Client came in 10 months behind on their mortgage and owing $43,000 to become current. They had a rather high interest rate of 6.5% and monthly payment of $2,517.
Client received a loan modification with a new monthly payment of $1,384 with a 40 year 2% interest rate. They saved $1,133 a month. They have a $80,000 balloon payment due in 40 years, which can be paid off with a refinance.