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Israel and Jasmin D.

Servicer: Wachovia Mortgage

Israel DOld LoanModified Loan
Interest Rate6.85%5.459% for year 1
5.584% for year 2
5.709% for year 3
5.834% % for year 4
5.959% for year 5
6.084 % for year 6
6.50% fixed until 2049
Loan TypeInterest OnlyAdjustable Fixed Rate Loan
Monthly Payment$1,850 Interest Only$1,571.56 Interest Only
Principal Balance of Loan$421,292.16$355,459.17

TOTAL SAVINGS: This loan modification resulted in a Total Monthly Savings of $278.44 for our client and a Principle Reduction of $65,833, which amounts to an estimated savings of over $149,223 off the amount financed over the life of the loan. All delinquent interest and late fees have been waived and reduced from the principle balance of the loan. After the 6 years at an Adjustable Step Rate Program, the interest rate will adjust to a 6.50% fixed rate the life of the loan