IndyMac – Case Result #005
Before Evaluation
The client was 8 months behind with $41,179 past due. Their monthly payment was $2,650 with a 6.75% interest rate.
Case Result
They received a new modification with a monthly payment of $1,667. That's a $983 monthly savings. Their new interest rate is stepped starting at 24 for years 1-5, 3% for year 6, 4% for year 7, and caps at 4.375% for years 8-40.