Principal Reductions are not a myth!

Jun 11, 2014

OUTCOME: Great result, principal forgiveness of $162,293 and monthly mortgage payment reduced by $2253.

Client previous mortgage balance was $523, 293, interest rate 5.99%, monthly mortgage payment was $4223, including escrow. We submitted a loan modification application and received the following result ... s: New principal balance is $315,500, interest rate is 2% and new monthly mortgage payment is $1969, including escrowing of taxes and insurance. Lender completely forgave principal of $162,293. Monthly mortgage payment savings of $2253.