The document discusses mortgage modifications and provides information about what a modification is intended to accomplish. A modification is meant to replace the original mortgage terms with more affordable payments. It should lower payments through measures like reducing interest rates or extending the loan term. However, some modifications done by lenders only serve to delay foreclosure without truly helping the borrower's situation. Researching modification options thoroughly is advised.

1. Brought to you by: Home Ownership Matters Training Institute INtro #22

2. To cover the basics of what is or should be part of modification since there is so much discussion and so few clear facts about what it is designed to offer to a borrower who is in default. It is critical that you do some substantial research if you believe that a modification is an option for you. Don’t be misled by a lender who does a modification which serves the purpose of allowing them to say we did one but has no practical value to you the consumer. Copyright © 2008. Home Ownership Matters, LLC. All Rights Reserved.

5. Up or Down? Fixed 7%, 7 %, 7%............... Adjustable 5%—1 st year 6.5%—2 nd year 8%—3 rd year 9.5%—4 th year 11%—5 th year Short term or long term Mortgage Commitment? Copyright © 2008. Home Ownership Matters, LLC. All Rights Reserved.

6. Term: 15 Years —— 20 Years —— 30 Years Starting over could be GOOD! Copyright © 2008. Home Ownership Matters, LLC. All Rights Reserved.

7. Is Voluntary Modification Working? Why NOT? Recourse ? Copyright © 2008. Home Ownership Matters, LLC. All Rights Reserved.

8. Copyright © 2008. Home Ownership Matters, LLC. All Rights Reserved. INtro # “ Why Buying TIME” Matters Schedule some time immediately to watch this helpful, 10 minute session designed to help you understand WHY? it matters WHAT? might be done WHERE? do you start * The next move is on you

9. Principal Balance Is your loan balance staying _______________FLAT While your home value is going D O W N ? A modification COULD/MIGHT address that A ‘cramdown’ would be helpful Copyright © 2008. Home Ownership Matters, LLC. All Rights Reserved.

10. Resources: Webinar Vol 4 — PALM—Practical Application of Loss Mitigation Webinar Vol 11-15 — The “Buying TIME” series *will be invaluable* HOM INtros: Always FREE Always Powerful INtro #20 — “Modifications—Signed, Sealed, NEVER Recorded” INtro #29 — “QWR—Qualified Written Request” HOM blog: HomeOwnershipMatters.blogspot.com HOM website: Foreclosure/Loss Mitigation Copyright © 2008. Home Ownership Matters, LLC. All Rights Reserved.

11. Partial List of Webinars Offered by HOM Copyright © 2008. Home Ownership Matters, LLC. All Rights Reserved. Vol 01: Getting to the Closing Table Vol 02: Is it Fraud or “Just Predatory”? Vol 03: Brokers: Are Your Agents Putting You at Risk? Vol 04: PALM—Practical Application of Loss Mitigation Vol 05: Secrets of a Professional BPO Vol 06: Fair Housing Vol 07: Seller is the Lender Vol 08: Short Sale: Not Your Typical Transaction Vol 09: Foreclosure Intervention: Why Do You Need a Specialist? Vol 10: Buying REO is Risky Business The BT Series Vol 11: Buying TIME—When Your Money is Running Out Vol 12: Mr. Smitherman—The Connection for Your Housing Situation Vol 13: Q W R—In Detail Vol 14: Foreclosure: a PROCESS & an EVENT Vol 15: Taking Charge of Your Housing Situation

12. HOM Disclaimer/Hold Harmless The material provided is deemed to be reliable and accurate at the time of publication. However, the subject matter is undergoing almost constant change and you should assume responsibility for current research on procedures, policies, guidelines and changes in the law concerning your housing situation. Trainer has relied upon such sources as the National Consumer Law Center but is NOT an attorney. This information is provided as a community service. Please seek legal counsel to address your specific mortgage or housing situation and to determine your rights and responsibilities. Home Ownership Matters, LLC and contributing author hereby disclaim any responsibility or liability which may be asserted or claimed arising from reliance upon the information provided. Copyright © 2008. Home Ownership Matters, LLC. All Rights Reserved.

13. Survey You can take the survey online at: http://www.surveymonkey.com/s.aspx?sm=2M63rhnWI80dBfs72fg_2f_2fQ_3d_3d Or fax this to (Toll Free): (877) 587-4507 Name: _________________________________ Phone: _____________________ Firm Name (If Applicable): ______________________________________________ Address: _____________________________________________________________ City: ____________________ State: ____________ Zip: ______________________ E-Mail Address: _______________________________________________________ I would like to be added to the HOM Distribution List: ___ Yes ___ No I understand that my information will not be sold or shared with anyone other than HOM ---------------------------------------------------------------------------------------------------------- Please let us know if you have any questions or comments: ____________________________________________________________________________________ ____________________________________________________________________________________ ____________________________________________________________________________________ What would you like to see HOM do in the future? (Webinars, courses, e-mails, articles, etc): ____________________________________________________________________________________ ____________________________________________________________________________________ ____________________________________________________________________________________ Thanks for your input, we really appreciate it! Copyright © 2008. Home Ownership Matters, LLC. All Rights Reserved.