Client was 18 months behind and owed $57,000 to become current. There monthly payment was $3,122.
Client received a loan modification with a principal reduction of $286,774, provided they make on time payments for three straight years. It has a stepped interest rate starting at 2% for years 1-5, 3% for year 6, and 4% for years 7-26. The new monthly payment is $2,523. The client saves $598 a month.