Housing Education Program

A Division of Consumer Credit Counseling Service of San Francisco

595 Market Street 15th Floor, San Francisco CA 94105
(866) 520-0922 www.housingeducation.org

Date: 6/25/2010 Counselor: Milli Cannata

Client Number 2232840

Borrower's Name: Herman Vaugh Gender:
Co-Borrower's Name: Gender:
Address: 463 Freeman Ave Phone#: (631) 356-7269
Fax#:
Brentwood,NY 11717 Cell#:
Marital Status: MARRIED Email: Lachyel@wildblue.net
Number in Household: 2

HUD Requirements

Considers self Hispanic? Not Hispanic Race: Black or African American

First Mortgage Company: Bank of America

Account Number: 23051915 Mortgage Type/Rate: 15/30 year fixed (8%+)
Loan Status: 120+ days Time in Loan: 9 years
Lender Contact:
Lender Phone: Lender Fax:

Second Mortgage Company: Select Portfolio Servicing

Account Number: 0009469883 Mortgage Type/Rate: 80/20 - 2 loans at date of purchase
Loan Status: Current Time in Loan: 9 years
Lender Contact:
Lender Phone: Lender Fax:

Consent: Y Referred By: Mortgage Company Called Before?: N

Referral Type: Cold Credit Score:
Bankruptcy: N Attorney:

Length of Counseling: 30-59 minutes Conference Call Conducted? N

Outcome: Mortgage modified

Home Affordable Modification Program (HAMP) Eligibility

Homeowner may be eligible for HAMP?: Yes

Homeowner's current monthly mortgage payment ratio: 30.07
Is property vacant or condemned?: No
The number of units in the home: 1
Was the loan originated prior to 2009?: Yes
Is current principal balance of loan within limits for HAMP?: Yes
Has the loan been previously modified under HAMP?: No

Home Affordable Refinance Program (HARP) Eligibility

Homeowner may be eligible for HARP?: No
Is the primary loan Fannie or Freddie?: Not Found
Has the homeowner been more than 30 days late on a mortgage payment in the last 12 months?: Yes
Is property vacant or condemned?: No
The number of units in the home: 1
Was the loan originated prior to 2009?: Yes
 Housing Education Program
A Division of Consumer Credit Counseling Service of San Francisco
595 Market Street 15th Floor, San Francisco CA 94105
(866) 520-0922 www.housingeducation.org

Monthly Budget/Cash Flow Analysis

Name: Herman Vaugh Client#: 2232840

Phone: (631) 356-7269 Date: 06/25/2010

Monthly Monthly Months

Net Income Expenses
Amount Amount Delinquent
Primary Income $3,225.00 Housing
Secondary Income $500.00 Mortgage $1,560.00 10
Pension Income $0.00 2nd Mortgage $475.00
0
Alimony/Child Support $0.00 Property Taxes $0.00
Social Security Benefits $293.00 Rent
Unemployment $0.00 HOA (Association Dues $0.00
Disability Insurance Claim $0.00 Property Maintenance $0.00
Other $0.00
Rental Property Income $0.00
$2,035.00
Interest Dividend $0.00 Subtotal
Other Benefits (food $0.00 Utilities
Other Income $0.00 Electric $200.00
Water $40.00
Total Net Income $4,018.00 Gas/Oil $17.00
Subtotal $257.00
Telcom
Assets Total Telephone $0.00
Amount Cable $65.00
Checking $0.00 Internet $42.00
Cell phone $50.00
Checking $0.00
Subtotal $157.00
Savings $0.00
Savings $0.00 Transportation
401K/403B $0.00 Car Payment (loan/lease) $0.00
Car Maintenance $0.00
401K/403B $0.00
Gasoline $100.00
Other $0.00
Car Insurance $42.00
Other $0.00
$0.00 Public Transportation/tolls $72.00
Other
Real Estate $0.00 Subtotal $214.00
Real Estate $0.00 Necessities
Total Assets $0.00 Groceries $100.00
Medical/Life Insurance $0.00
Household Supplies $25.00
Equity Calculation Clothing/Laundry/Cleaning $0.00
Current Market Value of Home $265,000.00 Health/Hair/Personal Care $0.00
Other $0.00
Less
1st Mortgage $175,000.00 Subtotal $125.00

2nd Mortgage/Equity Loan $75,000.00 Education

3rd Mortgage/Equity Loan $0.00 Tuition $0.00
Delinquent Payments $0.00 School Lunches $0.00
Unpaid Property Taxes $0.00 Other $0.00
Other Liens $0.00 Subtotal $0.00
Total Equity $15,000.00 Medical
Medical/Dental bills $0.00
Prescriptions/Co-Pays $200.00
Other $0.00
Subtotal $200.00

Misc/Entertainment
 Housing Education Program
A Division of Consumer Credit Counseling Service of San Francisco
595 Market Street 15th Floor, San Francisco CA 94105
(866) 520-0922 www.housingeducation.org

Eating Out $0.00

Contributions/Church/Charities $0.00
Crafts/Sports/Hobbies $0.00
Holidays/Birthdays/Weddings $0.00
Memberships/Subscriptions $0.00
Pets/Veterinary $20.00
Other $0.00

Subtotal $20.00

Monthly Debt Payments

Credit Card Payments $0.00

Student Loans $0.00

Secured Debts $0.00

Personal Loans $0.00
Lines of Credit $0.00

Subtotal $0.00

Total Expenses $3,008.00

Cash Flow Summary

Your total estimated monthly net income is $4,018.00

Your total estimated monthly expenses is
$3,008.00
Balance (+/-) $1,010.00
 Housing Education Program
A Division of Consumer Credit Counseling Service of San Francisco
595 Market Street 15th Floor, San Francisco CA 94105
(866) 520-0922 www.housingeducation.org

Herman Vaugh Date: 6/25/2010

463 Freeman Ave Mortgage Lender: Bank of America
Account Number: 23051915
Brentwood,NY 11717 Client Number: 2232840
Client's Phone: (631) 356-7269

Dear Herman Vaugh

Thank you for taking the time to talk to me today about your mortgage. As discussed, I work for a non-profit
agency called Consumer Credit Counseling Service of San Francisco. We work in partnership with the
Homeownership Preservation Foundation. Our goal is to assist homeowners who may be experiencing financial
hardship avoid foreclosure whenever possible.

According to you, you are currently behind with your mortgage payment(s) by 10 months with
approximately $15,600.00 past due, plus late charges or other fees*.

You and your wife have experienced a medical situation to which you have seen an involuntary reduction to the
income as you were out of work and your wife has not been able to return to work and is only able to receive the
Social Security Disability income. You have been working with your lender to attain a trial Making Home
Affordable Modification to help reduce the payments to a more affordable level. You have been required to
complete a counseling session

I would like to suggest that the mortgage company consider this loan for a permanent Making Home Affordable
Modification. I have estimated the gross monthly income at $5187.19; the estimated 31% payment is $1608.02;
including your taxes and insurance payments. With a modified Making Home Affordable Modification payment,
the purposed budget reflects a surplus of $961.67 which can be set aside in an emergency fund to prevent the loan
from going into default in the future.

As I mentioned on the phone, a copy of this transcript will be submitted to Bank of America for their information
and review. Through this counseling session you have fulfilled your requirement to speak with a HUD-approved
agency for the Making Home Affordable trial modification. Please be advised that any payment workout is subject
to the lender's review and approval. Allow 3 weeks to obtain a call back from your lender.

Please email to: Lachyel@wildblue.net

 Housing Education Program
A Division of Consumer Credit Counseling Service of San Francisco
595 Market Street 15th Floor, San Francisco CA 94105
(866) 520-0922 www.housingeducation.org

ACTION PLAN

You reported to me that you are currently 10 months past due on your mortgage payment. The foreclosure timeline
for the state of New York is 18-24 months. I have emailed this information to you so that you know the process of
foreclosure in your state.

Based on the income figures you provided, your mortgage payment is greater than 31% of your monthly gross
income, and you may be potentially eligible for the Making Homes Affordable Modification Program.

There is some information to keep in mind in regards to your Trial Period Offer. The payment you are currently
paying may not be the same one they get modified into. Please continue to keep your expenses the same so that if
the payment were to change any you will still reflect a balanced budget. Also all 3 payments must be made on or
before the due date there is no grace period, otherwise you will be declined. If you have not heard from the lender
by the 4th month, continue making the modified payment until you learn the results of your review. If for some
reason you are not approved for a permanent modification you might face having to pay back the difference of the
trial modification payments and the original payment, along with the total past due amount. There are possibly
more options available to you that can help you address the past due amount.

If you find that you are ineligible for the above program, you may qualify for another modification program with
your lender. You will need to request that your file be reviewed for any other traditional modifications. If you find
that you are requesting traditional modification, please be specific in regards to what you would like the lender to
do for you. For example within your hardship letter you might state; I would like the lender to consider reducing
my current mortgage rate, extending the term and capitalizing the arrears to help secure a more affordable monthly
payment which will allow me to continue making payments in a timely manner. Usually this option is not available
unless you are already past due; however I do not encourage you to fall behind just for this option to become
available. This option tends to increases the mortgage payments and you may not be extended this option if you
already reflect a large deficit. The lender may automatically look into this option for you if you are found denied
for the Making Home Affordable Modification.
I offered to complete a conference call with the lender, but it seemed as though you had your paperwork in order.
If you would like to complete a conference call in the future, please contact me and I will schedule and appointment
for you.

If your lender is unable to offer you any type of workout, please consider listing your home for a short sale with an
experienced real estate agent. Contact free legal aid to research the tax ramifications of this option. If your home is
foreclosed on you may be liable for a deficiency judgment. Please seek legal advice in regards to this matter.

You may also benefit from working with your second lender to attain the 2 lien program called the 2MP, please call
your lender to learn more about your eligibility for this program.

If you were qualified for Making Home Affordable Modification however were denied due to reasons that you are
not able to cure, you may also be able to attain the Home Affordable Foreclosure Alternative, which will pay you
an incentive of $1500 to help with your moving expenses and can protect you from future liability for the first
mortgage debt.

You may be interested in talking to a credit counselor from my agency, Consumer Credit Counseling Service of San
Francisco. You may contact them at 800.777.7526. A credit counselor can give you insight in regards to addressing
your debts as well as more budgeting tips. Please let them know that you have completed a housing counseling
session so they know they can access information that you have already provided. You can attain a free credit
report by calling 877.322.8228. You may want to have this on hand when you are going to talk with the credit
counselors since at this time we are not running the credit.

You may also benefit from contacting the American Bar Association at 800-285-2221 to learn about legal aid
resources in your area. If you find that the lender cannot offer a feasible workout option, you may benefit from
talking with an attorney about how bankruptcy might be able to benefit you at this time.

Angel Food Ministries: 631-499-1940

 Housing Education Program
A Division of Consumer Credit Counseling Service of San Francisco
595 Market Street 15th Floor, San Francisco CA 94105
(866) 520-0922 www.housingeducation.org

You may also want to call the United Way to learn of all the local resources to possible help pay a utility bill or to
learn about organizations who may be able to assist you with paying a mortgage payment, to reach them you would
call 211 from you phone.

Please be sure to submit all your
workout options you are qualified
(paystubs, & bank statements) as
question or concerns that you may
details on your loan and your review.
documents only to your lender, for they are the one who will determine what
for. Also you will need to continue to submit your time sensitive documents
each month passes. I recommend that you call the lender in regards to any
have in regards to your loan prior to calling me since they are the one with the

If you find that you still are in need of my assistance, please feel free to write me an email or leave me a detailed
voicemail message referencing your Client Id Number, as well as your phone number, so that I can try to have an
answer prepared for you when I call you back. Please keep in mind that it is much easier for me to correspond over
email, so please try to email me if at all possible. I apologize about any delays that I may have when returning your
voicemail messages. Again, I need you to be sure that you reference the client id number so that I can access your
file and be able to call you back. I will not be able to call you without that number available since I will not be able
to access your file without it.

Please remember to update your finances with your lender as you utilize the resources to assist you in reducing the
expenses.

Thank you for your time. I wish you the best of luck! I will be checking in with a follow up call in about 30-60 days
to check on your status if I do not hear from you sooner.

Milli Cannata,
Consumer Credit Counseling Service of San Francisco, HUD Certified Agency
(866) 520-0922 ext. 194
Email: mcannata@housingeducation.org
https://www.housingeducation.org