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Re: GMAC/Issa - Proposed Modification Terms



Ms. Ramin,
 
Mr. Faraj has asked me to respond on his behalf. 
 
Attached are time-stamped copies, dated today, of the following:
 
1.   Plaintiff's First Amended Complaint and Exhibits; and
 
2.   Notice of Appearance of HadousCo. PLLC.
 
Hard copies of the foregoing have been sent to your office via USPS.

Cordially,
 
Nick N. Hadous
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



**Notice from Dykema Gossett PLLC:

To comply with U.S. Treasury regulations, we advise you that any discussion of Federal tax issues in this communication was not intended or written to be used, and cannot be used, by any person (i) for the purpose of avoiding penalties that may be imposed by the Internal Revenue Service, or (ii) to promote, market or recommend to another party any matter addressed herein.

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DYKEMA





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

O:   (313) 846-6300
F:   (313) 846-6358  
D:   (313) 415-5559 | (602) 492-4432
E:    nhadous@hadousco.com
       www.hadousco.com


IRS CIRCULAR 230 DISCLOSURE: To ensure compliance with requirements imposed by the IRS, we inform you that, to the extent that this communication or any attachment addresses a tax matter, it was not written to be (and may not be) relied upon to (i) avoid tax-related penalties under the Internal Revenue Code; or (ii) promote, market or recommend to another party any transaction or matter addressed herein or in any such attachment.

CONFIDENTIALITY NOTICE: This email message and all attachments transmitted with it are intended solely for the use of the addressees and may contain legally privileged, protected or confidential information. If you have received this message in error, please notify the sender immediately by email reply and please delete this message from your computer and destroy any copies.



--
Nick N. Hadous
HADOUSCO. PLLC

Direct:    313.415.5559
Office:    313.846.6300
Fax:       313.846.6358
Email:    nhadous@hadousco.com
              www.hadousco.com

IRS CIRCULAR 230 DISCLOSURE: To ensure compliance with requirements imposed by the IRS, we inform you that, to the extent that this communication or any attachment addresses a tax matter, it was not written to be (and may not be) relied upon to (i) avoid tax-related penalties under the Internal Revenue Code; or (ii) promote, market or recommend to another party any transaction or matter addressed herein or in any such attachment.

CONFIDENTIALITY NOTICE: This email message and all attachments transmitted with it are intended solely for the use of the addressees and may contain legally privileged, protected or confidential information. If you have received this message in error, please notify the sender immediately by email reply and please delete this message from your computer and destroy any copies.

Attachment: ISSA-001AC.pdf
Description: Adobe PDF document

Attachment: Exhibit 1 - 10-004439.pdf
Description: Adobe PDF document

Attachment: Exhibit 2 - 10-004439.pdf
Description: Adobe PDF document

Attachment: Exhibits 3, 4 - 10-004439.pdf
Description: Adobe PDF document

Attachment: ISSA-004NOA.pdf
Description: Adobe PDF document