IndyMac – Case Result #007
Client came in with a neg-am loan with a $1,005 monthly payment and 6.88% interest rate. The loan was about to adjust and the client wanted to get a new fixed loan.
Client received a loan modification with a new payment of $1,724.98 a month and a new stepped interest rate at 3.625% for years 1-5, and caps at 4.25% for years 6-26. Even though the clients monthly payment went up, they were happy to get a lower fixed interest rate.