Below are the terms for the proposed modification. Please keep in mind that all proposed terms are subject to final GMAC approval and a final written agreement.
Modified UPB Rate Term Payment Start Date
$161,789.47 2% 60 months $489.94 8/1/2010
$147,900.71 3% 12 months $569.20 8/1/2015
$145,474.20 4% 12 months $652.86 8/1/2016
$143,421.53 5% ` 12 months $740.24 8/1/2017
$141,669.94 5.250% 384 months $762.42 8/1/2018
- Term extended to 40 years
- The payment does not include the monthly escrow payment, currently $441.24.
- Total Capitalized: $8,865.47 ($313.13 in escrow advances and inspections; $30.00 in foreclosure fees and costs; $ 1,328.40 in interest for the 12/09-7/10 payments of $7,193.34)- Principal Forbearance Amount: $31.475.46 (does not accrue interest)
Please let me know if you have any questions.
Best,
NasseemNasseem Ramin
Associate
Dykema
400 Renaissance Center
Detroit, MI 48243
Phone: 313.568.5326
Fax: 313.568.6701
nramin@dykema.com
www.dykema.com
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