1. The Law Office of Tiffany R. Norman Bankruptcy and Loan Modification Attorney What is a Loan Modification? A loan modification is when a borrower, who is facing great financial hardship, works with their lender to change the terms of their mortgage loan to make it affordable.

5. The Law Office of Tiffany R. Norman Bankruptcy and Loan Modification Attorney Obama’s Home Affordable Modification Weekly Address Please press play in the next slide to watch Obama’s Weekly Address Video

11. The Law Office of Tiffany R. Norman Bankruptcy and Loan Modification Attorney Incentives to Help Borrowers Stay Current: As long as the borrower stays current the borrower will get up to $1,000.00 per year for five years that will go directly toward reducing their principle balance. Reaching Borrowers Early: An incentive payment of $500 will be paid to servicers, and an incentive payment of $1,500 will be paid to mortgage holders, if they modify at-risk loans before the borrower falls behind.

13. The Law Office of Tiffany R. Norman Bankruptcy and Loan Modification Attorney Why Would a Bank Modify? A bank prefers to modify a loan because it is less expense than foreclosing on a property. The projected loss for loan modification is 12% and for foreclosure it is 42%.

15. The Law Office of Tiffany R. Norman Bankruptcy and Loan Modification Attorney BELOW ARE SOME EXAMPLES OF SUCCESSFUL LOAN MODIFICATIONS ACCOMPLISHED BY THE LAW OFFICE OF TIFFANY R. NORMAN: 2. Our client had a negative amortization loan and was current on we were able to modify her loan down to a 4.25% fixed at a term for five years. Our client’s monthly mortgage payments went from $4,824.00 down to $2,176.00 per month, saving her $2,648.00 per month. Our client’s annual savings were $31,776.00 , and over the term of the five year loan a savings of $158,880.00.

16. The Law Office of Tiffany R. Norman Bankruptcy and Loan Modification Attorney BELOW ARE SOME EXAMPLES OF SUCCESSFUL LOAN MODIFICATIONS ACCOMPLISHED BY THE LAW OFFICE OF TIFFANY R. NORMAN: 3. Our client had a negative amortization loan and was current on her monthly mortgage payments. Modified her loan to a rate of 5.0% fixed for a 30 year term . Her minimum loan payments were $2,528.38, increasing her loan balance to $3,248.57 per month. Her loan was modified to a fixed interest and is now at $3,511.99 per month, saving our client $623.39 on interest monthly, plus paying principal of $886.81 per month, together a savings of $1,510.20 monthly, $18,122.40 annually, and over the term of the 30 year loan , $543,672.00 .

17. The Law Office of Tiffany R. Norman Bankruptcy and Loan Modification Attorney BELOW ARE SOME EXAMPLES OF SUCCESSFUL LOAN MODIFICATIONS ACCOMPLISHED BY THE LAW OFFICE OF TIFFANY R. NORMAN: 4. Our client was in a short sale, had not made a mortgage payment for 10 months, the property was not owner occupied, and he had filed bankruptcy on the property. Modified his client’s loan from 8.5% interest rate, negative amortization to a fixed rate of 1.0%, saving the client $1,568.00 monthly, and $94,080.00 over five years. Late payments added to the end.

19. The Law Office of Tiffany R. Norman Bankruptcy and Loan Modification Attorney WHY SHOULD YOU WORK WITH AN ATTORNEY 3. If you are negotiating for yourself you do not know what to ask for. You may ask the lender to reduce your principle or your interest but not know what it should be reduced to. You need to work with those that know how to negotiate on your behalf to get you the best possible deal. 4. We know what numbers the banks are looking for. If you don’t know the numbers, the banks will just deny you after you have spent several months on phone calls and have been waiting. We can assist you in making you the best candidate and helping you save your home.

20. The Law Office of Tiffany R. Norman Bankruptcy and Loan Modification Attorney Thank You