LOA MODIFICATIOS EXPOSED

HOW TO EGOTIATE WITH Y OUR LEDER AD WI

By

Kiran Vedantam

Duc guyen

Eduardo Delgado

© Copyright 2009, Kiran Vedantam, Duc Nguyen and Eduardo Delgado. All Rights Reserved.

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Terms and Agreements
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Disclaimer
While the authors have used best efforts in preparing the information, there are no representations or
warranties with respect to the accuracy or completeness of the contents. The publisher and author
specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No
warranty may be created or extended. The advice and strategies contained herein may not be suitable for
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materials within the website. Confidential information or materials should not be sent to any individual.
In the case of foreclosure proceedings, readers are advised to consult a tax specialist or your personal
certified public accountant to discuss the tax implications of whatever option is pursued whether it is a
short sale, deed in lieu of foreclosure, or actual foreclosure. Depending on which choice is pursued, a
borrower could experience both recognition of ordinary income from the cancellation of debt and capital
gains. Please check with your tax specialist. At no time should a payment be missed intentionally. The
loan modification industry is constantly changing. Theories and ideas are applicable to change and or
rendered outdated at any point without notice. The author / owner do not guarantee a successful loan
modification. Plagiarism: You DO NOT have permission to duplicate this material or to pass it to
anyone, or to resell. You understand and agree that if you violate this agreement, you will face the
maximum legal action and will result in you paying damages and all attorneys' fees.

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Table of Contents

CHAPTER I – The Loan Modification ..................................................................................................... 8

CHAPTER II – Loan Mod Forms and Options ..................................................................................... 17
CHAPTER III – Analyzing the numbers ................................................................................................ 36
CHAPTER IV – Creating a winning Package........................................................................................ 44
CHAPTER V – Contacting and negotiating with the lender ................................................................ 51
CHAPTER VI – Special cases: Second ote Holders, Bankruptcy and FHA/VA loans .................... 57
CHAPTER VII – Loan Modifications for the Self-Employed .............................................................. 61
CHAPTER VIII – Loan Modification for Investment Property .......................................................... 64
CHAPTER IX – Conclusion .................................................................................................................... 67
Frequently Asked Questions .................................................................................................................... 69
Glossary ..................................................................................................................................................... 74
BOUS CHAPTER: Impact of a Short Sale and Foreclosure on Your Credit ................................. 77
About the Authors..................................................................................................................................... 82
Special Contributors ................................................................................................................................. 82
Bibliography .............................................................................................................................................. 84

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CHAPTER I – The Loan Modification
Congratulations on purchasing this book and taking the first step towards regaining control of your
financial situation! This book is designed to guide and empower you with the knowledge to successfully
complete your own loan modification. The book will assist you, the homeowner, by providing solutions
for mortgage relief.

Credit Impact of Loan Modification

With loan modification, you can ask your lender to report you as “current” while you are in negotiations.
Although many banks do allow this, please be aware that not all do. The main reason for doing a loan
modification is to save your home. Your credit may take a hit.

Fannie Mae recently released updated underwriting guidelines for new mortgage loans:
• Currently, there are no additional lender restrictions after loan modification.
• Foreclosures must wait 5 years from completion date, and for up to 7 years may have additional
credit and down payment requirements.
• Deed-in-lieu-of-foreclosures have a 4-year wait with additional requirements for up to 7 years.
• Short Sales require only a 2-year wait with no additional requirements.
• All bankruptcy, except Chapter 13, has a 4 year time period requirement from the discharge or
dismissal date.
• Chapter 13 has a 2-year requirement from the discharge date or 4 years from the dismissal
date.(1)

These new guidelines make loan modifications a much more attractive option to assist distressed
homeowners.

Who benefits from this book?

It does not matter whether you are behind on your payments, upside down on the debt or in distress. This
book is geared to educate you about loan modification and has the information every homeowner needs to
know in today’s market.

This book will help…

• Any homeowner, whether facing foreclosure or not
• Loss of job or reduction in income
• Illness
• Disability
• Death in the family
• Divorce
• Interest rate adjustment
• Negative equity
• Self-employed individuals

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 • Owners with multiple properties

What will you learn?

The goal of this book is to inform, educate and provide the necessary tools for negotiating a loan
modification with your lender. Once you finish reading this book, you will:
• Know how to put together a loan modification package on your own.
• Understand the government’s affordability equation.
• Get an insider look at what the lenders are expecting to qualify you for a loan modification.
• Be able to come up with a proposal which lenders prefer to work.
• Know why not to accept just any loan modification offer from the lender.
• Be prepared to fight for the best possible loan adjustment that can help fix your problem
permanently.
• Get a sneak peek into LoanModACHIEVER™, the first of its kind online qualifier application to
prepare and prequalify your loan modification package before you send it to your lender.

You only get OE CHACE with your lender. Therefore, it is important to get it right. That is why
YOU MUST OT send anything to your lender until you have understood the lender’s and
government’s guidelines with regard to your loan modification.

You now have access to the best tools like LoanModACHIEVER™, which has only been used by
professionals in the industry.

What is a mortgage modification?

When a homeowner is unable to meet their monthly mortgage obligation, they have the option of
approaching their lender and requesting a modification of the terms of the original loan. In a home
mortgage modification situation, the lender agrees to take the past due amount and either lowers the
interest rate for a set period of time and applies the past due amount and other fees to the back of the loan,
or extends the term of the loan. The lender also has the choice of writing off part of the balance owed or
even offering the borrower a different loan altogether. In many instances, the lender will renegotiate with
the homeowner a combination of these options. The ultimate goal of loan modification is to keep the
homeowner in their home in order to mitigate the loss that would otherwise be felt by both parties through
foreclosure.

Types of Loan Modifications

There are four basic kinds of loan modifications:

1. Do-it-yourself: Homeowner works directly with their lender. The success rate with this method
has been low for the simple reason that most homeowners ARE OT PREPARED. They do not
know what information to provide, what to say, and how to package the proposal.

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 2. Fee-based modification: The hhomeowner
omeowner hires a consultant to represent him in the negotiation
process with his lender. This service is typically offered by attorneys, mortgage
age brokers, real
estate
state agents and other licensed third parties
parties.

Fees range from $1,500 to $10,000. The m

most
ost common practice is to charge fees equal to one
month’s mortgage payment
payment.

BEWARE: We have seen a dramatic increase in the number of companies off offering
ering loan
modification help for a fee. Many are not properly licensed to operate. It is critical to verify if
the company is required to be licensed by your state regulator to conduct
ct loan modification
business.

It is critical to take the time to verify. Even if the company’s intention is good and can help you
with your loan modification, if they are not properly licensed, authorities can shut them down and
you could lose the advance fees that you paid to them.

Attorneys
ttorneys can help perform a “forensic loan audit”.. This can be useful when you suspect that
your loan was fraudulent
udulent on your lender’s part.

3. on-Profit Modification: These are

Profit Organization Based Modification re available through government-
government
subsidized entities. Our fin
findings show that although these resources are free of charge,
charge they have
a tendency to be very rigid in their criteria.

4. Hybrid Method: The homeowner

omeowner use uses guidelines set by the lender and the federal government
to ensure that their budget fits within the respective parties’ requirements and negotiates with the
lender directly. Provided that the homeowner has the right tool and knowledge, this method can
be most effective since the homeowner is in control. Although this book has the proper forms,
formulas and information you need to do it yourself, using additional calculators can simplify and
expedite the steps in preparing a proposal that has the highest probability of success.
success We have an
online software called LoanModACHIEVER™ that prequalifies and prepares pares the complete loan
modification package and proposal from you to the lender. For more details, please visit
http://LoanModExposed.com
http://LoanModExposed.com.

If you choose to get professional help, whether fee

fee-based or non-profit, you will also want to use this
software application so that you can direct your entrusted representative with your knowledge to ensure
that they can best assist you on a successful loan modification.

Why now?

A few years ago, loan modifications wwere a rare commodity, and would not have
meant much to most people. However, in our changing economic climate
climate, the
term has come to represent the best hope many insolvent homeowners have for keeping

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the lender at bay. With current home foreclosure rates skyrocketing, loan modifications are being given
greater importance as the federal government recognizes this tool in helping homeowners stay in their
homes. The federal government is rolling out multiple efforts to help homeowners. Before the funds and
programs disappear, now is your best chance to get the mortgage relief you need.

How to proceed?

You are probably wondering, “How can I put together this convincing package?”
• Utilize the formulas discussed in this book to best present your hardship situation.
• Provide the lenders with all necessary documentation.
• Know what to say and what not to say.

Playing by the rules

The Treasury Department along with Federal Housing Finance Agency (FHFA), Government Sponsored
Enterprises (GSEs) and the Homeownership Preservation Foundation (HOPE NOW) have set forth
guidelines to significantly streamline the loan modification process. Homeowners can now utilize and
follow these guidelines to boost the chances for a loan modification.

According to the U.S. Department of the Treasury, “The program, implemented on December 15, 2008,
creates sustainable monthly mortgage payments by targeting a benchmark ratio of housing payments to
monthly gross household income (38%). Additionally, on November 20, 2008, Fannie Mae and Freddie
Mac announced that they would suspend foreclosure sales and cease evictions of owner-occupied homes
to allow time for implementation of the modification program.” (2)

Please note: Although these are the government’s guidelines, each lender will also have its underwriting
guidelines as well. Please visit our website at http://LoanModExposed.com for the latest updates.

Here is an example proposal from LoanModACHIEVER™:

Pre-Mod Post-Mod
Principal Balance $411,147.00 $313,500.00
Disposable Income ($785.55) $225.00
$2,735.37 $1690.95
Mortgage Payment (Including First,
Second, HELOC, Taxes, Insurance)
Mortgage Payment / Gross Income 55% 34%
Ratio
Late Fees & Penalties Waived
Past due Balance Included in New Balance
Market Value $219,500.00

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 I can rent similar property for $1,595.00/month

Requested Next Payment Date Feb-09

Credit Bureau Reporting As Current

The above example is for illustration purpose only. Once you read the book, you will have the blueprint
to prepare a winning and convincing proposal like this for your loan modification.

How does loan modification work?

First, there must be a financial hardship, which is a situation in which the homeowner cannot get
corrected without the help of the lender. The reasons vary such as job loss or reduction in income, illness,
disability, death in the family or a divorce. The homeowner compiles a package to send to the lender
consisting of the details of the situation, in the form of a hardship letter and other financial data for the
lender to review, such as the borrower’s financial statement. This includes proof of income and assets,
including the last two paycheck stubs and two months of statements from their checking, savings,
retirement and stock brokerage accounts. If the homeowner also wants to give someone else access to the
information, they will also submit a letter of authorization. The lender will review the documentation and
determine if it meets their investors’ criteria to modify the terms of the existing loan or to proceed with
foreclosure. The process can take from 30 to 60 days, so you need to be persistent and diligently call the
lender for updates.

Loan Modifications are typically OT credit-score driven. This means that your lender usually will not
look at your credit score to determine your eligibility. Many lenders require you to be late before
assistance is offered. Remember though, that imminent default caused by loss of income, divorce, death,
etc., may replace actual default as a reason for requesting a modification. Lenders look at the borrower’s
ability to repay the loan.

Basically, having O ICOME means that you WILL OT QUALIFY. No lender will grant a loan
modification if you have no income. Conversely, if you have too much income, you will also NOT
QUALIFY.

The federal government has set the housing affordability guidelines at 38% - which means that they
want homeowners to spend around 38% of the gross income towards housing costs and the initiated loan
modification efforts will target to bring the mortgage payment to that ratio. Remember, you need to use
the other 62% of your salary towards other debt obligations, living expenses, income tax and
savings.(2)

Please note that these are only guidelines, and if it does not make financial sense to the lender, they can
forgo the modification, call the note and foreclose the property. That is why you have to submit a
convincing and complete package that makes sense to both parties.

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What can be modified?

• Principal
• Interest Rate
• Payment amount
• Term of the loan
• Late fees
• Attorneys costs
• Accumulating Interest and Penalties

Time frames

Latest loss mitigation practices indicate that homeowners no longer need to be delinquent on their home
loans in order to initiate a Loan Modification request. However, the more delinquent you are with your
payments, the more motivated the lender will be to help you get you back on track. Also, make note that
if you are too close to the trustee sale date, you may not have the time needed to complete the process. It
is important to start the process as early as possible.

Differences by state

Remember that each state has its own regulations governing loan modifications, so it is important to
check which banking laws are in effect where you live before proceeding with your application. Your
lender will provide you information on what programs are available in your state. A very useful site is
http://www.hud.gov/local/.

What’s in it for the lender?

Many people wonder what loan modifications mean for the lenders. Clearly, this is a win-win situation as
lenders stand much to lose by foreclosing on a property. Foreclosure costs a lender tens of thousands of
dollars in legal fees. If the property gets sold through a trustee auction, the lender might receive a lot less
than the balance owed. If the property does not sell, they must assume the monthly cost of maintaining it
as well. The last thing lenders want is more inventories on their books. They are already overwhelmed
with foreclosed properties, so you have a better chance right now of negotiating a modification. By
modifying a homeowner’s loan, lenders avoid unnecessary foreclosure and losses associated with them
and they don’t have to show a nonperforming asset on their books.

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With that said, it does not mean that your lender will not foreclose on your property. Most lenders have
very elaborate real estate owned (REO) departments. However, if they can ensure a continuous revenue
source that is locked in for 30 years, it is clear that it is something they would prefer.

Interesting Facts

Given the situation that is now facing so many homeowners nationwide, lenders and lending institutions
have already had to modify their approach when handling borrowers with distressed loans. Here are a
few statistics that demonstrate the shift in thinking currently taking place:

• In a press release from HOPE NOW dated October 2, 2008, mortgage servicers provided loan
workouts for approximately 189,000 borrowers in August 2008. Borrowers received both loan
modifications and repayment plans.(3)
• Nearly 53 percent of homeowners with subprime loans who received workouts through mortgage
services received modifications.(3)
• In California, foreclosures reached a ridiculously high level hitting 1,300 foreclosures per
business day. That is triple of what it was in 2007.(4)
• On July 8, 2008, the state of California passed Bill 1137 (Perata) which came into effect on
September 8, 2008. The bill essentially states that before lenders are allowed to foreclose on a
property, they must first contact the homeowner to assess their financial situation and to explore
options that will help them stay in their home and continue to pay their mortgage.(5) Since the
law went into effect, the percentage of foreclosed properties in California has fallen by 51% for
the months of September and October 2008.(6) As more states look towards the success of the
California law as an effective example of helping their own real estate markets, it is only a matter
of time before lenders across the country are forced to offer homeowners fairer solutions before
foreclosing on their homes.

Why loan modifications are not successful for everyone

The number one criteria that lenders

Los Angeles - Statistics from July 2007-2008
are looking for when it comes to
approving a home loan modification is 1500
to demonstrate that you will be able to
1000
support the payments on a newly
modified loan, both now and in the 500
future. Therefore, only people who are
able to provide their lenders with solid 0
documentation that they will be able to 2007 Foreclosures/day 2008 Foreclosures/day
afford their mortgage under the new
terms will be approved. Some ways to prove affordability of the post-modification payment includes:

• Proof of stable employment.

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 • The consolidation of any debt.
• A financial statement listing all of your income and expenses.

Although it may sound obvious, many people who believe that they are able to make their payments are
turned down by lenders simply because they are either unable to prove their repayment ability, or because
they have omitted and/or miscalculated their income and expenses. You can avoid these expensive
mistakes by using a software application such as the LoanModACHIEVER™ (from
http://LoanModExposed.com), that not only itemizes the various possible income and expense items, but
also automatically compiles the numbers and clearly highlights the areas that can greatly improve the
chances of loan modification.

Summary

• Loan modification is the altering of one or more terms of an existing home loan in order to make
it possible for the homeowner to remain in the property while making affordable monthly
payments.
• In order to qualify for a loan modification, you need to prove to your lender that you have the
income needed to cover the post-modification monthly mortgage payment now and in the future.
• Loan modification is beneficial for the homeowner and the lenders because they allow the
homeowner to remain in their home and provide the lender with long-term and sustainable cash
flow.
• Whether doing it yourself or hiring a professional, using the tools from this book and the
LoanModACHIEVER™ (http://LoanModExposed.com) could be the difference between getting
a loan modification and getting the maximum benefit from a loan modification.

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CHAPTER II – Loan Mod Forms and
Options
In this chapter you will find a BLANK package with forms that provide a clear idea of how a complete
loan modification package should look. The examples are for illustration purposes only. Although it may
look daunting, do not let the details overwhelm you – we will proceed carefully and explain each step
clearly to clarify and simplify the application process.

Understanding the Options

Before you start preparing a loan modification application, it is important to understand your options.
Weighing the short and long term impact of each option on your FICO score is critical. Fair Isaac
Corporation (FICO) uses a proprietary formula and there are many variables impacting the credit score.
However, doing nothing and going to foreclosure is rarely the best option.

1. Refinancing: Attempting to secure a new loan from a different lender typically involves
origination, appraisal and closing costs. The most popular and most likely to work during these
times is the new FHA short refinance product called FHASecure.1 However, you must be current
on your mortgage and have sufficient income to make the mortgage payment to be eligible. If
you are delinquent, the default must have been due to the payment shock of an interest rate reset
or, in the case of an Option ARM, the recasting of the mortgage to full amortization. More
details are at the FHA Website (http://portal.hud.gov).

2. HOPE for Homeowners (H4H): HOPE for Homeowners will offer 30-year fixed rate
mortgages. This program will maintain FHA’s long-standing requirement that new loans be
based on a family’s long-term ability to repay the mortgage. Only owner-occupants are eligible
for FHA-insured mortgages. More details are at the FHA Website (http://portal.hud.gov).

3. Sale of property: Selling your property in order to pay off your creditors IN FULL. This is your
option if your property is currently worth more than you owe, unless you can come up with the
cash for the difference of the sale price and what you owe.

4. Loan Modification: A loan modification involves changing one or more terms of a mortgage,
which may include spreading the delinquent amount you owe over the remaining term of the loan.

5. Repayment plan: You may qualify for this program if you recently experienced a temporary
reduction in income or an increase in your living expenses. Repayment plans allow you to repay
the past due amount over an extended period of time. This was the preferred method used by

1
From July 2008, FHASecure began to provide additional assistance to subprime borrowers.

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 lenders, which is really of no help to most borrowers. It causes the monthly payment to increase
and the terms to remain the same.

6. Forbearance: You may be able to suspend or reduce your mortgage payments for a short period
of time. Afterwards, the lender would examine other options to assist you in getting the loan
current without causing future financial distress. In most cases, lenders add the past due amount
to the principal balance.

7. Deed in lieu of Foreclosure: As a last resort, you may be able to voluntarily give your property
back to reduce or cancel your mortgage debt. The lender will record this in your credit history
and may have a similar effect as a foreclosure.

8. Short Sale: The lender will accept a sale price that is less than what the borrower still owes on
the mortgage. It is a procedure sometimes agreed to by lenders, who would rather take a small
loss than go through the lengthy and costly foreclosure process.

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note. If your property is an investment property then it gets even more complicated and more difficult to
get the lender to cooperate.

Let me end with this, as time goes on and this recession/depression gets worse we are seeing more and
more banks willing to cooperate.

Credit impact: "Short Sales require a two-year wait with no additional requirements."

Basics of a Foreclosure

Foreclosure proceedings vary from state to state. In states where mortgages are used, homeowners can
stay in the property for up to a year; whereas in states where deeds of trust are used, trustee sales allow up
to four-six months before the homeowner needs to vacate

Foreclosure means more than just losing a home though. It can haunt a person for years down the road.

Other problems that may result from foreclosure include:

• Loss of equity – The value of your home may increase each year. In many cases the combination
of the equity and the increased value of your home can translate into losing thousands of dollars.

• Increased taxes – A lender who loses money from the sale of a foreclosed home must report the
loss to the IRS. Subsequently, the IRS may require you to report the lender's loss as income on
your next tax return and you may be required to pay taxes on it.

• Inability to borrow money in the future – A foreclosure can destroy your credit profile almost
overnight. This can result in declined applications for credit, the inability to rent an apartment,
limited employment opportunities, and a host of other implications that can follow you for a long
time.

• Lawsuits – The mortgage company can go after you for damages.

• Loss of employment – Some employers require their employees to maintain good credit
histories. Notification of a foreclosure may be grounds for dismissal or loss of a chance for
advancement and better pay.

• Loss of self-esteem and self-worth – Emotionally the stress of foreclosure can have serious
effects on your well being. The stress that foreclosure brings can lead to depression, feelings of
worthlessness, lack of motivation, embarrassment around family and friends, and the list goes on.

A foreclosure has adverse effects on your credit and your ability to obtain credit in the future. The length
of time that the foreclosure remains on your credit report is seven years, labeling you as a bad credit risk.
People with foreclosures and bankruptcy are placed in a different risk pool than the rest of us.

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Try this, find someone with a foreclosure who has reestablished their credit and someone with the same
credit score but no foreclosure. The one with no foreclosure will get a better interest rate even though
they have the same credit score because of the foreclosure.

In order to prevent foreclosure, we strongly recommend taking action if your finances begin to appear
unstable. Contact your lender.

How is the My Credit Affected?

If you are trying to decide whether to let a home go through foreclosure versus attempting a short sale,
salvaging your credit may not be an advantage to doing a short sale. There is no credit score advantage to
a short sale over a foreclosure. The only advantage is being able to buy another home within two years
over the three- to five-year period required for foreclosures. But seek legal and tax advice before making
that decision.

It is to your advantage to do a loan modification. Use the book and LoanModACHIEVER™ to save your
home and also your credit.

When will I be able to Purchase a Home Again?

New Fannie Mae Guidelines Encourage Short Sales and Loan Modification. Fannie Mae recently
released updated underwriting guidelines for new mortgage loans that directly address individuals with
various types of foreclosure history.

"Potential borrowers with a foreclosure on their credit record must wait 5 years to be considered for new
funding, and are subject to additional credit and down payment requirements for 5 to 7 years." (2)

"Deed-in-lieu-of-foreclosures warrant a 4 year wait with additional requirements for 4 to 7 years." (2)

What is Happening to my Credit?

No one can answer this question specifically because a piece of negative information affects each person's
credit history differently because of all the other pieces of information in it. Just exactly how mortgage
late payments, foreclosure and a short sale affects your credit, really depends on your credit history as
well as how a lender reports your situation to credit bureaus. Lenders have the ability to report late
payments up until the sale of the foreclosed property. That being said, make sure you check your credit
after the foreclosure is complete.

Some people might say that your score will drop 300-350 points, but there isn't a set 100-point or 150-
point drop for a short sale or deed-in-lieu of foreclosure, or foreclosure. You don't necessarily get hit with
a 50-point drop every time you're late paying a bill. Some of these negatives are cumulative, meaning that

79
the point drops get steeper every time you do it, and some of them are based on length. For example,
you'd get a sharper drop if you're 90 days late on a payment than if you're 60 days late.

How are my Credit Scores Calculated?

Here's how credit scores are generally calculated, according to http://www.myfico.com, the website
owned by the Fair Isaac Corporation, which invented the credit score:

• 35 percent of your score is based on your payment history;

• 30 percent is based on the amounts that you owe on your various types of loans;
• 15 percent of your score is the length of your credit history;
• 10 percent is new credit that you've opened; and the final
• 10 percent is based on the various types of credit used. (7)

If your score is regularly around 750, a deed-in-lieu might decrease your score significantly. It could be a
100 point drop or more. The methodology to computing a credit score is proprietary; there are 3 bureaus
and the each use a different formula, but you have to assume that a major event in your credit history
would have a major impact on credit score.

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About the Authors
Kiran Vedantam has been a Real Estate Investor, holds a sales license, and is also a mortgage loan
officer. He served hundreds of clients through Short Sales and Loan Modifications. He has over 8 years
of experience in Software Engineering at Intel Corporation and is the co-architect of the
LoanModACHIEVER™, a dynamic loan modification qualifier and helped create the one-stop-shop tool
on-line with the intelligence of a professional loan modifier. Kiran can be reached
kiran@loanmodexposed.com

Duc guyen has over 13 years of experience in the mortgage and real estate industry. He has a Real
Estate Broker License, Mortgage Broker License, Insurance License, and Investment Securities License.
He is actively involved in negotiating Loan Modifications with the lenders. He is the co-architect of
LoanModACHIEVER™, a dynamic loan modification qualifier and was instrumental in building the
various lender guidelines into the tool. Duc can be reached at duc@loanmodexposed.com

Eduardo Delgado has over 23 years of experience as a financial planner and real estate investor. He has
successfully built a short sale negotiating company and provided mortgage relief to hundreds of clients.
He was a branch manager for a securities firm managing over 40 licensed agents. He is the co-architect
of LoanModACHIEVER™ and helped incorporate the ground realities, negotiating parameters and
intelligence of lender guidelines into the system. Eduardo can be reached at
eduardo@loanmodexposed.com

Special Contributors

Glenda Sher, HUD certified Foreclosure Intervention Specialist

Gayle Mickey, HUD certified Foreclosure Intervention Specialist

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Bibliography
1. Fannie Mae. Announcement 08-16. Washington, DC : s.n., June 25, 2008.

2. U.S. Department of the Treasury. RESPO*SES TO QUESTIO*S OF THE FIRST REPORT OF THE
CO*GRESSIO*AL OVERSIGHT PA*EL FOR ECO*OMIC STABILIZATIO*. Washington, DC : s.n.,
December 30, 2008.

3. HOPE OW. PRESS RELEASE: 2.3 Million Foreclosures Prevented In Past 14 Months. Washington,
D.C. : s.n., October 02, 2008.

4. ForeclosureRadar. PRESS RELEASE: California Foreclosure Sales Jump 22.5 Percent Since June.
ForeclosureRadar.com. [Online] August 12, 2008. [Cited: December 15, 2008.]
http://www.foreclosureradar.com/press_release_080815.php.

5. Senators Perata, Corbett, and Machado. California Senate BILL NUMBER: SB 1137. [Online]
http://info.sen.ca.gov/pub/07-08/bill/sen/sb_1101-1150/sb_1137_bill_20080708_chaptered.html.

6. Chernikoff, Helen. Los Angeles foreclosures fall by half in October. Thomson Reuters. [Online]
November 04, 2008. [Cited: December 17, 2008.] http://www.reuters.com/article/GCA-
Economy/idUSTRE4A32YU20081104.

7. U.S. Department of Housing and Urban Development. Loan Modification Frequently Asked
Questions. U.S. Department of Housing and Urban Development Web Site. [Online] August 29, 2008.
[Cited: December 05, 2008.] http://www.hud.gov/offices/hsg/sfh/nsc/faqlm.cfm.

8. www.myfico.com. www.myfico.com. www.myfico.com. [Online] February 01, 2008. [Cited: December

01, 2008.] www.myfico.com.

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