167- 1262 E Mckinley BPO

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					                                                       9339 Carroll Park Dr, Suite 100 San Diego, CA 92121 t 858.909.4300 f 858.909.2900 www.hanqual.com




Order ID       38331147                                          Loan Number              252
                                                                 Client Project ID        GMAC2OCT2010
Client Provided Data
Client    VERTICAL FINANCIAL GROUP                                     Loan #          252
Branch    IRVINE,CA                                                    Attention       DAVIS, JUDY
Fax/Email Judy@verticalmtg.com                                         Borrower        STROMBECK, MICHAEL
Address 1262 E MCKINLEY AVE                                            Property type   Single Family Dwelling
City      SOUTH BEND                                                   State/Zip       IN      46617
Completed by: Webber, John                                             Company:        JOHN WEBBER JOHN WEBBER Phone #: (574)340-1808

Neighborhood Information
Neighborhood Type                  Urban                               Property Values                      Depreciating
Price Range                        $8,900-$59,900                      Vandalism/vacant properties          Y
Marketing time (days)              27                                  Market trend (Appr/Depr %)           -6
Predominant Occupancy              Owner
Similar Homes Sold Prior Month     0                                   # of Listings in Direct Competition 5
Zoning                             N/A

Subject Property Information
Curb Appeal                Average                                    Estimate cost to cure deferred maintenance          $500
Conformity to neighborhood Appropriate Improvement                    Any adverse influences noted (busy street, etc)     No
Condition                  Average                                    Market Rent                                         $0
Currently Occupied? Yes/No No                                         If not occupied, is subject secured?                Y
Is there a guest house?    No                                         Guest House Sq Ft                                   N/A
Subdivision Name           N/A
Current Listing and Five Year Sale History
Subject currently listed? N           Listed in last 12 mos.?          N               Listing date                              Listing price
MLS # N/A                             Listing Agency N/A                                                                         Agency Phone # N/A

      Previous Sale Price         Previous Sale Date          Buyer                                              Seller




Neighborhood and Subject Property Comments:
Subject is located in an area of limited sales activity with declining values. Comparison method used search local MLS for comps with similar style, age and square
footage. Has a fenced yard, vinyl ext. Lacks landscaping, a basement, and garage. Subject has access to all needed services. Property values have decreased due to
current economic conditions. Tax assessed value does not reflect market value in this state.




Comparable Listings
                      Subject             Listing 1                                        Listing 2                                Listing 3
Street Address       1262 E MCKINLEY AVE 1307 Sorin                                       1206 McKinley                           1318 Miner
City                 SOUTH BEND          South Bend                                       South Bend                              South Bend
State/Zip            IN       46617      IN         46617                                 IN         46617                        IN          46617
Data Source                              MLS 244216                                       MLS 244676                              MLS 245713
# Units              1                   1                                                1                                        1
Listing Type                             Unspecified                                      Unspecified                              Unspecified
List Price                               $19,750                                  -1000   $17,499                         -900    $14,420                      -700
Original List Price  $0                  $19,750                                          $30,000                                 $14,420
Days on Market       N/A                 120                                              468                                     43
Distance (mi)        N/A                 0.27                                        0    0.1                             0       0.2                            0
Neigh. Type          Urban               Urban                                       0    Urban                           0       Urban                          0
Site Size (Ac)       0.14                0.12                                        0    0.12                            0       0.14                           0
View                 No                  No                                          0    No                              0       No                             0
Design               Ranch               Ranch                                       0    Ranch                           0       Ranch                          0
Condition            Average             Average                                     0    Average                         0       Average                        0
Age (Years)          58                  64                                        600    60                              0       65                           700
Bedrooms             2                   2                                           0    3                           -1000       2                              0
Baths                1                   1                                           0    1                               0       1                              0
Living Area (s.f.)   864                 782                                         0    908                             0       816                            0
Basement/ % Finished Unfinished     %     Unfinished    %                            0    None           N/A           1000        Unfinished     %              0
Pool                 No                  No                                          0    No                              0       No                             0
Garage               0                   1                                        -500    1                            -500       0                              0
Adjusted Values       Net Adj (%)                -4.6%                           18850             -8%                16099                  0%              14420
                      Gross Adj (%)              10.6%                                            19.4%                                     9.7%


Comments regarding the comparability of listings to the subject specifically addressing their overall similarity (equal/superior/inferior)

Listing #1: REO. Has fenced yard, vinyl ext.
Listing #2: REO. Has a covered porch, fenced yard, wood ext.
Listing #3: REO. Has a covered porch, vinyl ext.
                                                       9339 Carroll Park Dr, Suite 100 San Diego, CA 92121 t 858.909.4300 f 858.909.2900 www.hanqual.com




 Order ID         38331147                                       Loan Number            252
                                                                 Client Project ID      GMAC2OCT2010

 Comparable Sales

                        Subject             Sale 1                                          Sale 2                              Sale 3
 Street Address       1262 E MCKINLEY AVE 1407 Sorin                                      1225 Bissell                        1222 Chalfant
 City                 SOUTH BEND          South Bend                                      South Bend                          South Bend
 State/Zip            IN        46617     IN         46617                                IN         46617                    IN         46617
 Data Source                              MLS 243411                                      MLS 243473                           MLS 242308
 # Units              1                   1                                               1                                    1
 Sale Type                                REO                                             REO                                  REO
 Financing Type                           Cash                                             Cash                               Cash
 List Price                                $19,900                                         $16,900                             $16,185
 Sale Price                                $19,900                                    0    $17,500                        0    $12,500                               0
 Sale Date                                 06/17/2010                                 0    09/08/2010                     0    05/26/2010                            0
 Days on Market        N/A                 17                                              47                                  18
 Distance (mi)         N/A                 0.32                                      0     0.33                          0     0.36                              0
 Neigh. Type           Urban               Urban                                     0     Urban                         0     Urban                             0
 Site Size (acres)     0.14                0.12                                      0     0.14                          0     0.12                              0
 View                  No                  No                                        0     No                            0     No                                0
 Design                Ranch               Ranch                                     0     Ranch                         0     Ranch                             0
 Condition             Average             Average                                   0     Average                       0     Average                           0
 Age (Years)           58                  61                                        0     68                         1000     60                                0
 Bedrooms              2                   2                                         0     2                             0     3                             -1000
 Baths                 1                   1                                         0     1                             0     1                                 0
 Living Area (s.f.)    864                 790                                       0     988                       -1200     992                           -1300
 Basement/ % Finished Unfinished      %   Unfinished     %                           0    Unfinished     %               0    None            N/A             1000
 Pool                  No                  No                                        0     No                            0     No                                0
 Garage                0                   1                                      -500     1                          -500     1                              -500
 Adjusted Values        Net Adj (%)                -2.5%                         19400              -4%              16800             -14.4%                10700
                        Gross Adj (%)               2.5%                                           15.4%                                30.4%

 Comments regarding the comparability of sales to the subject specifically addressing their overall similarity (equal/superior/inferior)
 Sales #1: REO. Has a fenced yard, patio, fireplace, vinyl ext
 Sales #2: REO. Has a covered porch, vinyl ext.
 Sales #3: REO. Has a patio, wood ext.

 RECONCILIATION
 Based upon the description of the subject and the market data presented within the report, LPS Valuation Solutions has derived values based on the following
 market conditions as of: 03/23/2009
                          10/13/2010

**QC NOTE: This evaluation reflects an REO perspective.For the purpose of this report, the quick sale value ratio equates to a more conservative (30 day)
perspective. A wide range of pricing for the comparables was unavoidable in order to present a full illustration of the subject's marketplace. The most applicable
of these comps are represented by the core majority, which are attributed most weight in the reconciliation.




                                   Reconciled Market Sale Value               Reconciled Quick Sale Value                 Broker’s Value

 “As Is” Value:
                                  $17,000                                      $12,000                                    $18,000

 “As Repaired” Value:
                                  $17,500                                     $12,500                                     $18,500

 Exterior Repair Addendum

 Item Category                    Cost to Cure       Comments
 Roof                             $0
 Exterior/Siding                  $0
 Foundation                       $0
 Construction in Progress         $0
 Outbuildings                     $0
 Yard Maintenance                 $500                Lacks landscaping
 Other                            $0
 Total                            $500


Field Expert offers an opinion of value by combining a local broker’s price opinion (BPO), as filtered through LPS’ Field Expert rules-based
valuation model, and scrutinized by an LPS quality-control analyst, along with LPS’ own extensive data, and external research resources.
Information on the subject property is obtained via MLS, county records, personal files, or it may be provided to LPS by the client. In some cases,
information on the subject property may be limited or unavailable. In these instances, the information is provided by the Real Estate Professional's
exterior physical inspection of the subject. The report is based upon data that LPS deems reliable, however, no guarantee or warranty is provided.
LPS does not provide opinions on, nor assume responsibility for the existence of any environmental, structural, or title related defects associated
with the subject property. This analysis and evaluation of an interest in real property for ownership or collateral purposes is
prepared for the above named financial institution to be used for internal purposes only. This document is not an appraisal and
is intended for use only for loan transactions valued at $250,000 or less, as required by Title XI of FIRREA. The agent submitting
this report represents that he/she drove by the subject property and that he/she has no interest in the property.
           
Notwithstanding any preprinted language to the contrary, this opinion is not an
appraisal of the market value of the property. If an appraisal is desired, the
services of a licensed or certified appraiser must be obtained.
                           9339 Carroll Park Dr, Suite 100 San Diego, CA 92121 t 858.909.4300 f 858.909.2900 www.hanqual.com




Order ID    38331147               Loan Number         252
                                   Client Project ID   GMAC2OCT2010


Location Map




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                             9339 Carroll Park Dr, Suite 100 San Diego, CA 92121 t 858.909.4300 f 858.909.2900 www.hanqual.com




Order ID    38331147                 Loan Number         252
                                     Client Project ID   GMAC2OCT2010

Subject Photo




Street Scene Photo




Address Verification Photo
                                               9339 Carroll Park Dr, Suite 100 San Diego, CA 92121 t 858.909.4300 f 858.909.2900 www.hanqual.com




Order ID    38331147                                    Loan Number         252
                                                        Client Project ID   GMAC2OCT2010

Comparable Listing 1 1307 Sorin, South Bend, IN 46617




Comparable Listing 2 1206 McKinley, South Bend, IN 46617




Comparable Listing 3 1318 Miner, South Bend, IN 46617
                                                 9339 Carroll Park Dr, Suite 100 San Diego, CA 92121 t 858.909.4300 f 858.909.2900 www.hanqual.com




Order ID   38331147                                        Loan Number         252
                                                           Client Project ID   GMAC2OCT2010

Comparable Sale 1     1407 Sorin, South Bend, IN 46617




Comparable Sale 2     1225 Bissell, South Bend, IN 46617




Comparable Sale 3     1222 Chalfant, South Bend, IN 46617

				
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