009
Principal Reduction: Previous Loan Amount: $376,000.00 reduced to new Principal Balance of: $176,000.00.
*ps snapshot 1 and 3 were neighbors with the same lender and with both properties we were able to demonstrate devaluation of the neighborhood!
SNAPSHOT 4:
Lender: COUNTRYWIDE *combo loan
Previous Monthly Payment: $1,850.51
Previous Interest Rate: 7.5%
Arrears: 12 months
Lender will freeze payments until January 1, 2009 – at which time homeowner will be offered a 2% Fixed for 30 years. Also lender will combine all loans into one!
SNAPSHOT 5:
Lender: COUNTRYWIDE >> BOFA
Previous Monthly Payment: $1,313.90
Previous Interest Rate: 6.5%
New Monthly Payment: $462.00
Lender will freeze payments until January 1, 2009 – at which time homeowner will be offered a 2% Fixed for 30 years.
Principal Balance Reduction: New Principal Balance: $125,000.00
SNAPSHOT 6:
Lender: REGIONS
Previous Monthly Payment: $1,322.04
Previous Interest Rate: 6.5%
New Monthly Payment: $462.00
Lender will freeze payments until January 1, 2009 – at which time homeowner will be offered a 2% Fixed for 30 years.
Principal Loan Balance: $117,318.39 after 6 month evaluation period lender will do a principal reduction of $70,000.00 for a new monthly payment of $295.12 (taxes and insurance excluded by homeowner request).
Five (5) Loan Modification Workouts in Florida 08/04/2009
SNAPSHOT 1:
Lender: AURORA LOAN SERVICES
Previous Monthly Payment (escrows included) $1,512.00
Previous Interest Rate: 9%
Arrears: 8 months
New Trial Payment: $848.16 (includes taxes and insurace)
Permanent loan modification will be offered after trial period.
SNAPSHOT 2:
Lender: WAMU
Previous Monthly Payment (INTEREST ONLY) $1,591.78
Previous Interest Rate: 6.875%
Arrears: 5 months
New Trial Payment: $392.44(includes taxes and insurance)
Permanent loan modification will be offered after trial period.
SNAPSHOT 3:
Lender: EMC
Previous Monthly Payment (escrows included) $1,607.37
Previous Interest Rate: 7%
Arrears: 7 months
New Trial Payment: $806.00
Permanent loan modification will be offered after trial period. Lender advised that they would try to keep them in a monthly manageable payment similar to trial period.
SNAPSHOT 4:
Lender: EMC
Previous Monthly Payment (INTEREST ONLY) $994.18
Previous Interest Rate: 9.66%
Arrears: 5 months
New Trial Payment: $994.04 (includes taxes and insurance)
Permanent loan modification will be offered after trial period.
SNAPSHOT 5:
Lender: EMC
Previous Monthly Payment (INTEREST ONLY) $1,291.93
Previous Interest Rate: 9.50%
Arrears: 6 months
New Trial Payment: $994.06 (includes taxes and insurance)
Permanent loan modification will be offered after trial period.
Bank of America Mortgage Loan Modification Workout in Florida 08/03/2009
Bank of America finally gave home owner a “4-tiered modification” (started this file in April so it took almost 4 months…)
They will wipe out fees / penalties & capitalize $ owed on interest missed over last 4 months to end of the loan.
Change loan type to 360 months, fixed to begin on Sept 1 st, 2009. New int rate starts at 2.375 & goes to 5.375 in yr #4:
Sept 1 2009 – Aug 2010: 2.375% = $599.89/mo
Sept 1 2010 – Aug 2011:3.375% = $679.92/mo
Sept 1 2011 – Aug 2012: 4.375% = $762.98/mo
Sept 1 2012 – Aug 2038: 5.375% = $848.51/mo
Here is the workout as described by Becki
OLD MORTGAGE:
1st: $150K @ 7.125% (30 yr fixed, payable as Interest Only for 1st 10 yrs,) with pymt = $890/mo, then reverts to P& I with new pymt at $1166/mo
Int paid 1st 10 yrs = $106K, Int paid over next 20 yrs = $131K , so total interest pd over 30 yrs would have been $237K (client already paid in $27K in interest on the 1st so far)
Add the $237K to the $150K principal and you get $387K total paid on the 1st. (237K + 150K = 387K)
2nd: 15 yr Balloon @ 8.625% should be a payment of $363.17 but it is $327.08. (they lowered it w/ a little balloon-7K- at end of 15 yrs)
Int paid would have been $29K with principle of $36K with a little balloon of about $7K
(29K + 36K + 7K = 72K)
TOTAL PAID OVER 30 YRS WOULD HAVE BEEN
1st mortgage: $387K
2nd mortgage+ 72K
Total = $459K
(this is about 2.5 times the cost of the home, which is pretty standard in the US for mortgages)*
NEW MORTGAGE:
1st: $154K @ 2.375% = $599.89/mo (for 12 mos) then $679.92/mo (for 12 mos) then $762.98 (for 12 mos) then $848.51/mo to end
Int paid 1st 3 yrs = $15K, Int paid over next 27 yrs = $130K, so total interest paid over 30 yrs would be $145K
(client already paid in $27K interest on the 1st so far)
Add the $145K to the $154K principal and you get $299K total paid on the 1st. (145K + 154K = 299K)
Add $27K paid in already (299K + 27K = $326K)
THIS IS $61,000 SAVED OVER THE LIFE OF THE 1st LOAN. ($387K – $326K = $61K savings)
2nd: If they go with a 30 yr fixed @ 2%, here is what it would look like:
New balance = $37,600 @ 2% for 30 yrs = $139/mo
Int paid would be $12K, add that to principal of $37K and you get $49K total paid on the 2nd (12K + 37K = $49K)
Add $8K paid in already (49K + 8K = $57K)
THIS IS $14,000 SAVED OVER THE LIFE OF THE 2nd LOAN ($72K – $57K = $14K savings)
TOTAL PAID OVER 30 YRS WOULD BE:
1st mortgage: $326K
2nd mortgage + 57K
Total = $383K
THIS IS $76,000 SAVED OVER THE LIFE OF THE 1st LOAN. ($459K – $383K = $76K savings)
Chase Mortgage Loan Modification Workout in Florida 08/03/2009
SNAPSHOT:
Lender: Chase
Previous Monthly Payment: $1,780 (including taxes and insurance)
Previous Interest Rate: 6.75%
Arrears: 10 months
Homeowner was placed on a 4 month trial period; now she will be paying $806.00 including escrows with a 2% interest rate. After the trial period homeowner will be offered a permanent modification.
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Bank of America Mortgage Loan Modification Workout in Florida 07/29/2009
Lender: Bank of America
Before
- Previous Monthly Payment: $1,591.79
After
- Current Monthly Payment: $491.94
- (Taxes and Insurance: $229.62)
- Interest Rate for next 5 years: 4.625%
- After 5th year interest will go to 5.375%
Homeowner is very happy and pleased that he did not lose his home to foreclosure.
Sun Coast Credit Union Mortgage Loan Modification Workout in Florida 07/29/2009
Lender: Sun Coast Credit Union
Credit Union offered a Forbearance plan
Before
- Previous Monthly Payment: $1,090.63
- Previous Interest Rate: 5.25%
After
- Current Monthly Payment: $630.00 Includes Taxes and Insurance
- Current Interest Rate: 2.958%
Homeowner just needed to catch up with payments and is happy with this assistance.
CMS Mortgage Loan Modification Workout in Florida 07/13/2009
(Penny Wirt – Counselor)
Just a reminder: A lot of time and solid work went into this bank workout!
CMS Loan Modification – Final Approval
- 1. Current Principal Balance: $173,771.26
- 2. Interest Rate Reduction for five years: from 7.25% to 5%
- 3. Monthly Savings for first 5 yrs: $366.58
- 4. Total Savings over 5 years: $53,960
- 5. Deferred some of the Principal – (Principal Reduction: $32,200)
- 6. Capitalized Interest: $9,433.63,
- 7. New Principal Balance: $153,039.89
- 8. CMS – Forgave & Wrote off late charges
Old Payment: $1118 P&I – New Payment: $751.45 P&I
Homeowner will now be able to keep their home, catch up on the debt… and is VERY HAPPY with the results. Homeowner is referring more people in need and said: “The Helpful Hands Foundation does good work”
ASC (Americas Servicing Company) Mortgage Loan Modification Workout in Georgia 07/13/2009
Lender: ASC (America’s Servicing Company)
Original Mortgage Payment Plan
- Previously Monthly Payment: $1,546.48
- Escrow: $145.47
- Total payment were: $1,691.95
- Previous Interest Rate: 9.75% Fixed
- Arrears: 4 month
New Mortgage Payment Plan
- Monthly Payment: $1,090.75 PI
- Escrow: $145.92
- Total New Workout Payment: $1,236.67 PITI
- New Interest Rate/Fixed: 5.25%
- New Payment starts in Sep 1 2009
- Must also mail out contribution of $2,627.18 with package.
- TOTAL Monthly Saving: $455.78
Clients expectations: wanted her mortgage to be $1,100 – $1,200. Customer very happy with the outcome.
WaMu (Chase Bank) Mortgage Loan Modification Workout in Florida 07/13/2009
When we started this modification, homeowner previously had a payment of $995.00, however it did not include TAXES or HOME INSURANCE nor the 2nd Mortgage that was still due.
Homeowner did not have Florida homestead exemption, which they applied for this year. They also had no home insurance for their property which they took care of with the help of our Field Counselor Ada.
Ada rejected lender’s 1st modification due to the fact that they were putting the homeowner on a new payment of $1,524.44 which included PITI, she knew they could not afford the payment, plus it had a negative amortization, so she resubmitted a new package.
WaMu (Chase) is now doing the Step 2 Program (HAMP Program which according to them back in April they did not qualify for) 3 Month’s Trial Period.
Trial Payment: $1,022.99
Once WaMu is able to confirm their income and eligibility – permanent modification to follow. Both sisters are happy with their outcome of this Bank Workout.
COUNTRYWIDE / BANK OF AMERICA Mortgage Loan Modification Workout in Florida 07/13/2009
(Nelyza Garcia – Counselor)
Lender: COUNTRYWIDE / BANK OF AMERICA
- Previous Monthly Payment: $1,195.42
- Previous Interest: 8.125%
- Escrow: $190.35
- Past Due: $16,459.78
Homeowner was offered a 3 month trial period agreement:
- New Monthly Payment: $677.65
- Interest: 3%
- Escrow: $190.35
Trial Period Payment $868.00 — Permanent modification after the 3 month trial period
LITTON Mortgage Loan Modification Workout in Florida 07/13/2009
(Nelyza Garcia – Counselor)
Lender: LITTON
- Previous Monthly Payment: $1,440.89
- Interest: 8.820%
- She was under 3 month repayment plan of $1,990.46
After negotiations, New 3 Month Re-Payment Plan:
- New Monthly Payment: $918.24
- Interest: 5.250%
- Escrow: $254.13
Monthly Savings of $818 — Permanent modification after the 3 month trial period.
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AURORA Mortgage Loan Modification Workout in Florida 07/13/2009
Snapshot:
Lender: AURORA
Previous Monthly Payment: $2,300.00 (Adjustable Rate Mortgage)
New Monthly Payment: $1,222.29
All Fees Waived
Homeowner was placed on a 6 month trial period. If all payments are made on time lender will lock loan modification at that same payment rate.
Homeowner needed to make the partial payment of 762.77 to qualify for that new payment plan. Tatiana called the lender and negotiated the amount down to $184.01!
Countrywide Mortgage Loan Modification Workout in Florida 07/10/2009
(Ana Gaud – Counselor)
Snapshot:
Lender: Countrywide
- Previous Monthly Payment $922.70
- Taxes $105.08
Trial Period Plan approved: Payment $609.87 — permanent loan modification will go into effect after trial period.
Bank of America Mortgage Loan Modification Workout in Florida 07/10/2009
(Darlene Brumbaugh – Counselor)
Snapshot:
Lender: Bank of America
- Previous Monthly Payment: Interest Only $1623. with no Principal Reduction
- PMI $224.
- Tax $187.
- HOI $50.
- Total $2,084.00
Bank of America is offering a 3 month forbearance at $1550. (PITI) per month and after all items I sent are verified and reviewed they will offer a loan modification. Late charges will be forgiven but all other delinquent will be added to end of loan.
- Payment was: Reduced $534. Month
AHMSI Mortgage Loan Modification Workout in Florida 07/06/2009
(Nelyza Garcia – Counselor)
Snapshot:
Lender: AHMSI
Old Payment Plan
- Previous Monthly Payment: $3,775.76
- Interest: 7.5%
- Escrow: $1,113.09
- Total Payment: $4,988.85
New Payment Plan
- New Monthly Payment: $2,907.56
- Interest: 5.00%
- Escrow: $543.29
- Total Payment: $3,450.85
REGIONS BANK Mortgage Loan Modification Workout in Florida 06/26/2009
(Iris Velazquez – Counselor)
Snapshot:
Lender: REGIONS BANK
- Arrears: 12 months
- Previous Monthly Payment: $985.21
- Previous Interest Rate: 9.75% (and 13% on line of credit)
- *Homeowner also had a line of credit with the same lender for $10K — monthly payment $400
Homeowner was offered a repayment plan, needs to make one payment of $933.31 and after three months lender will modify.
INDYMAC BANK Mortgage Loan Modification Workout in Florida 06/26/2009
Snapshot:
Lender: INDYMAC BANK
- Arrears: 7 months
- Previous Monthly Payment: $1174.38 including taxes and insurance
Lender offered homeowner 3 month Obama repayment plan and forgiven the arrears, after 3 months a permanent loan modification to follow.
- New Monthly Payment: $440.75
Homeowner is excited to keep their home.
______________________________________________________________
The Helpful Hands Foundation saves another homeowner from foreclosure!
______________________________________________________________
COUNTRYWIDE Loan Modification Workout in Florida 06/26/2009
(Graziella Viteri – Counselor)
Snapshot:
Lender: COUNTRYWIDE
- Arrears: 5 months
- Previous Monthly Payment: $985.20 (includes taxes and insurance)
Lender initiated foreclosure; homeowner was offered to make affordable 3 month repayment plan then modification to follow.
- New Monthly Payment: $734.21 (includes taxes and insurance)
Homeowner is happy to keep their home and the new payment is something they can handle.
CHASE Mortgage Loan Modification Workout in Florida 06/23/2009
Snapshot:
Lender: CHASE
- Previous Monthly Payment: $835.74 PITI
- Previous Interest Rate: 7%
- Arrears: 6 months
Ada determined that the Freddie Mac was the investor on the loan and had them intervene to make sure that the homeowner could get the help she needed.
Chase is offering homeowner a Special Forbearance
Payment breakdown was as follows:
- May 1, 2009 $400.00
- June 1, 2009 400.00
- July 1, 2009 400.00
Homeowner is very happy, Chase is working with homeowner for a permanent loan modification to reflect payments she can manage.
COUNTRYWIDE – BANK OF AMERICA Mortgage Loan Modification Workout in Florida 06/23/2009
(Ana Gaud – Counselor)
Field Counselor: Hector Rivera
Snapshot:
Lender: Countrywide ( loan had been sold to Bank of America … turned over to Bank of America to service account)
- Previous Monthly Payment: $1,812.67
- Previous Interest Rate: 7.875%
- Arrears: 11 months
Lender had initiated foreclosure, and offered a 6 month repayment plan with monthly payments of: $1,179.35 after which a permanent loan mod to follow.
WACHOVIA Loan Modification Workout in Florida 06/23/2009
(Iris Velazquez – Counselor)
Snapshot:
Lender: WACHOVIA
- Previous Monthly Payment: $893.10
- Previous Interest Rate: 7.17%
- Arrears 11 months
- New monthly payment: $377.16
Lender offered a gradual step up starting interest rate at 2.5% to cap at 6.5% after 5th year for the remainder of loan.
Homeowner had been trying to work with lender for over a year, they contacted The Helpful Hands Foundation last month and are very happy with the workout, but mostly happy that they get to keep their home!
SAXON Loan Modification Workout in Florida 06/22/2009
(Iris Velazquez – Counselor)
Snapshot:
Lender: SAXON MORTGAGE
- Previous Monthly Payment: $2,539.00 (without taxes and insurance)
- Arrears: 9 months
- New Monthly Payment: $1,080.00
Lender offered FDIC step up 3 month repayment plan starting at 2% for five years then will go 1% every year after capping at 5.9% for the remainder of the loan.
EMC Mortgage Loan Modification Workout in Florida 06/20/2009
Snapshot:
Lender: EMC Mortgage Corporation
- Previous Monthly Payment: $2,018.13
- Previous Interest Rate: 9.5%
- Arrears 4 months
Lender offered two repayment options… then permanent loan modification will follow.
- Option one: 3 month repayment plan…. at $1,092.00
- Option two: 6 month repayment plan… Down payment of $1,500 with next 6 payments at $927.00
BANK OF AMERICA (BOFA) Mortgage Loan Modification Workout in Florida 06/19/2009
(Nelyza Garcia – Counselor)
Snapshot:
Lender: BANK OF AMERICA (BOFA)
Loan was with Countrywide transferred to Bank of America.
Lender offered 3 Month Repayment Plan.
- Previous Monthly Payment: $865.52
- Previous Interest Rate: 6.75%
- Arrears: 7 months
- New Monthly Payment: $735.29
- New Interest Rate: 3.75%
- All late charges Waived
Payment lower by $130.23
Current Payment was at 37% of income now it at 31%, homeowner is happy.
______________________________________________________________
AURORA Mortgage Loan Modification Workout in Florida 06/17/2009
(Ana Pedroza – Counselor)
Snapshot:
Lender: AURORA
- Arrears: 4 months behind
- Previous Monthly Payment: $1321.79
- Aurora is offering a 3 month payment plan
- Homeowner needs to pay 1107.59 by 7/1/09
- Then 3 payment of $354.99 for 3 months
Because its an ARM, lender is offering a forbearance (old balance is placed on the back of the loan)
after the payment period, they will process Loan Modification.
Homeowners sale date of Aug 11 was be canceled.
(New payment will be between $1000 – $1150 once loan modification is complete)
LITTON Mortgage Loan Modification Workout in Florida 06/17/2009
Snapshot:
Lender: LITTON
Homeowner entered THHF counseling program in February.
- Previous Monthly Payment: $1,308.12
- Previous Interest Rate: 7.37%
- Arrears: 11 months
Litton offered them the three month repayment plan and will modify after repayment period.
- New Repayment Plan plus taxes and insurance included: $971.22
AHMSI Mortgage Loan Modification Workout in Florida 06/17/2009
(Nelyza Garcia – Counselor)
Snapshot: Homeowner contacted THHF in January 2009
Lender: AHMSI
- Previous Monthly Payment $1,763.64
- Previous Interest Rate: 9.250% ARM
- New Monthly Payment $1,371.53 (Includes Taxes and Insurance)
- New Interest Rate 6.780% Fixed (10 year Balloon)
INDYMAC Mortgage Loan Modification Workout in Florida 06/16/2009
Lender: INDYMAC
- Previous Monthly Payment: $729.85
- Previous Interest Rate: 7.85%
- Arrears: 11 months
Lender offered forbearance with a step up.
- New Monthly Payment: $562.28 for the next 5 years
- New Interest Rate: 3.375%
- $619.42 after the 6th year until 2015 (with interest rate at 4.375%)
- $669.98 in 2015 for the remainder of the loan.(with interest rate at 5.25%)
Litton Loan Servicing Mortgage Loan Modification Workout in Florida 06/11/2009
- Lender: Litton Loan Servicing
- Previous Monthly Payment: P & I $1178.12 total payment
- Previous Interest Rate: 9.25%
- Arrears: 2 months *file came in last month
Homeowner was offered the Obama Plan – repayment plan for three months, then loan will be modified.
- Repayment Monthly Payment: $869.67
Lendmark Mortgage Loan Modification Workout in Florida 06/11/2009
Lender: Lendmark
They will add her last payment on the rear and then pay their regular payment for 3 months on the 26th of each month starting in June. After the three months they will call them back and let them know what their monthly payment will be.
Arrears: 12 months
GMAC Mortgage Loan Modification Workout in Florida 06/11/2009
Lender: GMAC
Previous Payment:
- $1,031 per month PITI with an Adjustable Rate mortgage about to change in June 2009.
- Homeowner was two months behind.
- Main concern was getting a fixed interest rate.
New Monthly Payment:
- $693.16 payment for 3 months due by June 5, 2009
- 2nd payment due by the 5th of July for 3 months until her loan mod is complete using the Obama plan in August.
SAXON Mortgage Loan Modification Workout in Florida 06/11/2009
Lender: SAXON
- Previous Monthly Payment: of $1,171 that adjusted to $1,572
- Lender had already initiated Foreclosure and homeowner had a Summary Final Judgment on Feb 4 which we got a 90 day extension in order to get this workout.
- Workout is $874.20 Principal and Interest.
- Was behind 8 months.
- First payment is due July 1, 2009.
Citi Mortgage Loan Modification Workout in Florida 06/11/2009
(Ana Pedroza – Counselor)
Lender: CITI
Current Loan:
- Interest 6.625%
- 7 months behind
- Payments $1345.54 including taxes and insurance
New Offer:
- Payment of $892.80 at 2% for 5 yrs, then it would increase each year at 1%, but on the 8th year will cap at 4.86% for the remaining term.
- No downpayment needed and the past due will be forgiven.
Homeowner is happy!!!
EMC Mortgage Loan Modification Workout in Florida 06/11/2009
(Ana Pedroza – Counselor)
Lender: EMC
- Behind 5 months
- Previous payment was $1576.46 w/taxes and insurance.
New Payment:
- Obama plan of 3 payments of $1042 including tax and insurance.
- Then payment will continue to 1042.22 for 5 yrs which is a 5% fixed.
- All past due will be forgiven.
- Homeowners 20% Bank of America (heloc) client was paying $198.13
New Offer on HELOC:
- Deposit $198.25 and then they will cut payment in 1/2 which is $97.00 for 2 yrs. behind 5 months will be forgiven and after 2yrs he can apply again.
SPS Mortgage Loan Modification Workout in Florida 06/11/2009
(Ana Pedroza – Counselor)
Lender: SPS
- 20 months behind on payments
- Sale date schedule for July 7 — Foreclosure was initiated and Sale date stoped!
- Current payment is a interest only at $1439.76
New payment workout:
- Obama plan approved.
- 3 month payment trial of $1351.96 including principal, taxes and insurance.
- Down payment of $3000 which includes June payment.
- Old balance and late fees forgiven.
Wachovia Mortgage Loan Modification Workout in Florida 06/11/2009
(Ana Pedroza – Counselor)
Lender: WACHOVIA
- Previous Interest rate at 7.12%.
- Previous Monthly Payment: $755 without taxes & insurance.
- 5 months behind.
- Previous Principal balance of $126,000.
New workout:
- 1 year payment $557.28 and will increase by points till 5yrs then payment will increase to $657.69 for the life of loan with a new 40 year term.
- Lender gave homeowner a principal reduction to a new principal balance on $114,000
- Forgiven arrears and late fees.
______________________________________________________________
Litton Mortgage Loan Modification Workout in Florida 06/09/2009
Lender: Litton — had initiated foreclosure on homeowner.
Homeowner qualified for the Obama plan — as many of you know this plan requires the homeowner to show good faith and ability to repay for a trial period; if payments are made in timely fashion then a permanent modification is offered close to what they are asked to pay on the trial period.
- Previous Monthly Payment: $1,321.96
- Arrears: 10 months
- New Monthly Payment: $925.92
- New mortgage will be at a fixed interest rate instead of adjustable.
Wilshire Mortgage Loan Modification Workout in Florida 06/09/2009
Homeowner had been served with foreclosure papers.
Lender: Wilshire (COMBO LOAN)
- 1st Mortgage: Principal & Interest: $1,358.82
- 2nd Mortgage: Principal & Interest: $339.52
- Arrears: 9 months
New:
- 1st Mortgage: Principal & Interest – $1,042.00 for 6 months then they’ll Modify loan.
- 2nd Mortgage: WRITTEN OFF
Wachovia Mortgage Loan Modification Workout in Florida 06/05/2009
Lender: WACHOVIA
- Previous Balance: $227,144.78
- Previous Monthly Payment: $1,521.28
- Previous Interest Rate: 6.5%
- Arrears: 9 months
- New Principal Balance: $181,699.55 (principal was reduced by nearly 20%!!)
- New Monthly Payment: $1,058.00 (includes Taxes and insurance)
- New Interest Rate: 5.75%
Ivelisse contacted the homeowner who was overcome with tears of joy; she said: ” thank you for doing such great work and helping me and my family I’m grateful to you and all those that work at The Helpful Hands Foundation”
Vanderbilt Mortgage Loan Modification Workout in Florida 06/04/2009
(Ana Pedroza – Counselor)
Lender: Vanderbilt (Private lender) — this lender was ready to initiate foreclosure.
Previous Monthly Payment: $2,102.8
Homeowner was 5 months in arrears, the private lender required a deposit of $2,102.80 then a three month payment plan at $1,000.00 a month.
After the 3 months, the previous loan will be modified to keep monthly payments at the new payment plan.
Saxon Mortgage Loan Modification Workout in Florida 06/04/2009
(Erika Echevestre – Counselor)
Lender: Saxon Mortgage
- Previous Monthly Payment: $2,196.00
- Arrears 12 months
Homeowner qualified for the Obama plan, and was placed in a 3 month repayment of $1,500.00 after the trial period the new monthly payment will go down to: $896.26
______________________________________________________________
CITI MORTGAGE / NAVY CREDIT FEDERAL UNION Loan Modification Workout in Florida 06/03/2009
(Iris Velazquez – Counselor)
The homeowner on this workout was in arrears since February of 2008. They entered into THHF Foreclosure Counseling Program in September of 2008; through patience, education and caring of THHF counselors, the homeowner was able to preserve her home and managed to obtain monthly payments that she can handle.
Snapshot:
Lender: CITI / NAVY CREDIT FEDERAL UNION (COMBO LOAN)
- Previous Monthly Payment: $1,555.89 / 495.75
- Previous Interest Rate: 8.35% / 9%
- Previous Principal Balance: $253,330.65
- Arrears: 16 months
Lender offered a step program
- New Monthly Payment: $841.10
- New Interest Rate: 3% – first year / 3.5% second year / 4% third year / 5% til maturity.
- New Principal Amount: $176,641.75
Details on second lien: Principal reduction from $56,000.00 to $25,000.00 — previous monthly payment was $495.75; new monthly payment $185.00
Client Testimonial 06/01/2009
MICHELLE,
I HATE TO BE SUCH A PEST TO YOU BUT I WANTED TO ASK THAT ON WEDNESDAY THE THIRD YOU DID SAY YOU WOULD GIVE ME A CALL AND TOGETHER WE COULD MAKE THAT PAYMENT TO GREEN TREE? I DO HAVE A DEBIT CARD SO I CAN MAKE THAT PAYMENT WITH A DEBIT. THAT WAY WHEN GREEN TREE CHECKS MY BANK ACCOUNT THERE MONEY WILL BE RIGHT THERE FOR THEM THAT DAY TO TAKE. YOU SAID WE COULD DO IT AS A THREE WAY CALL? I JUST WANT YOU AS A WITNESS THAT I DID PAY THEM IF THAT IS OKAY WITH YOU. WILL AWAIT TO HEAR FROM YOU.
YOU SHOULD BE ABLE TO REACH ME ANYTIME AFTER 10:OO IN THE MORNING AND THE BEST WAY TO GET ME MICHELLE WOULD BE ON MY CELL AND I WILL GIVE THAT NUMBER TO YOU AGAIN AS WELL OKAY? WILL AWAIT TO HEAR FROM YOU. I BET YOU WILL BE GLAD WHEN THIS IS ALL DONE WON’T YOU? I AM SO SORRY TO YOU FOR THE WAY DANA TREATED YOU I CAN’T SEEM TO GET HIM OUT OF MY HEAD ON HOW RUDE AND DISRESPECTFUL HE WAS TO YOU. I WILL TELL YOU MICHELLE YOU HAVE A LOT OF BACK BONE I WOULD OF PROBABLY JUST THROW MY HANDS UP. I WILL NOT FORGET EVEN WHAT EVER THE OUT COME MAY BE ON HOW HARD YOU TRIED TO WORK FOR ME ON THIS MATTER WITH MY HOME.
THE HELPFUL HANDS FOUNDATION MICHELLE IS PRETTY LUCKY TO HAVE A PERSON SUCH AS YOURSELF WORKING FOR THEM, AND I FEEL BLESSED TO HAVE YOU AND THE HELPFUL HANDS ON MY SIDE IN TRYING TO SAVE MY HOME. I DO THANK YOU FROM THE BOTTOM OF MY HEART AND I CAN PROMISE YOU MICHELLE IF I CAN GET THIS WORKED OUT WITH GREEN TREE , AND KEEP MY HOME ABOVE ALL OTHER THINGS THERE PAYMENTS WILL BE ON TIME EVERY MONTH AFTER THIS. THANK YOU AGAIN FOR ALL OF YOUR HELP, AND I WILL KEEP PREYING FOR A GOOD OUTCOME. TAKE CARE AND HAVE A WONDERFUL DAY.
SHIRLEY MCMURRAY
KH Financial Loan Modification Workout in Florida 06/01/2009
(Penny Wirt – Counselor)
Lender: KH FINANCIAL — COMBO LOAN SAME LENDER
- Previous Monthly Payment: $2,700.00
- Previous Interest Rate: 7.35% on first / 12% on second
- New Monthly Payment: $1,295.47
- New Interest Rate: 5.25%
Penny was able to get a principal reduction of $140,000!!!
Over the loan term they are saving $396,000.00 !!
– very good workout! Contact Penny if you have any more questions.
Litton Bank Loan Modification Workout in Florida 06/01/2009
(Penny Wirt – Counselor)
A COMBO LOAN MODIFICATION
Homeowner had done a forbearance agreement a year prior – homeowner had 2 years of partial delinquency — also a19 months in arrears on second lien.
Lender: SPS / LITTON
Previous Monthly Payment: $1,878.00
New Monthly Payment: $1424 for three months
Penny was able to have lender wave $12,000 balloon payment ( they may also waive 8 month late payments)
Past due interest of $3,942 also waived!!!
US Bank Loan Modification Workout in Florida 06/01/2009
Homeowner tried for 4 months to get help in modifying their loan, they were NOT late on payments.
Started in Feb 2009 – Finished in April 2009!
Lender: US BANK
- Previous Monthly Payment: $1,276.00 including taxes & ins
- New Monthly Payment: $616.11 (includes taxes & ins) for 2 months
- A COMBO FOREBEARANCE / LOAN MODIFICATION
Then no paymets for July & Aug 2009. They will offer a special loan modification in July, and contact the client directly.
Aurora Loan Modification Workout in Florida 06/01/2009
(Ana Gaud – Counselor)
Lender: Aurora
– goes to show that persistence is key: Homeowner has been in THHF Foreclosure Counseling Program
since December 2008!
- Previous Monthly Payment: $2,185.70
- Previous Interest Rate: 6.5%
- Arrears: 18 months
Homeowner qualifies for Obama’s plan… needs to make 3 payments for
- New Monthly Payment: $1,970.88
- then will be offered a loan modification starting at 2%
______________________________________________________________
Aurora Loan Modification Workout in Florida 05/28/2009
Lender: Aurora
- Previous Monthly Payment w/T&I: $1,819.85
- Previous Interest Rate: 9%
Lender is offering a 3 month repayment plan before settling into loan modification
- Repayment Monthly Payment Plan: $848.00 to include Taxes and Insurance
Citi Mortgage Loan Modification Workout in Florida 05/26/2009
(Nelyza Garcia – Counselor)
Lender: Citi Mortgage
- Previous Monthly Payment: $1,850.81 P&I
- Taxes and Insurance Non-Escrowed $177.00
- Total Payment: $2027.81
- Previous Interest Rate: 8.9%
Workout under HAMP Program
- They offered 3 month repayment plan with payment of $859.63 including taxes and insurance ($789.18 P&I and $150.45 escrow)
- New Monthly Payment indicated by the negotiator would be $890.00 including taxes and insurance
- New Interest Rate: 2% for 5 years Adjusting thereafter at 1% per year capping at 4.85%
U.S. Bank Loan Modification Workout in Florida 05/25/2009
(Erika Echevestre – Counselor)
Lender: U.S. Bank
(this lender is offering Special Forbearance which allows homeowner to make 1/2 payments, they will re-evaluate the loan after the trial period; lender is looking for homeowners’ willingness and ability to make payments)
- Previous Monthly Payment: $1,007.26 (included taxes and insurance)
- Previous Interest Rate: 6.2%
Lender had denied a workout in the past; the homeowner was extremely grateful for the guidance of a counselor from The Helpful Hands Foundation. With Erika’s help they were able to compile the information and mediate with the lender who now offered a trial payment period of 6 months;
- New Monthly Payments of: $497.33 (including taxes and insurance)
Indymac Bank Loan Modification Workout in Florida 05/24/2009
(Iris Velazquez – Counselor)
Lender: Indymac — combo loan 80/20
- Previous Monthly Payment: $1,024.43 (includes taxes)
- Previous Interest Rate: 8.5% on the first loan / 11.5% on second loan
Indymac offered the FDIC step up workout and added the second loan to the back of the first extending it to 30 yrs.
- New Monthly Payment: $364.00
- New Interest Rate: 3% for 5 years.
- Steps up to: 4% from year 6 through 20 — and 4.5% for remainder of term.
Chase Bank Loan Modification Workout in Florida 05/24/2009
(Iris Velazquez – Counselor)
This property was to be sold May 22, Iris was able to contact the attorney and stopped the foreclosure,
this allowed mediation to ensue with lender.
Lender: Chase Bank
- Previous Monthly Payment: $2,950.00 (taxes and insurance paid separate)
- Previous Interest Rate: 11.5%
Offered the Making Home Affordable Program, payments include taxes and insurance with trial period payments for 3 months of: $1,938,38*
*the trial period payments are estimate of what the new payments would be after evaluation of trial period.
Washington Mutual (WAMU) Loan Modification Workout in Florida 05/16/2009
Workout Snap Shot: Lender offered a Forbearance Plan 40 year Step Up Program
Lender: WAMU
Old Scenario:
- Current Monthly Payment: $639.03 ARM -Adjusted every year.
- Interest Rate: 7.375%
- Escrow not included
New Scenario:
- New Monthly Payment: $800.56 escrow included
- Interest: 3% — for years 1-3
- 4 yr…$963.41 escrow included — interest: 4%
- years 5-10 …Monthly Payment $1090.44 escrow included — Interest: 4.78%
- years 11-40…$1334.94 escrow included — Interest: 4.78%
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OCWEN Mortgage Loan Modification Workout in Florida 05/15/2009
(Darlene Brumbaugh – Counselor)
Workout Snapshot: Forbearance
Lender: OCWEN
- Previous Monthly Payment: $1,099.00
- Previous Interest Rate: 7.78%
- New Monthly Payment: $602.00
- New Interest Rate: 2%
Lender only solution for loss mitigation was forbearance, they extended the term for 2 years and waived all late fees.
Homeowner is happy to stay in their home.
SAXON MORTGAGE Loan Modification Workout in Florida 05/12/2009
Lender: SAXON MORTGAGE
- Previous Interest Rate: 7.5%
- Previous Monthly Payment: $1,500.00
- New Interest Rate: 2% Fixed for 5 years
- New Monthly Payment: $681.23
Wachovia Mortgage Loan Modification Workout in Florida 05/12/2009
(Michelle Kosicki – Counselor)
Lender: Wachovia
Previous scenario:
- Wachovia Pay Option Adjustable Rate Mortgage 7.170%
- Principal Balance: $255,756.10
- Monthly Payment: $1754.78 minimum payment
Modified loan terms:
- 40 Year Fixed Rate Mortgage
- New Principal Balance: $204,604.88
- REDUCTION in Principal: $51,151.22
- Fixed Rate 4% for 3 years then stair step in 2012 to 4.375% the final Interest rate will be 6.5% in 2017 for the remainder of the loan term.
- New payment: $682.02 Interest Only for at least 8 years including escrows, a monthly savings of $665.76
Homeowner now has the option to pay more than interest only to reduce principal. Previously they would not apply extra payments toward the principal because she was only paying the minimum payment and all extra payments would just go to deferred interest. GOOD BYE to NEGATIVE AMORTIZATION!!!!
Michelle is going the extra mile and helping the homeowner on getting an insurance refund of $2,085.
Homeowner is VERY HAPPY with the $51,151.22 coming right off the top!!
Her first payment of $1,519.50 will put the agreement into effect. She is behind on payments in the amount of $5,654.07
All late fees and arrears are WAIVED!
FHA – Lender Taylor Bean & Whitaker Mortgage Loan Modification Workout in Florida 04/28/2009
(Darlene Brumbaugh – Counselor)
Keep in mind the specifics of this mitigation:
- Homeowner was unemployed
- FHA Loan
- Arrears (behind) 4 months
Lender: Taylor Bean & Whitaker
As many of you know, FHA is not part of the stimulus bail out plan, and have very limited options for homeowners. Homeowner was offered a HUD Special Forbearance *see below:
For the next 4 months homeowner mortgage will be reduced by half:
Previous Monthly Payment: $1,200
New Monthly Payment: $605.13
Interest Rate: 6% Fixed
After the above time has lapsed FHA would entertain a rate reduction or term extension.
Homeowners Response: “thank you! you know the lingo and can get around with the banks, I’m totally lost. I am very happy”
PLEASE, review HUD – FHA SPECIAL FORBEARANCE INITIATIVE for the unemployed.
Saxon Mortgage Loan Modification Workout in Florida 04/27/2009
(Kimberly Bell – Counselor)
Lender: Saxon Mortgage
Previous Monthly Payment: $1,100.78
Previous Interest Rate: 9.875%
New Monthly Payment: $599.02
New Interest Rate: 4% Fixed for 5 years
Lender was asking for a cash contribution was $7,050.01 but she only had to pay $62.00 because her PMI company paid the remaining amount.
Saxon Mortgage forcefully placed insurance payment on top of the previous monthly payment but now she has her own insurance policy which is much cheaper.
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Indymac Bank Loan Modification Workout in Florida 04/27/2009
Seems that Indymac Bank under FDIC leadership is offering the similar workouts after much persuasion across the board.
(Maria Sanchez – Counselor)
Lender: Indymac
Previous Monthly Payment: $1,288.12
FDIC step up program
New Monthly Payment: $561.90 (a reduction of $726.22)
New Interest Rate:
- 3% Fixed for 5 years
- 4.75 after year 5
Arrears were deferred.
Fees and charges were waived.
Regions Bank – Investment Property Loan Modification Workout in Florida 04/27/2009
(Ana Pedroza – Counselor)
Lender: Regions
*Investment Property
Previous Monthly Payment: $1,200.00
Previous Interest Rate: 9.5%
New Interest Rate: 3.875% Fixed for 3 yrs
Arrears will be placed in the back.
No deposit needed, late fee and negative escrow will be waived.
“Homeowner is happy and excited!!!”
**Homeowner nearly jeopardized their own workout by calling the lender: lender was asking for $1,500.00 deposit and escrows of $4,000.00. Ana Pedroza intervened and deposit, late fee and negative escrows waived.
Indymac Bank Loan Modification Workout in Florida 04/26/2009
(Ana Pedroza – Counselor)
Lender: Indymac
Previous Interest Rate: 9.95%
Workout Program (this homeowner was offered the ‘step up’ program)
New Interest Rate starts at:
- 3% for 5 years
- 4% for the 6th year
- 4.75% for the remaining term.
1st payment of 561.90 bank is Indymac.
Lender is Deferring $45,400.05 of principal mortgage, homeowner will not have to repay until he sell, refinance or Maturity date with no interest.
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Litton Loan Servicing Workout in Florida 04/25/2009
(Nelyza Garcia – Counselor)
Lender: Litton Loan Servicing
Current Loan Details
- Current Principal: $43,416.13
- Current Interest: 11%
- Current P&I: $419.03
- Delinquent Interest Owed: $1,299.33
- Total Current Amount Owed: $44,715.46
Modified Loan Details
- New Unpaid Principal Balance $32,562.10
- (Forgave $1,299.33 of interest due and reduced principal by $10,854.03)
- New Interest rate will be 4.52% fixed for the remaining term of the loan
- New monthly P&I $173.35 ( $245.68 less)
- Will begin making payments on June 1st 2009
Navy Federal Bank Loan Modification Workout in Florida 04/20/2009
Lender: Navy Federal
- Previous Loan Balance: $53,422.08
- Previous Monthly Principal & Interest: $495.75
- Previous Interest Rate: 9%
- New Loan Balance: $34,546.53
- New Monthly Principal & Interest: $198.14
- New Interest Rate: 3.375% fixed
Principal reduction of $18,875.55!
Interest rate drop from 9% to 3.375% fixed!
Chase Bank Loan Modification Workout in Florida 04/17/2009
(Lily Santelis – Counselor)
The lender had already initiated foreclosure process and had denied loan modification proposal, after various calls and negotiations, mitigator was able to get through the investor: Fannie Mae and negotiated to place homeowner under the Obama Stability Program.
Lender: Chase
Homeowner must satisfy a 3 month probation of timely payments, once established a permanent modification will be offered.
Previous Monthly Principal and Interest: $2,058.55
New Monthly Principal and Interest: $1,180.12
Countrywide Loan Modification Workout in Central Florida 04/13/2009
Keep in mind, like you will notice in this case… the lender did not grant a huge interest rate reduction what they did do, was extend the terms and also waived over $30 thousand dollars in late charges, along with re-instating the mortgage and allowing account holder to prove their worthiness of home ownership.
We did our part.. kept the homeowner in their home!
Lender: Countrywide Home Loans
Months Behind on Mortgage: 9 months
Previous Interest Rate: 6.750%
New Interest Rate: 6.50%
Previous Principal and Interest: $2,772.00
New Principal and Interest: $2,660.20
Arrears including late charges: $30,000.00 WAIVED
Original 30 year term, extended to 40 year.
Offering client after 12 to 24 months of consecutive on time payments refinance.
Also capitalized $4,304.27 of escrow.
FHA Loan Modification Workout in Florida 03/31/2009
(Michelle Kosicki – Counselor)
Workouts on FHA loans are usually offered as Special Forbearance
Lender: Wells Fargo
Arrears: 10 months
Michelle contacted HUD on this file, a representative reviewed the file and was able to determine that there was a 5% discretionary surplus. Once this was established HUD contacted Wells Fargo and the workout was offered.
With FHA the debt is not forgiven but added to the back of the loan. Homeowner needs to show good faith payments for 3 months after which time they will extend the terms and reduce the rate.
(Keep in mind what the Government giveth.. the Government can taketh)
Loan Modification Workout in Georgia 03/31/2009
Property located in Georgia, a non judicial state.
Snapshot of Workout
Lender: AHMSI
Arrears: 2 months
Type of workout: Step Fixed Interest Rate / Forbearance
Previous Monthly Payment: $975
New Monthly Payment: $683
New interest rate: 5%
Bank of Wachovia Workout in Central Florida 03/31/2009
Workout Snapshot:
Lender: Wachovia
- 12 months in arrears
Previous Monthly Principal and Interest: $1,400
New Monthly Principal and Interest: $683
Term extension: 40 year loan
Previous Interest Rate: Option Arm 6.94%
New Interest Rate: (step up program)
- First 3 years at 4%
- years 9-40 Fixed at 6.5%
Lender waived over $20,000.00 in arrears.
Principal Balance Reduction:
- Previous balance: $227,806.00
- New balance: 205,000.00
Workout in Central Florida 03/30/2009
Scenario Snapshot:
Lender: Home EQ
Workout offered: Forbearance Plan
Arrears: 2 months
Homeowner was in an Adjustable Rate Mortgage (ARM), when they first came to the foundation the monthly principal and interest payment had jumped to $1,200.00
New monthly principal and interest payment: $805.12
Previous Interest Rate: 9.25% (ARM)
New Interest Rate: 5.25% (fixed for 5 years)
Countrywide Workout in Central Florida 03/30/2009
This is a moderate workout with Countrywide, and as many of you know Countrywide has been very difficult to deal with so… this is a HUGE breakthrough for us; and a happy moment for the home owner.
Partial Scenario Snapshot:
Lender: Countrywide
Workout offered: Forbearance
Previous Interest Rate: 7%
New Interest Rate: 5.5%
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Recent small victories for homeowners in Florida in March 2009:
Case 1: (keep in mind that the homeowner came to The Helpful Hands Foundation within the 10 day window of opportunity after the property was sold… this was a LONG shot!) Homeowner was served with EVICTION NOTICE, homeowner went to court, judge canceled the eviction and ordered that the lender RENT out the property for the next 2 months to the homeowner while they initiate a workout.
Regional Director – Ana Gaud
Case 2: Judge asked the homeowner what monthly mortgage payment were they able to make if they could keep the home, the homeowner expressed the hardship, the judge then gave them 120 days and ordered a COURT MITIGATION Field Counselor – Iris Velazquez
Case 3: Mitigator contacted the lender attorney and was able to stop the sale on the property and file was moved into review. Field Counselor/Mitigator: Jalivette Rivera
Florida Foreclosure Workout 03/25/2009
(Nelyza Garcia – Counselor)
Lender: Aurora Loan Services
9 months in arrears — lender had initiated foreclosure process
Workout:
Special Forbearance for 3 months
- Current Monthly Payment of $1,702.50
- NEW Monthly Payment: $1,337.11
- Home owner saved $369.39 a month
- Charges and fees waived
After that 90 day forbearance period of continuous payments is over, the home owner will be placed in a permanent loan modification.
Florida Foreclosure Workout 03/25/2009
Mitigator mitigated the file and was able to get the homeowner nearly a $700 per month savings!
Lender: CITI MORTGAGE
- Previous monthly payment: $3,163.00 – NEW monthly payment: $2,427.88
- Previous Interest rate from: 8.38% to NEW FIXED rate at 5% for remainder of the loan.
Five months in arrears were deferred.
Texas Foreclosure Workout the Hard Way 03/12/2009
Texas foreclosures can be handled either via judicial or nonjudicial.
(Ana Pedroza – Counselor)
This particular client had a Power of Sale clause. That clause allows the mortgagee to foreclose without a lawsuit. That being said.. when the non judicial process is initiated that foreclosure usually takes less than 4 months.
This homeowner was running out of time.
Workout:
Lender: EMC
- Client had an 80/20 deal with same lender at 7.5%
- Behind 4 months, arrears waived.
- Previous principal and interest $1,885.00
Homeowner was offered a forbearance for three months with interest rate reduction and after that period a loan modification would be worked out.
- New principal and interest payment of $942.71
6 Months Behind & Almost Dead in the Water in Florida 03/12/2009
(Ana Pedroza – Counselor)
Mitigation was initiated with the lender and file was in review. At some point the homeowner decided to take matters in their hands and called the bank. The lender began asking for homeowners income and expenses and the homeowner now got caught in their trap. The lender denied the workout.
Our mitigator innocently doing her job calls to follow up and finds out that the file was denied, the lender responded that there was documentation indicating with date and time the homeowner called in.
Fortunately our Ana is well versed with the lender and would not accept the denial. She requested a review of the income/expenses and the file was approved for a work out.
Work out:
Lender: EMC
- Client was 6 months behind, arrears charges and interest were waived.
- Interest rate from 6.5% reduced to 5%
- Monthly Principal and Interest was $1,182, now reduced down to $957
GO ANA!
18 Months In Arrears On Mortgage in Florida 03/11/2009
Lender:
- SPS
Previous Monthly Principal and Interest:
- $1,900.00 old interest rate was 12.96%
Workout:
- 18 months in arrears ( $31,728 debt was forgiven)
- New Monthly Payment Principal and Interest: $809.00
- Interest Rate Reduced to: 8.8%
Behind on First and Second Mortgage in Florida 03/09/2009
Great Work-out … Over Delivered. The homeowner was just asking for a $250.00 total monthly reduction and got a total of $428.18 in savings. (file received in December 2008)
Workout details:
Lender: HSBC, combo loan with a first and second mortgage (2 workouts were obtained, one on each loan)
1st Mortgage
Was $1,149.99 P&I at 8.99% — monthly payment was: $1,486.20
New $845.80 P&I at 5.25% — monthly payment is: Now $1,163.02
2nd Mortgage
Was $358.03 P&I at 9.99% — monthly payment was: Was $358.03
New $253.03 P&I at 5.75% — monthly payment is: Now $251.03
Behind on Second Mortgage in Kissimmee, Florida 03/05/2009
Second Lien:
- 25% Principal Reduction
- Legal Fees and Costs were waived
- Interest Rate Reduction from 17.9% to 6 %
Amendments on Term & Amortization:
- Went from 2 years with an interest only payment of $313.00 with a Balloon Payment due at Maturity in the amount $21,000 to 30 Years Fixed for Principal & Interest of $110.70 per month.
- The balance in arrears was put on the back of the loan which was 12 months and late fees.
Behind on Mortgage in South Carolina 02/05/2009
Original terms:
- balance: 633,357.46
- rate: 9.8% fixed
- original payment: 5,329.94
New terms:
- balance: 667,056.94
- rate: 4.62% fixed
- payment: 3,573.74
- first payment due on April 1, 2009
Homeowner went from 8.5% interest 5.5% 02/10/2009
LENDER: COUNTRYWIDE
In the system for 20 days, homeowner now has a manageable mortgage.
WORKOUT PLAN:
- Interest-rate reduction
- Interest-only payments for 10 yrs
- Resolution of past due amount
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Story of Daniel and Julie from Clermont , Florida – 01/24/2009.
We started to work with Suntrust at the beginning of January. The only thing that held us up was receiving the paycheck stubs from the client on her HELOC
Suntrust’s Proposal:
Keep them in an Interest Only Loan (she is at Prime +2) right now her rate is 5.25%.
Forgive all of the arrears, pass-dues and late payments, which would be contingent upon receiving $250.00 & paycheck stubs.
Julie’s scheduled payment right now is $377.00/month.
Her Payment for Interest Only would be $79.00 and she could make a Principal reduction on a monthly basis.
THE EXTRA MILE:
Currently working on removing her restaurant from her RE Taxes with the attorney who handled the sale of her restaurant in March 2008. This should have been handled by legal council with the sale of the restaurant.
Her HELOC was negotiated in 3 days. She was 6 months in the arrear, maybe 7.
Story of Maria and Alex from Orlando , Florida – 01/04/2009.
Lender: HomeEQ
Balance Owed: $271,000.00
OLD scenario:
- Interest Rate: 8.9%
- Monthly Principal and Interest: $2,043.45
- Taxes: $270
- Ins: $119
NEW scenario:
- Interest Rate: 2%
- New Monthly Principal and Interest: $1,362.00 – Including Taxes and Insurance!
After 3 years rate will go to 3% for remainder of loan.
Savings Realized:
New Payment of $1,362.00 – Taxes: $270 – Ins: $119 = $973.00 Principal and Interest.
Old Principal and Interest of $2,043.45 minus New Principal and Interest of $973.00 = Monthly Savings of $1070.00. Calculated at 27 years of mortgage payments left (that is 324 monthly payments), the savings realized with the significant interest rate cut are $346,680.00 or 324 payments times the $1070.00 montly savings. As you can see the interest rate cut alone did the trick for this family to avoid foreclosure and save a huge chunk of cash. Enough to buy a second home.
Story of Mellissa from Las Vegas, Nevada – 12/31/2008. This story is just beginning.
Behind on payments approximately 9 months.
Let’s just say Nevada is a Non Judicial State and the mortgagees there, are out of gas when trying to get any modification done with the banks and lenders! OR ARE THEY?
Mellissa Family out in Nevada has been struggling to make payments, property was going to auction this Friday – 01/02/2009. After intense work on this file and great work from client.. they contacted the media and working diligently with our mitigator the property is off the auction block!
We have a complaint and motion filed Pro Se that is pending Judicial Review with the Clark County Courthouse for the possibilities of the borrowers being:
- 1. A victim of Predatory Lending
- 2. RESPA Violation
- 3. Federal Statues Violation
- 4. According to terms of Note, the terms of the note fall under Ohio State Law, Ohio is a Judicial State, Nevada is a Non-Judicial State. The subject property is in Las Vegas NV. Being governed by Ohio State Law, the Lender might be in violation of State and Federal Banking laws and breach of contract.
Our Notice of Pendency of Action was recorded at the Recording Office. No one can purchase a home without Clear Title.
Our request for various documents on this file was sent via Fax, Email and Certified Mail with a request for Production, two of the most important items requested were the Security Instrument that was created 72 hours after closing and the Lenders Trust Ledger, which gives an annual accounting of the debits and credits that each Security Instrument generated. If the Lender fails to comply within 20 days from receipt of our request, we will contact HUD for RESPA Violation.
We plan to take this to the next level, Congress. After the New Year we will try to bring this file to the attention of Senator Reed.
UPDATE March 1st, 2009:
The client has lost their home. The reason was very simple. The bank has deployed unethical strategies against the client by swapping attorneys at the last minute and confusing the client who exactly is the banks attorney. The judge, confused himself, and facing an onslaught of fresh foreclosures in Las Vegas let the bank attorneys get away with these unethical shenanigans and permitted the sale of the house even when the legality of this action was very questionable. The client did hire an attorney but the attorney was confused with the case and caused more harm then good.
For all those who reside in a judicial state, count your blessings. The wild west is truly wild!
Story of Julie from Florida 12/13/2008
Old Loan Terms
- Loan Type – 3/27 ARM, 7.25% Interest
- Past Due Amount: $18,520.26
- P&I – $1602.67
- Term: 30 Years
- Past Due: 8 Months
New Loan Terms
Modification of the loan includes adding the unpaid attorney fees and cost to the loan balance. Lender will forgive past due interest and late charges. The modification will be a 30 year, 5-1 ARM with starting interest rate of 4.5%.
Story from California 11/22/2008:
LENDER: AHMSI – American Heritage Mortgage Services Inc.
Previous Scenario:
- Seven months behind on mortgage payments
- Adjustable Rate Mortgage / 7.55%
- Loan amount left on mortgage $220,000
New Scenario:
- All behind debt and fees were forgiven.
- His first payment is 1/1/2009
- Savings of $220 per month on mortgage payment
- Lowered interest rate to a fixed rate of 6%
Total interest savings over life of the loan approximately $70,000.
Story of Lishonda from Florida 11/15/2008:
11 months behind on mortgage payments. Accumulated late fees and outstanding payment on balance. Foreclosure process started 5 months ago.
Lender: Home EQ
Resolution:
Combo Loan:
First loan: fixed rate of 6.1% reduced to: fixed rate of 4.0%
original monthly mortgage payment: $918.26 reduced to principal & interest: $825.17
Second loan: fixed rate of 11.3% reduced to: fixed rate of .5%
original monthly mortgage payment: $419.24 reduced to principal & interest: $145.59
Lender forgives accumulated 11 months of outstanding debt.
Homeowner is reinstated on the loan & foreclosure process is canceled. Estimated time to pay off loans is 336 months or 28 years. Total mortgage loan amount is $200,000.
Savings:
Total Savings of $122,976 on the life of loan.
Story of Frandy from Florida 11/10/2008:
- Behind on mortgage payments for 9 months.
- Interest rate of 10.25%. (Soon to adjust higher)
- Mortgage payments of $1881 principal and interest including $229 for escrow of taxes and insurance.
- Debt to income of 55%.
- Balance of loan $186,000. (Property is upside down by $50,000)
Workout Loan Modification:
- Debt to income ratio of 37.34%.
- Reduce Principal Balance to $130,000, meaning principal write down of $50,000.
- Remaining term of loan remains at 338 months.
- Interest rate of 7.5%.
- Monthly principal and interest payment: $925.76
- Monthly escrow payment: $229.66 (estimated based on current tax and insurance payments as disclosed)
- Total Monthly payment $1155.42 (using estimated escrow)
- Delinquent interest is waived. Late charges waived.
Frendy’s deal is a good example of successful loan modification. He will save over $245,000 of interest through out the life of the loan. ($1881 – $229[escrow] = $1652 – $925[new P&I] = $727 x 338[remaining months] = $245,726[interest saved])
His P&I is now lower then any apartment he would be able to rent in the area. His home is now adjusted to current property value.
Story of Elena from Florida 10/28/2008:
Monthly Payment: $1237.00 principal and interest
Behind on mortgage payments for 6 months. No answer or help from her mortgage company who happens to be Yale Mortgage a hard money lender.
Workout:
For One Year, your total payments for Principal, Interest, Taxes and Insurance (PITI) will be Seven Hundred Twenty Five Dollars ($725.00) a month for one year.
The original financial request in the amount of Seventeen Hundred Forty Two Dollars ($1742.00) to accommodate this program by ####### was waived by #######, CEO.
Provided you make your payments to Yale Mortgage in a timely fashion, at the end of twelve (12) months, the arrears in the amount of Eighty Two Hundred Sixty One Dollars ($8162.00) will be waived.
This Agreement, can be extended after twelve months with a written request to Yale Mortgage.
The attached Interim Payment Agreement must be executed and dated by you.
Upon completion, please submit to Yale Mortgage with your first payment in the amount of Seven Hundred Twenty Five Dollars ($725.00) by Monday, October 27th.
Hard Money Lenders are tough but some like Yale Mortgage do find their heart. It just spells out that resilience pays off and willingness of both parties to come to a sensible agreement.
Story of Joe from Louisiana 9/23/2008:
12 months behind on mortgage payment with house going to sell in 14 days from the time he contacted The Helpful Hands Foundation.
The interest was already fixed rate at 5% with payments of 625.00. THHF dealt with EMC Mortgage and negotiated stay of sale with the client resuming payments. All collection fees, late fees and back interest were forgiven. Basically starting on a new slate.
Negotiations took approximately 7 days.
