Success Story: Mr. M of Escondido
Congrats to Mr. M. of Escondido. He is self-employed as an engineer, and suffered a curtailment of income due to decreased business. In working with his lender, Chase, we were able to obtain a loan modification. His monthly housing payment went down from $4,749.00 to $3,104.00, saving him $1,378.00, or 31% per month. The new interest rate is 2%, for the first five years, then goes to 3% at year six, and finally caps at 3.75%, for the remaining life of the loan.