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What is the borrower actually pay

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Reference no: EM132698135

Mortgage Principal at origination 1/1/2019: $10,000,000

Annual Interest Rate at origination: 6%

Term of Mortgage from origination 1/1/2019: 20 years

Purchase Price: $10,000,000 on 1/1/2019

  • The mall owner has stopped paying principal beginning April, 2020, and anticipates being unable to pay even the interest portion beginning September, 2020 unless the CDC allows less strict mask and social distancing requirements.
  • The mall had a fair market value of $20 million on 1/1/2019, and expects a current appraisal to be at about $16 million.
  • Ignore refinancing costs.
  • The securitizations do not qualify for sale accounting, and the creditor retains legal title to the mortgage as well as a 10% participation in the mortgage.
  • Today is August 31, 2020.

Problem 1: What is the borrower actually pay in each months if the borrower unable to pay even the interest portion beginning September, 2020 unless the CDC allows less strict mask and social distancing requirements. what should the amortization table looks like? how to create it?

Reference no: EM132698135

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