Re: GMAC/Issa - Proposed Modification Terms

On Thu, Jul 1, 2010 at 11:49 AM, Ramin, Nasseem <NRamin@dykema.com> wrote:

Mr. Faraj,

Please contact me at your earliest convenience to discuss GMAC's terms.

Best,

Nasseem

Nasseem Ramin
Associate
Dykema
400 Renaissance Center
Detroit, MI 48243
Phone: 313.568.5326
Fax: 313.568.6701
nramin@dykema.com
www.dykema.com

From: Nick Hadous [mailto:nhadous@hadousco.com]
Sent: Tuesday, June 22, 2010 4:13 PM
To: Ramin, Nasseem
Cc: Haytham Faraj; Schehr, Thomas
Subject: Re: GMAC/Issa - Proposed Modification Terms

Mrs. Ramin,

Please see attachment.

Cordially,

Nick Hadous

On Tue, Jun 22, 2010 at 12:57 PM, Ramin, Nasseem <NRamin@dykema.com> wrote:

Below are the terms for the proposed modification. Please keep in mind that all proposed terms are subject to final GMAC approval and a final written agreement.

Modified UPB Rate Term Payment Start Date
$161,789.47 2% 60 months $489.94 8/1/2010
$147,900.71 3% 12 months $569.20 8/1/2015
$145,474.20 4% 12 months $652.86 8/1/2016
$143,421.53 5% ` 12 months $740.24 8/1/2017
$141,669.94 5.250% 384 months $762.42 8/1/2018

- Term extended to 40 years
- The payment does not include the monthly escrow payment, currently $441.24.
- Total Capitalized: $8,865.47 ($313.13 in escrow advances and inspections; $30.00 in foreclosure fees and costs; $ 1,328.40 in interest for the 12/09-7/10 payments of $7,193.34)

- Principal Forbearance Amount: $31.475.46 (does not accrue interest)

Please let me know if you have any questions.

Best,
Nasseem

Nasseem Ramin
Associate
Dykema
400 Renaissance Center
Detroit, MI 48243
Phone: 313.568.5326
Fax: 313.568.6701
nramin@dykema.com
www.dykema.com

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----------------------------------------------------
Nick N. Hadous
HADOUSCO. | PLLC
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