Two Gmi
Making Affordable Home Loan Modification Program Examples
The following are examples of ways in which affordable Home Modification Plan can help make their mortgage affordable. These are examples and are not intended to indicate the exact result you would expect if you qualify for this plan.
Legend
GMI = Gross Monthly Income
Fees PITIA = Principal, Interest, Taxes, Insurance and the Association
DTI = Ratio of debt to income
________________________________________________________________________
Example 1: Rate of reduction to achieve the 31% DTI
GMI $ 4,000.00
GMI 31% (target monthly payment) $ 1,240.00
Loan $ 200,000 @ 7.5% 30 years $ 1398.43/month
Taxes and Insurance $ 250.00/month
PITIA $ 1698.43/month
Change fee 4% to reach a DTI of approximately 31%
Modified 4% Rate: $ 954.83/month
Taxes and insurance: $ 250.00/month
New fee $ 1204.83/month
Savings $ 493.60/month
_____________________________________________________________________
Example 2: Rate of reduction and expansion loan term to 35 years to reach the 31% DTI
GMI $ 3,000.00
GMI 31% (target monthly payment) $ 930.00
Loan $ 200,000 @ 7.5% 30 years $ 1398.43/month
Taxes and Insurance $ 250.00/month
PITIA $ 1698.43/month
Change rate to 2%. Change term to 35 years to reach a DTI of around 31%
Modified Rate 4%: $ 662.53/month
Taxes and insurance: $ 250.00/month
New fee $ 912.53/month
Savings $ 785.90/month
________________________________________________________________________
Example 3: Reduction of the rate, term extension and patience key to reach the 31% DTI
GMI $ 4,500.00
GMI 31% (Goal monthly payment) $ 1,395.00
Loan $ 450,000 @ 9.0% 30 years $ 3620.80/month
Taxes and Insurance $ 250.00/month
$ PITIA 3870.80/month
Change rate to 2%. Change term to 40 years
Modified Rate to 2% over 40 years: $ 1362.72/month
Taxes and insurance: $ 250.00/month
New Pay $ 1612.72/month
Due to slow the rate at the plant up to 2% and expand loan terms to 40 years have not achieved the desired DTI of 31%, the lender, at its discretion may choose to forgive or ancestor part of the capital to achieve 31% of the DTI. In this example, the lender chooses to refrain $ 75,000 of the main things you get a lump sum at the end of the term of the loan or if the house were to be sold. This is not expected to be a common practice and most likely be used in a case in which borrowers suffered a loss of income and the home suffered a sharp decrease in value.
Modified Rate to 2% over 40 years at $ 370,000 USD 1135.60/month
Taxes and insurance: $ 250.00/month
New fee $ 1385.60/month
Savings $ 2485.10/month
About the Author
Peter is the nation's leading authority on loan modification and loss mitigation strategies. His firm The Loan Modification Network connects homeowners with a team of specialsts in all fifty states to assist homeowners in foreclosure prevention solutions and loan modifications. Call 866-395-2803 or go to http://www.us-loan-modification.com to learn more.
(Part 2) Group Skits from the "Pray In This Way" GMI 2008 College Summer Retreat
|
|
Mustache Double Sided Coffee Mug $15.95 Show off your awesome stache while taking a sip of your coffee!... |
|
|
Cooleyhighharmony $4.39 BOYS II MEN COOLEYHIGHHARMONY ADAGIO PLEASE DON'T GO LONELY HEART THIS IS MY HEART UHH AHH IT'S SO HARD TO SAY GOODBYE TO YESTERDAY ALLEGRO MOTOWNPHILLY UNDER PRESSURE SYMPIN LITTLE THINGS YOUR LOVE Tape is in good condition and plays great. The cassete case is cracked but in good condition and the tape itself is in excellent condition and plays wonderfully.... |
|
|
Mexico Y Su Musica $9.98 ... |
|
|
Living Our Dreams $15.98 Living Our Dreams by Two's CompanyThis product is manufactured on demand using CD-R recordable media. Amazon.com's standard return policy will apply.... |
|
|
Everlast Men's cushioned no-show athletic socks, 12 pairs Great Athletic no-show socks with a fully cushioned sole for extra comfort. The Terry cushioning is for comfort and absorbency and reinforced for durability. The comfort top made with spandex and ribbing holds sock up comfortably. Everlast is a well known brand for outstanding products for an active lifestyle. These professional quality socks are made for the highest level of performance... |
|
|
Robinair 18340 Valve Core Remover Kit $131.79 Remove valve cores without losing the system charge. Designed specifically for use during evacuation or recharging of any system with valve core-type access ports. Kit includes: Standard Valve Core Extractor... |
|
|
Lexerd - Garmin GMI 10 TrueVue Crystal Clear GPS Screen Protector (Dual Pack Bundle) $15.99 The Lexerd TrueVue™ is created from an ultra-clear film that is exclusive to Lexerd for covering consumer electronics. Transparent and amazingly thin, the TrueVue is designed to precisely match the contours of every device, providing unbeatable scratch protection. Lexerd TrueVue utilizes the latest LCD screen protection technology that will keep gadgets looking great.- Keep your device cryst... |
|
|
IMPRESSION i10 9.7 Inch Android Tablet $250.00 *An Android tablet provides its user with tremendous convenience and valuable software applications. Portable wherever you are, it is easy to keep all your communication and computing tools by your side. *With so many applications on the market, this tablet eliminates guesswork and saves you time with more than $50 worth of pre-installed apps. The Android Market access offers countless more o... |
|
|
AOpen Components i865Gm-I 1GB Memory Ram Kit (2x512MB) (A-Tech Brand) 1GB DDR-333 (PC2700) Kit (2x512MB) for AOpen Components i865Gm-I... |
|
|
Biostar I94GM-I4 1GB Memory Ram Kit (2x512MB) (A-Tech Brand) 1GB DDR2-533 (PC2-4200) Kit (2x512MB) for Biostar I94GM-I4... |
|
|
Used Gmi Pro C0-4 Crossover $99.99 In Store Used USED GMI PRO C0-4 CROSSOVER |
|
|
Two $6.49 Two |
|
|
Two for Two $13.49 Two for Two |
|
|
Two Gallants $62 Two Gallants |
|
|
TWO COMPACT TWO-WAY RADIO $32.99 TWO COMPACT TWO-WAY RADIO |