LOAN MODIFICATION NOTICE

It is not necessary to pay a third party to arrange for a loan modification or other form of forbearance from your mortgage lender or servicer. You may call your lender directly to ask for a change in your loan terms. Nonprofit housing counseling agencies also offer these and other forms of borrower assistance free of charge. A list of nonprofit housing counseling agencies approved by the United States Department of Housing and Urban Development (HUD) is available from your local HUD office or by visiting http://www.hud.gov/

Not everyone will qualify for a loan modification and, in fact, lenders have been slow and hesitant to enter into trial plan and permanent modification agreements for numerous reasons not the least of which is the fact that many investors want non-performing assets off their books. Add to the foregoing the fact that Making Home Affordable Program (HAMP) is considered by many to be a failure - in fact, through November 2009, some 728,000 borrowers have signed up for trial modifications, but just 31,000 have moved into permanent workouts, or fewer than 5% of those eligible. There are some who believe that the recently paid back TARP funds by most major institutional lenders will increase the likelihood of and pressure on homeowners to short sell rather than modify loans.

2010 promises to be a turbulent and transitional year that will force financially distressed homeowners to get very serious about exploring realistic options. Only a select few will qualify for acceptable modifications. Do you qualify?

	IF YOU ARE INTERESTED IN MY HELP:

	To get started, simply email me the following information at MOD@STANSEN.com: Distressed HOMEOWNER'S NAME ADDRESS (complete and correct) Client's preferred - EMAIL Address + PHONE # BRIEF SUMMARY of concerns / issues + objective
	I will prepare a preliminary email analysis that sets forth my sense of whether I can help and, if so, whether I think that assistance might take the shape of home retention or liquidation. Responses are within 24-48 hours, often quicker, but please be patient.

	IF I think I can help with a LOAN MODIFICATION, you will be asked to submit a formalize package that includes a good deal of documentation - SEE BELOW IF I do not believe I can assist with a MOD, you might wish to have me explore alternatives such as a short sale. In this regard, I would perform a Baseline Analysis to help us understand your legal rights and obligations so that we can, together, make informed decisions about your best options - SEE HERE

In California, the importance of acquiring a clear understanding of your legal and tax rights and obligations cannot be over-emphasized. The foregoing is true whether your property goal is ...

Retention (i.e., loan modification / repayment plan / forbearance) or
Liquidation (i.e., short sale / deed in lieu of foreclosure / foreclosure)

Working to mitigate your legal and tax liabilities allows you to make informed decisions that will last with you for years into the future. It is vitally imperative to your future financial situation that you learn the answers to at least these questions:

Legal Liability. Can you be sued and, if so, by whom, for how much and when?
Tax Liability. No matter what your exit strategy, is it a taxable event or are you exempt?
Calendar of Events. Depending on the answers, when is the best time to ACT & HOW?

A loan modification will modify the terms of your existing loan making it easier to afford.

For borrowers who need more than just a short term solution a loan modification may be the best option. With a loan modification the terms of your loan are modified for three to five years. The terms modified typically include the interest rate, repayment period and/or principal balance.

The benefits of a loan modification are:
	The delinquent amount you owe can be capitalized (added) to our current principal balance and repaid over the remaining term of the loan. Your interest rate may be reduced giving you lower monthly payments for the modification period. If you qualify, the repayment term of your loan may be increased. Paying off your loan over more payments will reduce your monthly obligation.
A loan modification may be the right program for you if you:
	Need a longer term solution to keep your loan current. Have an adjustable rate mortgage and your payment has increased to an amount you can not afford. Have an unexpected financial difficulty or changes to your finances and can no longer afford your monthly payment. Need time to build equity in your home to either refinance into a new loan or sell the property for the amount financed on the home.

In the event you choose not to go it alone or to use a non-profit organization and/or HUD approved organization, I may be available to assist. In order to scale available resources to assist individuals interested in loan modifications, I offer two Assistance Programs without requiring / collecting advance fees. Procedurally, these are the key steps:

First, EMAIL me your name and complete property address.

I will respond with my preliminary thoughts about how I might be able to assist

Second, COMPLETE THIS PACKAGE including the Representation Agreement + Financial Statement - even if some of the information seems duplicative, please fill it out
- without a COMPLETE package and requested documentation, the file will not be opened
In order to assess your eligibility for a loan modification, provide the following documentation:
- Completed Hardship Affidavit
- Completed Borrower Financial Statement
- If self-employed, a six+ month Profit & Loss Statement
- Copy of last two bank statements
- Copies of your two most recent Pay Stubs
- Award letter stating your Social Security, disability, or pension earnings (if applicable)
- Copy of your last two filed FEDERAL Tax Returns
- Completed and signed IRS Form 4506-T
- Copy of a recent utility bill (e.g., electric bill, gas bill, water bill, phone bill, etc.


	Assistance Program # 1 { Note: pricing is dependent on aggregate loan amount CALL } CALL FOR PRICING ... we provide vital: legal + real estate + practical + tax advice about available / realistic options property and valuation information HAMP analysis number crunching analysis that rates the likelihood of mod qualification written confirmation of whether loans are government backed a LOAN MOD submittal package that is lender ready IMPORTANT : we essentially shape the file for YOU to submit YOU negotiate for the loan modification we contact the lender / servicer up to three times IF you choose against pursuing a loan modification, we are available to discuss and coordinate short selling your property

	Assistance Program # 2 { Note: pricing is dependent on aggregate loan amount CALL } CALL FOR PRICING ... we provide vital: legal + real estate + practical + tax advice about available / realistic options property and valuation information HAMP analysis number crunching analysis that rates the likelihood of mod qualification written confirmation of whether loans are government backed a LOAN MOD submittal package that is lender ready IMPORTANT : we shape + submit the loan modification to the lender WE negotiate for the loan modification IF you choose against pursuing a loan modification, we are available to discuss and coordinate short selling your property

	IMPORTANT NOTES We may not be able to help and even if we think we can, there are no guarantees the investor on your loan/s will present you with a loan modification proposal We may, straight out, respond with 'yours is a short sale / liquidation situation' in which case we will propose to conduct a baseline analysis We do not involve ourselves in litigation against lenders for claims that the lender committed infractions or violations during the loan review / approval / funding process

It is vitally important you explore your options
to mitigate the legal and tax implications of defaulting. Please contact me.

HERE

About MAKING HOME AFFORDABLE

The Obama Administration has introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis and get our economy back on track. A critical piece of that effort is Making Home Affordable, a plan to stabilize our housing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels.

The Home Affordable Refinance Program gives up to 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments. The Home Affordable Modification Program commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures.

DO YOU QUALIFY FOR LOAN MODIFICATION?
	Home Affordability MOD Guidelines
	Are you eligible?? Answer some key questions - click here
	If ALL questions answered YES then a modification may be possible
	IF one question is answered NO then modification is denied
	Questions and Answers + Your loan must be FANNIE MAE or FREDDIE MAC backed.
	MODIFICATION EVALUATOR - Rule that PITIA cannot exceed 31% of GROSS INCOME
	Use this tool to determine if you may be eligible for the Home Affordable Modification. Simply enter your current monthly gross income. The tool will calculate a mortgage payment guideline amount. If your current mortgage payment is above this amount and you meet the other Home Affordable Modification guidelines, then you may be eligible.
Notes
	Gross Monthly Income: is the total income of all borrowers who signed your mortgage before any taxes or other deductions are made. If more than one person signed your mortgage, such as your spouse or a co-signer, add the gross monthly income of all borrowers and enter this amount. Mortgage Payment - PITIA: is defined as what you pay on a monthly-basis for principal, interest, property taxes, hazard insurance and homeowner’s association fees, if applicable. Please include information about your first (or “primary”) mortgage only. Do not include any payments on your second mortgage. You may have taxes and interest in escrow added to your monthly payment already, so be careful to count taxes and escrow only once. Understanding your mortgage statement. Mortgage statements come in many different forms. However, most contain similar terms and information. Here are some commonly used terms and their definitions that may help you better understand your mortgage statement the Making Home Affordable program. Mortgage Payment Guideline: this is calculated as 31% of your current monthly gross income. If your current monthly mortgage payment is above this amount, you may be eligible for the Home Affordable Modification.

	PAYMENT REDUCTION EVALUATOR - Potential Monthly Payment Reduction

	Under the Home Affordable Modification program, the target maximum amount for your mortgage payment (or mortgage debt-to-income) should be 31% of your gross (pre-tax) monthly income. This Payment Reduction Estimator will determine what your current mortgage debt-to-income is and how much your monthly payment may be reduced if you qualify for a modification. Do not include any payments on your second mortgage. You may have taxes and interest in escrow added to your monthly payment already, so be careful to count taxes and escrow only once.

	If you do not qualify for a MODIFICATION, then your OPTIONS may include:
	If you do not qualify for a Home Affordable Refinance or Modification, your lender or mortgage servicer may have other options that are available to you. These options may include: Forbearance: The “forbearance” agreement means that you pay only a portion of your regular payment or no payment at all for a specific period of time based on your current financial status. At the end of the forbearance period, you will begin making regular payments as well as an additional amount to pay off the past-due amount. Repayment Plan: If you have missed some of your monthly payments, your mortgage servicer may be able to help you catch up by creating a schedule for repaying the past-due amounts. Special mortgage relief assistance for active duty military service members.
	In certain cases, you may need to sell your home and move to more affordable housing. Call your mortgage servicer or me to discuss: Pre-foreclosure (SHORT) Sale: If you cannot sell your home for an amount that will pay off the mortgage loan, talk to your mortgage servicer about a pre-foreclosure or “short” sale. The mortgage servicer may be willing to accept a payoff amount less than what you owe on the mortgage balance in certain situations. Deed-in-lieu of foreclosure: If you cannot sell your home in a reasonable amount of time, your mortgage servicer may agree to have you voluntarily transfer the deed to the property to them to help avoid the impact of a foreclosure on your credit rating.
NOTE	The Loan Servicer LITTON has a great Q&A to answer many of your questions.

Call to learn more about our proprietary analysis that will assist in quickly determining whether you are eligible for loan modification.

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