Ever wonder what type of rates and terms lenders have agreed to for loan modifications? Well, we have the stats. And more importantly, we did not buy or research somewhere on the Internet for these stats, we have these stats based on REAL CLOSINGS that we have been able to negotiate. Here are a few:
| Loan Modifications | |
| Avg MOD Term (in Years) | 23 |
| **Ave # of Days for approval | 133 |
| Ave Orig Amount Owed | $430,235.03 |
| Ave Orig Payment | $2,614.36 |
| Ave Orig Interest Rate | 7.48% |
| Ave NEW Amount Owed | $416,363.43 |
| Ave NEW Payment | $1,620.29 |
| Ave NEW Interest rate | 4.13% |
| Ave Monthly savings | $994.07 |
| Ave Annual savings | $11,928.83 |
**Don't let the length of time for an approval scare you. We have actually had offers from lenders in 3 weeks and the overall average today is somewhere between 60-90 days. Lenders ARE in fact giving us approvals faster today than they were last year, so over the next few months the average days for approval should come down dramatically. The above stats are averages based on last year when lenders were brutal in granting modifications and today when lenders are much more cooperative. Because we wanted this report to be as accurate and honest as possible, we had to add ALL loan modification stats since we began assisting families with loan modifications.
Coming shortly will be a complete spreadsheet on what we have been able to negotiate with each and every lender. We already have the stats, we are just trying to make them all work on this page as the list and figures are quite extensive. If you would like for us to email you a PDF report, please let me know!
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