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General
Guidelines on Calculating a Mortgage Modification
Home Affordable Mortgage
scenario: (Preferred)
Front-end Debt-to-Income greater
than 31%
Primary Residence
Loan balance less than $729,750
Not necessary to be late on
payments
Then:
Interest rate as low as 2% for
five years
Term extended to 480 months
Principal can be deferred at 0%
$1000 paid to principal each of
five years of successful mo payments
Years 6, 7, 8 - maximum of 1%
rate increase (Based on Freddie/Fannie index)
Work-out Modification: (If HAMP
not qualified)
Demonstrate 'Imminent Default'
Negative monthly cash flow
Then:
Interest rate as low as 2% (Ten
year I/O, 30-yr P&I)
Term up to 480 months
Principal deferred at 0%
Foreclosure?
Hell, I'm gonna shoot something!
Foreclosure Timer
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