Creating Borrower “Rights” to With Respect to Concessionary Loan Modifications
February 7, 2011
Brian D. Boyle
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Source: Lender Processing Services, December 2010 Mortgage Monitor
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Source: Lender Processing Services, December 2010 Mortgage Monitor
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Source: Lender Processing Services, December 2010 Mortgage Monitor
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Source: OCC/OTS Mortgage Metrics Report, Third Quarter 2010
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Source: OCC/OTS Mortgage Metrics Report, Third Quarter 2010
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Source: OCC/OTS Mortgage Metrics Report, Third Quarter 2010
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Housing Expenses Modification Short Sale Foreclosure
Housing cash flows for “typical” underwater borrower
Modified monthly mortgage payment
$10,800 (12 months at $900)
$0 $0
Moving expense $0 $2,000 $2,000
Relocation assistance $0 ($3,000) ($2,500)
Monthly rental payment $0 $7,700 (7 months at
$1,100)
$0
12 month prospective housing expense
$10,800 $6,700 ($500)
Borrower Economics: Foreclosure vs. Alternatives
Contact Me With Questions
Brian D. Boyle
O’Melveny & Myers LLP
1625 Eye Street NW
Washington, DC 20006
202-383-5327
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