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May 20, 2013 Karen L Bowerman 3305 W Victor Ave Visalia, CA 93277 Email: kdownesbowerman@yahoo.

com Melissa Chiangi PMZ Realty 1230 E. Orangeburg Ave., #A Modesto, CA 95350 Email:mchiangi@pmz.com Via email RE: Adjusting listing of 933 Carolyn Ave property to reect market value increase Dear Melissa, Per our recent conversation regarding the 15 month, 45.3% increase in Modesto property values*, I wanted to follow up with you and Greg on adjusting the listing price of the 933 Carolyn property upward to reect the market trend. (*TrendVision May 2013) As you recall, Greg and his counsel petitioned the court last July, 2012 to compel my signature for a $275,000.00 sales contract on the property. I successfully argued to the court that the phantom income tax for the community associated with that sale would be devastating. Thereafter, there was another contract offer at $400,000.00 and another after that of $450,000.00. The upward property value trend for the 933 Carolyn property is self evident. Gregs counsel, Mr. Goss referenced Zillow in 2012 putting the value of the home at $540,000.00. A 45.3% increase from that price point would yield a $784,620.00 value for the Carolyn property. There may be some downward adjustment to that gure to account for required property improvements and maintenance so a listing price of $735,000.00 may be reasonable. I have talked to Greg and he is amenable to letting me work to upgrade the yard and improve maintenance on the property to increase market appeal. There is a sense of urgency regarding an update on Gregs cooperation in completing and submitting the Loan Modication Application to Ocwen as we discussed in the email I sent to both you and Greg on April 24th, 2013. The primary mortgage of $490,000.00 with Ocwen and the equity credit line debt of $190,000.00 with Bank of America represents $680,000.00 in mortgage debt against a potential market value in excess of $735,000.00. That means there is community equity in the property. Greg has indicated that he sent the IRS payment in full for the IRS Tax Lien on the property.

The IRS has not conrmed Gregs claim but I am concerned that once the IRS Tax Lien is removed, Ocwen will observe the increase in the market value of the property and possibly foreclose even with the Bank of America debt unrelieved. If that happens the community to will lose the equity value in the property. Additionally, Greg indicated Bank of America was offering a 80% forgiveness on the $190,000.00 equity line debt. That would reduce the debt to $38,000.00 and we would be exposed to approximately $45,000.00 income tax on the remaining debt forgiveness for the unpaid balance of the loan. A total liability of $83,000.00 instead of $190,000.00. With a market value of approximately $735,000.00 and liabilities of a combined $573,000.00 ($490,000.00 + $83,000.00) - there is the potential of over $200,000.00 equity in the property. At the very least, the property is obviously not upside down any longer. I have not received any response from Greg nor his attorney, Mr. Goss, regarding the status of the Loan Modication Application. Can you please inquire on the status of the Ocwen Loan Modication application with Greg at the same time you discuss the adjustment to the listing price of the property? Please update me at your earliest convenience regarding the status of the Ocwen Loan Modication application and updating the listing price on the 933 Carolyn property immediately. Warm regards,

Karen L. Bowerman

cc: Gregory Bowerman, Michael Goss