Short Sale Package for Real Estate Sellers

© Distressed Property Institute, LLC 2008. All rights reserved. Any duplication without express written consent is prohibited. All CDPE forms are

It is strongly recommended that agents investigate the specific items necessary to their situation and local and regional lawsprovided for informational purposes only. The Distressed Property Institute, LLC assumes no responsibility nor guarantees the accuracy of these forms.



CDPE RESOURCES INDEX

FORM A

FORM B E=MC2 Seller Assessment

FORM C Hold Harmless Agreement

FORM D

FORM E Homeowner Document Checklist

FORM F Homeowner Financial Worksheet

FORM G Homeowner Property Checklist

FORM H Listing Agreement Addendum

FORM I Listing Price Worksheet

FORM J Photo Log

FORM K Price Change Log

FORM L Repairs and Damage Form

FORM M Sample CDPE Calendar

FORM N Sample Hardship Letter

FORM O Seller Interview Questions

FORM P Short Sale Disclosure

FORM Q Short Sale Package Cover Letter

FORM R

Hud 90041 Request for Variance

Hud 90035 Information Sheet

Hud 90036 Application to Participate

Hud 90038 Homeownership Counseling

Hud 90045 Approval to Participate

Hud 90051 Sales Contract Review

Hud 90052 Request for Variance

CLIST A BPO Checklist

CLIST B Listing Appointment Checklist

CLIST C Listing Entry Checklist

CLIST D Pre-Listing Checklist

CLIST E Short Sale Closing Checklist

Authorization to Release Information

Hold Harmless Agreement No Notary

State Foreclosure Timeline Worksheet



Form A General

AUTHORIZATION TO RELEASE INFORMATION

assistant, Title Company or its agents to verify any and all information pertaining to the mortgage orproperty detailed below and any additional financial information pertaining to this property includinghome owner's association, taxes, liens and any other encumbrances.

I hereby authorize of (whosephone number is and fax number is ) and/or any designated agent,

It is understood a photocopy or fax of this form will also serve as authorization.

PROPERTY

Property Address City State Zip

1st MORTGAGE

Mortgage Company Account Number

Phone Number Fax Number

Address City State Zip

Loss Mitigation Contract Direct Phone if Available

2nd MORTGAGE

Second Mortgage Company Account Number




ASSOCIATION (IF ANY)

Account Number Management Company


AUTHORIZED BY

Borrower Signature Social Security Number Date of Birth

Printed Name Today's Date

Co-Borrower Signature Date of Birth


NumberSecuritySocial



AUTHORIZATION TO RELEASE INFORMATION

assistant, Title Company or its agents to verify any and all information pertaining to the mortgage orproperty detailed below and any additional financial information pertaining to this property includinghome owner's association, taxes, liens and any other encumbrances. This notice will also serve tofreeze the balance of any line of credit or home equity line at its current balance with no further accessto this line.

I hereby authorize of (whosephone number is and fax number is ) and/or any designated agent,

It is understood a photocopy or fax of this form will also serve as authorization.

PROPERTY

Property Address City State Zip

1st MORTGAGE

Mortgage Company Account Number




2nd MORTGAGE

Second Mortgage Company Account Number




ASSOCIATION (IF ANY)

Account Number Management Company


AUTHORIZED BY

Borrower Signature Social Security Number Date of Birth


Co-Borrower Signature Date of Birth


NumberSecuritySocial

Form A



CDPE E=MC2 SELLER ASSESSMENT

Date: Owner:Address:Prepared by:

EXPECTATION SCORE SCORE

Has reasonable expectations and just wants to get out of their situation. 10May not be reasonable but may be persuaded that they need to lower price over time. 7-9Is unreasonable about price but understands that property may take longer to sell. 4-6Is not at all flexible about value and wants property sold quickly 1-3

TOTAL

MOTIVATION SCORE

Is motivated and wants to do whatever they can to get out of their situation. 10Is motivated but is unsure if selling is the best option, still want to list. 7-9Is only partially motivated and does not know if they really need to sell. 4-6Is not motivated but wants to see what they can get for their property. 1-3

TOTAL

COOPERATION SCORE

Is very cooperative and will provide whatever requested help you succeed at sellingtheir property. 10Is cooperative but may need to get a comfort level with you. 7-9Less cooperative and less likely to do what is needed to market the property. 4-6Non cooperative but still wants to sell. 1-3

TOTAL

COMMUNICATION SCORE

Is easy to communicate with and provides you with honest answers. 10Is easy to communicate with but you believe there may be something you don't know. 7-9Is less easy to communicate with and is likely to be unavailable. 4-6Not easy to communicate with but still wants to sell. 1-3

TOTAL

GRAND TOTAL =

SUGGESTIONS

30 to 40 Pursue listing.20 to 29 Pursue listing with caution and be prepared to resign if necessary.10 to 19 Not recommended that listing is pursued.Under 10 Avoid Listing

Form B



HOLD HARMLESS AGREEMENT

BROKERAGE LISTING AGENT

The undersigned parties (sellers) agree to seek independent Counsel pertaining to sale of their home,land, real property in the matters of state and federal taxes and legal implications. The undersignedsellers shall contact the appropriate real estate attorney and or certified public accountant to obtainqualified counsel relating to implications of and questions about selling the below mentioned realproperty:

Property Address

The undersigned further agree that there have been no guarantees or promises of sale made to themby the listing agent or brokerage above. It has been explained to them, and they agree to as muchbelow, that in a changing real estate market Brokers and agents can make no warranties implied orotherwise as to time to sale, sale price, and probability of sale of any property. Any information that thelisting agent has presented to the seller is to assist the seller in making an educated decision in the saleof their home but in no way should preclude the seller from seeking professional legal as well as taxadvice. It is expressly suggested that the seller do both.

IN SIGNING THIS RELEASE, I (we) ACKNOWLEDGE AND REPRESENT THAT I (we) have read the forgoingWaiver of Liability and Hold Harmless Agreement, understand it and sign if voluntarily as my (our) ownfree act and deed; no oral representations, statements or inducements, apart from the foregoingwritten agreement, have been made; I (we) am at least eighteen (18) years of age, and fully competent;and I (we) execute the Release for full, adequate and complete consideration fully intending to bebound by same.

IN WITNESS HEREOF, I (we) have hereunto set my hand and seal on this Day

Seller's Signature Date Seller's Signature Date

Print Seller's Name Print Seller's Name

City State Zip

Form C



HOLD HARMLESS AGREEMENT


The undersigned parties (sellers) agree to seek independent Counsel pertaining to sale of their home,land, real property in the matters of state and federal taxes and legal implications. The undersignedsellers shall contact the appropriate real estate attorney and or certified public accountant to obtainqualified counsel relating to implications of selling the below mentioned real property:

Property Address

The undersigned further agree that there have been no guarantees or promises of sale made to themby the listing agent or brokerage above. It has been explained to them, and they agree to as muchbelow, that in a changing real estate market Brokers and agents can make no warranties implied orotherwise as to time to sale, sale price, and probability of sale of any property. Any information thatthe listing agent has presented to the seller is to assist the seller in making an educated decision in thesale of their home but in no way should preclude the seller from seeking professional legal as well astax advice. It is expressly suggested that the seller do both.

IN SIGNING THIS RELEASE, I (we) ACKNOWLEDGE AND REPRESENT THAT I (we) have read the forgoingWaiver of Liability and Hold Harmless Agreement, understand it and sign if voluntarily as my (our) ownfree act and deed; no oral representations, statements or inducements, apart from the foregoingwritten agreement, have been made; I (we) am at least eighteen (18) years of age, and fully competent;and I (we) execute the Release for full, adequate and complete consideration fully intending to bebound by same.



City State Zip

Form D



CDPE HOMEOWNER'S DOCUMENT CHECKLIST

Date: Owner:

Address:Prepared by:

Phone: Fax:

In order to have the opportunity to negotiate with your lender we will need to have the followingdocumentation. Please note, when we get a contract we may need updates on each item so pleasemake certain you set aside statements and paycheck stubs as you get them. Most recent mortgagestatement all mortgages

Two months checking account statements (all borrowers if separate)

Two months saving account statements (all borrowers if separate)

Two months other account statements (all borrowers if separate)

Last two paycheck stubs (all borrowers)

Two years tax returns

Hardship Letter (see samples)

Financial Worksheet (provided)

Other

Other

Other

FAX THE ABOVE ITEMS TOATTENTION

. .

Form E



CDPE HOMEOWNER FINANCIAL WORKSHEET

DEBTOR CO-DEBTOR TOTALPrimary JobPart Time Job (net)Retirement-MilitaryRetirement-Civil Serv.Support/AlimonySocial SecurityRoom & Board/Rent

OTAL ET NCOME

Borrower Name Co-Borrower Name

1st Loan Number 2nd Loan Number

INCOME - TAKE HOME PAY

T N I : $ $

How often is Borrower paid?How often is Co-Borrower paid? Every Week Every 2 Weeks Twice A Month Once A Month

EXPENSES

MONTHLY PAYMENT BALANCE NAME OF CREDITORHome Mortgage2nd MortgageAuto loanAuto loanCreditorCreditorCreditorCreditorCreditorCreditorCreditorStudent loanAlimony/SupportChild CareIRSCH 13ElectricityHeating fuel Oil or Natural GasWater& SewerTelephoneCable TVAuto InsuranceHealth Insurance Paid directly (not by employer)Life Insurance Paid directly (not by employer)Medical/Dental Exp.

Every Week Every 2 Weeks Twice A Month Once A Month

Form F, page 1 of 2



CDPE HOMEOWNER FINANCIAL WORKSHEET

Homeowners Insurance Only list here if not in Mortgage PaymentReal Estate Tax Only list here if not in Mortgage PaymentPersonal Property Tax Applies only in some StatesGroceriesSchool LunchesTransportation, Parking, TollsClothingDry cleaning/LaundryCell PhoneInternet serviceHomeowners Assn. DuesRecreation/Spending MoneyCharitable donationsTOTAL MONTHLY EXPENSES: $ $

A. Total Monthly Income: $ $B. Total Monthly Expenses: $ $C. Residual Income: $ $

Balance in 401K: Cash Value of Stocks:Balance in IRA: Other Valuables to be sold:Cash on Hand:

I/We have described my/our financial condition in the enclosed Financial Status Report and certify that allinformation, as well as all Attachments, is true, accurate and correct to the best of my/our knowledge. I/weunderstand that submission of this information in no way obligates my lender, servicer, Veterans Affairs, FHA/HUD, the investor, the Mortgage Insurers, (Agent) or (BROKERAGE) to provide assistance to me or stop theforeclosure process.

I/We hereby authorize my/our lender, servicer, Veterans Affairs, FHA/HUD, the investor or the Mortgage Insurers toOrder a credit report from any credit reporting agency.Order a title search from any title agency.Verify the accuracy of the information contained in this Financial Status Report, including withoutlimitation, any current or previous employment information.

1.2.3.

I/We agree that I/we will notify the AGENT and BROKERAGE mentioned above, my lender, Veterans Affairs, FHA/HUD, the investor, or the Mortgage Insurers immediately of any material change in the financial information thatI/We have provided herein. If I/we fail to do so, or if it is determined that the financial information providedherein has been misrepresented by me, and lender, servicer, Veterans Affairs, FHA/HUD, the investor or themortgage insurers makes decisions which would not have been made had the true facts been known, then (1) Ishall be liable for all costs (fees) incurred or damages suffered by lender , servicer, Veterans Affairs, FHA/HUD,the investor, the mortgage insurers or AGENT and BROKERAGE above and (2) lender, Servicer, Veterans Affairs,FHA/HUD, the investor, the mortgage insurers and/or AGENT shall have the right, in its sole discretion, toterminate any arrangement or agreement that has been extended to me based, in whole or in part, on theinaccurate or incomplete information that I/We have provided.

Borrower Signature Date Co-Borrower Signature Date


Form F, page 2 of 2



CDPE HOMEOWNER PROPERTY CHECKLIST

EXTERIOR

Maintain lawn

Clean and maintain pool

Remove debris

Clear and de-clutter

Other:

Other:

INTERIOR GENERAL

Box personal items

Box personal photos and collectables

Clear and de-clutter

Vacuum or keep floors clean

Dust as often as possible

Other:

Other:

KITCHEN

Sink empty and cleaned

Refrigerator and Stove cleaned

Dishwasher empty

Countertops clear

Floors cleaned

Other:

Other:

LIVING ROOM

Box personal items


Other:

Other:

Date: Owner:


Phone: Fax:

Form G, page 1 of 3




DINING ROOM

Box personal items


Other:

Other:

DEN FAMILY ROOM

Box personal items


Other:

Other:

HALLWAYS

Other:

Other:

MASTER BEDROOM

Box personal items


Other:

Other:

MASTER BATHROOM

Other:

Other:

BEDROOM

Other:

Other:

BEDROOM

Other:

Other:

BEDROOM

Other:

Other:

Form G, page 2 of 3




OTHER ROOM

BATHROOM

Other:

Other:

BATHROOM

Other:

Other:

PORCH LANAI

Other:

Other:

GARAGE

Other:

Other:

Other:

Other:

POOL/SPA

Other:

Other:

OTHER COMMENTS

Form G, page 3 of 3



LISTING ADDENDUM

BROKERAGE

Property Address:Listing Date:Seller: Seller:

This addendum will serve to modify the listing agreement entered into by the parties above for theproperty above.

Scheduled Price Reductions – the sale price of the property will be lowered as follows:

$ on$ on$ on$ on

Each price reduction whether noted here or otherwise shall extend the term of this listing agreementby 30 days for each adjustment. The listing period shall also be extended for the time with which theproperty is under contract should the transaction not close.

The property in question is is not a potential short sale and the following do do notapply:

Commissions – In the case of a short sale it is understood that the seller is experiencingfinancial hardship and they will not be responsible for any commissions or fees to the listingbrokerage.Any commissions will be paid by the seller's mortgage companyListing Termination – It is understood that in the case that the seller's mortgage company willnot cooperate with a short sale this listing agreement can be terminated by the broker withoutfurther notice. It is further understood that in the case the seller will not provide necessarydocumentation, communicate with lender or lenders, communicate with lien holders orin any other way not participate in the short sale process this listing can be terminated bybroker without further notice.

By signing this disclosure, you acknowledge that you have read and understand this addendum.


Form H



LISTING PRICE WORKSHEET

TIMING

Approximate time left before Foreclosure or Pre-Foreclosure or desired length of sale: Foreclosure length in State (convert to days) - Payments missed (convert to days) + Payments left (convert to days)Approximate time remaining in days days

or

Desired length of sale in days days

Days on Market (from CMA) days

Fair Market Value (according to detailed CMA or area summary) $

REPAIR

Approximate Repairs or Cosmetics Needed $

MORTGAGE BALANCES

What is Owed on the Property $

Fair Market Value $Less Repairs $

Subtotal $Adjustment for Days on Market $

Initial Listing Price $Less Approximate Closing Costs $

Net Sales Price $Mortgage Balance(s) $

Difference ±$

Date: Owner:


CURRENT MARKET VALUE

PRICING STRATEGIES

Form I



CDPE PHOTO LOG

Date: Owner:


1 Address Photo

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

MARKETING PHOTOS

Form J, page 1 of 2



CDPE PHOTO LOG

Date: Owner:


1 Address Photo

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

DAMAGE AND REPAIR PHOTOS

Form J, page 2 of 2



CDPE PRICE CHANGE LOG

Client: Address:MLS #: Completed by:Date/Time: Old/New Price: /

CONF SENT/REC / MLS PRICE UPDATED DATABASE WEB ADVERTISING OFFICE WEBSITE OTHER ADVERTISING EXTEND LISTING IN MLS LISTING BOARD









Form K



PROPERTY REPAIRS AND DAMAGE FORM

Date: Owner:


Phone: Fax:

EXTERIOR

ROOF

ENTRY WAY, FRONT DOORS

LIVING ROOM

DINING ROOM

KITCHEN/APPLIANCES

DEN FAMILY ROOM

HALLWAYS

MASTER BEDROOM

MASTER BATHROOM

Form L, page 1 of 2



PROPERTY REPAIRS AND DAMAGE FORM

BEDROOM

BEDROOM

BEDROOM

BATHROOM

BATHROOM

BATHROOM

PORCH LANAI

GARAGE

DEN FAMILY ROOM

POOL/SPA

OTHER

Form L, page 2 of 2



CDPE SAMPLE CALENDAR

Mon Tue Wed Thu Fri Sar Sun

1Price Reductions

2 3 4 5 6

7 8ClientCommunication

9 10 11 12 13

14 15Price Reductions

16 17 18 19Begin renewinglistings that expirein current month

20

21 22ClientCommunication

23 24 25 26 27

28 29 30 31

Closings & Remove Expired or Cancelled Listingsfrom Marketing

Form M



Date:Lender:Attn: Loss Mitigation

RE: Hardship Letter - (Property Address)Account Number

To Whom It May Concern:

I purchased my home in 2004 and we had the income at the time to support the mortgage.

In early 2006, my mother was diagnosed with Alzheimer's Disease and needed to be put in anursing home which was very expensive. She later passed away in November 2006 and myhusband lost his job and has since taken a significance cut in pay. We love our home and donot want to lose it but we have come to terms with the fact that we cannot afford to keep it.

This left me with the financial burden of paying the mortgage. I make $35,000 annually and Ihave exhausted all of my savings, IRAs and my children's college funds in which I used to keepthe mortgage payments current until May 2007.

In May 2007, 1 was no longer able to make payments and inquired about partial payments,payment plans, and refinance; I was denied on all accounts. In July 2007, I put the house upfor sale with ( Your Agent's Name and Brokerage Firm) who specializes in pre-foreclosure propertiesand short sales.

My financial situation cannot sustain a home mortgage of nearly $2800 per month. I want tosell the home, avoid foreclosure and salvage my credit. I know that a foreclosure on my recordwill affect me for years to come, I would ask that you please assist me in avoiding this.

Since the house has been on the market this is the only offer that we have received. Pleaseaccept this offer as payment in full. My realtor will continue to market the house and if wereceive any other offer they will be forwarded to you immediately.

I deeply appreciate your help and understanding in this matter. If you have any questions, orneed anything further from me, please contact my agent or me personally.

Sincerely,

Jane Seller

Form N

SELLER HARDSHIP LETTER



SELLER INTERVIEW QUESTIONS

Are you current on all your mortgage payments and will you be able to remain current?

Have you considered or are you considering declaring bankruptcy? Yes No

Do you owe back taxes or are there any liens on your property? Yes No Details

What is the situation that caused you to miss or will cause you to miss your payments or (if no

payments have been missed) why do you need to sell?

Are you up to date on your Condo or Homeowner's Association payments? Yes No If not

how many months are you behind?

Is your property already on the market? Is it listed with an Agent?

When was the property purchased?

Original purchase price? $

Who is on title?

Who is on Mortgage?

What kind of mortgage do you have? Conventional / VA / FHA and how many.

Who is the lender(s)?

Are you living in the property? If not where are you living and is the property being maintained?

What is the condition of the property? What repairs are needed?

If you are relocating when do you have to move?

Approximately how much do you owe? $

Contact Info:

What are your current payments including taxes and insurance? $

What is your household monthly income? $

What are your estimated monthly expenses Besides Mortgage? $

Do you hold any kind of a Security Clearance? Yes No

Additional Notes:

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

13.

14.

15.

17.

18.

19.

20.

21.

Yes No

Yes No

What lender correspondence have you received?

Form O

16.



SHORT SALE DISCLOSURE


Property Address:Seller: Buyer:

This disclosure will serve as a independent agreement and relates to contact executed by the buyer and sellernamed above. It is expressly understood by all parties that the seller owes more than the amount of the contractand is unable to bring cash to closing therefore the sale will require the approval of the lender.

Please note that the property will continue to be on the market until the lender accepts an offer.

Following are some potential issues that can affect a short sale:

After the lender receives the short sale packet, the lender may require at least 30-45 business days to approvethe short sale. After approval, the sale must close within lender approved time frame, typically 30 calendar days.The seller will receive no cash from this transaction. Any funds usually due to the seller will be paid to thelender.The seller has no additional cash and will be unable to pay for any closing costs, such as the buyer's appraisalor income warranty. Should the buyer desire a home warranty they are free to purchase one at closing.The seller may be unable to pay for maintaining the property. The property will remain in the currentcondition through closing; the seller will not be able to make any repairs to the property.The seller's broker will split the commission 50/50 with the buyer's broker on any commission paid by thelender that is under what has been advertised in the MLS. Please note that since the lender is taking less thanwhat is owed to them in a short sale, the lender in some cases may negotiate a lower commission percentage.The seller's forgiven or cancelled debt may be taxable income. The seller should discuss this matter with a taxprofessional. This has no bearing whatsoever on the buyer.In some cases the lender may pursuit a deficiency judgment against the seller for any funds not collected atclosing. This has no bearing whatsoever on the buyer.

By signing this disclosure, you acknowledge that you have read and understand these situations. Any changes tothe commission rate will be provided by the lender at the time of the lender's final approval of this short sale.

1.

2.

3.

4.

5.

6.

7.

Seller's Signature Date Buyer'sSignature Date

Listing Brokerage/Company Selling Brokerage/Company

Seller's Signature Date Buyer'sSignature Date

Listing Broker's Signature Date Selling Broker's Signature Date

Date Date

Form P



SAMPLE COVER LETTER

(Lender)(Attn: Loss Mitigation Dept.)(Re: Seller Name)(Account Number(s))123 Main StreetAny City, CA 91111

Short Sale Cover LetterRE: Property Address, City ST ZIP

Please accept the following information along with the complete short sale package that follows.

This particular property has been on the market since XXXXX and despite all of the marketing that hasbeen done for the listing this is the only offer that we have received in XX months. We have had theproperty listed on top real estate websites with a virtual tour and multiple photos. Please referencethe list of marketing that has been done for the property. We have gradually reduced the price overthe course of the listing to generate market interest and we are still actively showing the property.The house is currently listed at XXXXXXXX and there have not been any showings since we made thisreduction on XX/XX/XX.

List of Advertising

Company SiteYour Listing WebsiteRealtor.comHomes MagazineSign in YardEtc.

Description

This property was built in 1960 and has had little or no upgrading. The house also backs up to awarehouse district which makes it less desirable for a lot of the buyers in a market where there aremany options. The property has been well cared for but is dated and needs significant renovations tomeet with today's standards.

Visible Repairs Needed

Needs new Carpet in BedroomsCracked Tiles in living area and Kitchen backsplashMissing framework on laundry door frameMissing laundry room doorsOver grown lawn and landscapingNeeds interior and exterior paintNeeds deep and thorough cleaningTrash Removal

Form Q, page 1 of 2



SAMPLE COVER LETTER

There are currently 31 properties on the market in the XXXXXXX subdivision with list prices as low as$144,900 for a 3/2. The last closed sale was on 10/31/2007 for a 4/2 home that sold for $205,000 and is200 square feet larger than the subject. There is currently one property that is pending sale; it is also a4/2 with a list price of $130,000. I have included this information in the CMA provided directly fromthe MLS for your review.

Given the current market condition and the overall condition of the property it is my opinion that itwould not be in the best interest of XXXXXXXXXX to proceed with a foreclosure on this property. I amvery familiar with the area in which this property is located and I am more than willing to provide anyadditional information that you would need in order to decide to allow this short sale to go through.

I hope that with this additional information we can do what is in the best interest of all parties andproceed to closing.

Thank you,

Your NameBrokerageContact Information

Form Q, page 2 of 2



STATE FORECLOSURE TIMELINE WORKSHEET

Default (after number of days) days

Legal Notice (after number of days) days

Name:

Notice of Bank Sale or Auction:Arrives in (after number of days) days

Name:

Time Period Provided (after number of days) days

Redemption Period (circle Y or N):Time Frame (after number of days) days

Total Time Frame days

Deficiency Judgment (does not apply in California, Minnesota, Mississippi, Montana, North Dakotaand West Virginia)

1.

2.

3.

4.

5.

State: Date Reviewed:Prepared by:Authority Questioned:

Form R

U. S. Department of Housing andUrban Development

Office of HousingFederal Housing Commissioner

OMB Approval No. 2502-0464(exp. 06/30/2006)

Public reporting burden for this collection of information is estimated to average 3 minutes perresponse, including the time for reviewing instructions, searching existing data sources, gatheringand maintaining the data needed, and completing and reviewing the collection of information. Thisinformation is required to obtain benefits. HUD may not collect this information, and you arenot required to complete this form, unless it displays a currently valid OMB control number.

Section 1064 of the Stewart B. McKinney Homeless Assistance Amendments Act of 1988 authorizesthe Secretary to pay an insurance claim that "bridges the gap" between the fair market value proceedsfrom the HUD-approved third party sale of a property. The respondents are lenders, counselors, andhomeowners who are attempting to sell their properties prior to foreclosure. The Privacy Act of 1974pledges assurances of confidentiality to respondents. HUD generally discloses this data only inresponse to a Freedom of Information request.

Homeowners who have "defaulted" on their mort-gages often attempt to sell their properties in or-der to avoid foreclosure and to protect their creditstanding. However, because of declining propertyvalues in certain areas, some homeowners cannotrealize enough from the sale to pay off their mort-gage balances.

Therefore, the Department of Housing and Ur-ban Development ("HUD") has implemented thePreforeclosure Sale (PFS) procedure. With somerestrictions, homeowners who are permitted toengage in a PFS attempt to sell their homes for afair market sale price, which can be less than theamount they owe to the lender. HUD then reim-burses the lender for the difference between thesale proceeds and the outstanding mortgage in-debtedness.

There are certain criteria which must be met beforeyou can be permitted to pursue a Pre-foreclosureSale: (1) you must be an owner-occupant; and (2)your mortgage must be in default as the resultof a documentable involuntary loss of income orunavoidable increase in expenses.

Homeowners who sell their properties under thisprocedure will not only benefit by avoiding theeffect of a foreclosure on their credit rating, butthere are also provisions for cash consideration tothose program participants who go to "closing"on the sale of their properties within apredetermined period of time.

You will be required to work with a real estatesales professional to improve your chances ofaccomplishing the sale. If, after a "good faith" ef-fort, an acceptable purchase offer is not obtainedwithin the allotted time, the lender will usually ac-cept a deed-in-lieu of foreclosure. A deed-in-lieuis less desirable than a pre-foreclosure sale on ahomeowner's credit record, but is looked uponmore favorably than a foreclosure

By calling this number, ,you will receive further details from your lenderabout the procedure and whether you can qualify.Remember, you are under no obligation bymaking this call.

Information SheetPre-foreclosure Sale Procedure

form HUD-90035(o6/2003)ref. Handbook 4330.1




Spanish VersionEn Español

y recibirá información adicional de su prestamistaacerca de este proceso y le dejarán saber si ustedpuede calificar. Recuerde, esta llamada no lecrea ninguna obligacion.

La Obligación de Difusión Publica para la recolección de información es estimada en un promedio de 3minutos por respuesta, incluyendo el tiempo para revisar las instrucciones, la búsqueda de fuente dedatos existentes, el recojer y mantener los datos necesarios y completar y revisar la información. Estainformación es requerida para obtener beneficios. El Departamento de Vivienda y Desarrollo Urbano(HUD) no puede recolectar esta información y usted no tiene que llenar este formulario a menos quetenga un numero de control valido de la Oficina de Control y Presupuesto de los Estados Unidos (OMB).

La sección 1064 de la Enmienda del Acta Stewart B. McKinney de Asistencia para las Personas Sin Hogarde 1988 autoriza al Secretario a pagar reclamos de seguro que "reduzcan las diferencias" entre lasutilidades de valor justo del mercado de las ventas aprobadas por el HUD sobre las propiedades aterceros. Los solicitantes son prestamistas, consejeros y dueños de hogares quienes están intentandovender sus propiedades antes de la ejecución de la hipoteca. El Acta de Confidencialidad de 1974garantiza la privacidad a los solicitantes. HUD generalmente divulga estos datos solamente enrespuesta a peticiones de la ley de Libertad de Información.

Dueños de casa que están delinquentes en el pagode su préstamo hipotecario frecuentemente tratande vender la propiedad para evitar que ésta seaincautada ó reposeída y para proteger su crédito.Sin embargo, debido a la baja del valor de laspropiedas en algunas áreas, algunos propietariosno pueden realizar ganancias al vender y así poderpagar el balance de la hipoteca..Por esta razón el Departamento de Vivienda y De-sarrollo Urbano (HUD) ha implementado el pro-ceso conocido como "Pre-Foreclosure Sale" (Ven-ta Pre-Incautación ó Reposeción). Con algunasrestricciones, los dueños de casas que se les hapermitido participar en el PFS podrán vender lapropiedad por el valor del mercado el cual puedeser menor que la cantidad del balance de la hipo-teca. HUD entonces le reembolsará al prestamistala diferencia entre el valor de venta y el balanceque queda en la hipoteca.

Existen ciertos requisitos que son necesarios parapoder participar en el PFS: (1) el dueño tiene queocupar la propiedad; (2) su hipoteca tiene queestar delinquente debido a la pérdida involun-taria de ingresos o a un aumento inevitable degastos. Previos dueños-residentes que tienen unapropiedad asegurada por la FHA y que está renta-da pueden ser considerados para la venta de esa

propiedad antes de que sea incautada o reposeí-da. Si hay gravámenes contra la propiedad, puedeser posible que todavía califique para el PFS

Aquellos propietarios que participen en este pro-grama no solamente se beneficiarán de que sucrédito personal no sea afectado, sino que tam-bién existen ciertas provisiones que permitenque reciban dinero en efectivo si la transacción deventa se finaliza dentro del tiempo especifica

Se le requerirá que trabaje con un corredor de bi-enes raíces profesional para aumentar sus opor-tunidades de vender. Si después de un verdaderoesfuerzo para vender la propiedad no encuentrauna oferta de compra aceptable dentro del tiempopreviamente estipulado el prestamista le aceptaráque traspase la propiedad en vez de incautarla. Eltraspaso de la propiedad es menos favorable quela venta antes de pasar a la incautación ya que sereflejará en su historial de crédito, pero es prefer-ible a la incautación ó reposeción

Llame a este teléfono






Application to ParticipatePre-foreclosure Sale Procedure

Public reporting burden for this collection of information is estimated to average 30 minutes per response, including the time for reviewinginstructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection ofinformation. This information is required to obtain benefits. HUD may not collect this information, and you are not required to complete thisform, unless it displays a currently valid OMB control number.

Section 1064 of the Stewart B. McKinney Homeless Assistance Amendments Act of 1988 authorizes the Secretary to pay an insurance claimthat "bridges the gap" between the fair market value proceeds from the HUD-approved third party sale of a property. The respondents arelenders, counselors, and homeowners who are attempting to sell their properties prior to foreclosure. The Privacy Act of 1974 pledgesassurances of confidentiality to respondents. HUD generally discloses this data only in response to a Freedom of Information request.

Privacy Act Statement. The Department of Housing & Urban Development (HUD) is authorized to collect the information on this form by theU.S. Housing Act of 1937, as amended. The Housing & Community Development Act of 1987, 42 U.S.C. 3543 authorizes HUD to collect SocialSecurity Numbers (SSN). The information is being used as a basis to determine whether you meet the preliminary qualifications for theprogram. The SSN is used as a unique identifier. HUD may disclose this information to Federal, State, and local agencies when relevant to civil,criminal, or regulatory investigations and prosecutions. It will not be otherwise disclosed or released outside of HUD, except as required andpermitted by law. Providing the SSN is mandatory. Failure to provide the information could result in rejection of your application.

Date of Application: Control Number: FHA Case Number:

Lender's Name & Address: Phone Number:

Contact Person:

Homeowner's Name: Social Security Number:

Homeowner's Name: Social Security Number:

Phone: (include area code)(daytime)

(evenings)

Property Address: Mailing Address: (if different

Does owner(s) occupy home? Yes No

Purchase price:$

Date home was purchased: Last full mortgage payment due date:

In the space below, please describe briefly the situation which led to your inability to meet your mortgage obligation (that is, the reason[s]for your default). Use other side for continuation, if necessary

Conditions of Participation: If you are approved to participate in the Pre-foreclosure Sale procedure, you will be required to: 1) allow yourlender to arrange for a title search and an appraisal of your home. There will be no cost to you for these reports except if you reinstate orpay off your loan in full, in which case the cost of the appraisal and/or title search may be included as part of the pay off amount; 2)promptly list your property with a licensed Realtor who is unrelated to you; 3) assist in every possible way in the marketing of yourproperty; 4) pay for all required repairs, maintenance, utilities, and other services during the pre-foreclosure sale period; and 5) based onyour income, make monthly payments to offset your mortgage obligation in an amount agreed upon between you and your lender.

If there are any second liens or other encumbrances (such as home equity loans, mechanics liens, unpaid water or sewer assessments) onthe property you would like to sell under the Pre-foreclosure Sale procedure, please identify them and the approximate amounts. Also,describe any title problems that may exist. (Use additional sheets if necessary.)

By signing this application form, you certify that the information provided in this application is true and correct as of the date set forthopposite your signature(s), and acknowledge that any intentional or negligent misrepresentation(s) of the information contained inthis application may result in civil liability or criminal penalties. In addition, you are agreeing to abide by the conditions of participationenumerated above and are authorizing the Department of HUD or your lender to obtain credit information to determine whether youqualify for HUD's Pre-foreclosure Sale procedure. You are also agreeing that if your participation is approved, and you sell your home, or if adeed-in-lieu of foreclosure is accepted, you will assign to your mortgagee, all refunds you may be due from any source in connection withyour mortgage. Homeowners are advised to consult a tax professional to determine what tax consequences, if any, they may incur as aresult of a pre-foreclosure sale or deed-in-lieu of foreclosure.

Homeowner's Signature & Date: Homeowner's Signature & Date:




HomeownershipCounseling CertificationPre-foreclosure Sale Procedure



Do not send this form to the above address.Every participant in the Pre-foreclosure Sale (PFS) procedure must sign a certification that he or she has received homeownership counselingbefore a proposed pre-foreclosure sale transaction can be approved. By signing this form, you certify that you have received informationregarding options and alternatives that you may be entitled to, or which may be available to you—other than the sale of your property to athird party—to avoid foreclosure. It is important that you, the homeowner, make an informed decision about whether to pursue a pre-foreclosure sale. Finally, you must understand that the pre-foreclosure sale must be an "arm's length" transaction—the buyer cannot be afamily member, business associate or other "favored party," and the real estate broker cannot share a business interest with the mortgagee. Nohidden terms or special understandings can exist between seller or buyer and the appraiser, sales agent or mortgagee.

Certification: This will certify that I/we, the undersigned homeowner(s) have received homeownership counseling from a housing counselingagency approved by the Department of Housing and Urban Development (HUD), from the mortgagee or from a HUD staff member. Thecounseling included a description of the available rights and options at the time the counseling was provided. The intent of the counselinghas been to encourage the homeowner to decide on a particular objective—in dealing with the mortgage default—from among the availablecourses of action. The homeowner can then follow up on this decision by choosing certain steps intended either to avoid foreclosure and/orto retain possession of the property. If a pre-foreclosure sale results, I/we understand that it must be an "arm's length" transaction—the buyercannot be a family member, business associate or other "favored party." No hidden terms or special understandings can exist between seller orbuyer and the sales agent, appraiser or mortgagee.

Homeowner's Signature & Date Homeowner's Signature & Date

Name & Agency of Party Providing Homeownership Counseling Signature of Official & Date

The Pre-foreclosure Sale procedure is an option for which you mayqualify if you meet certain criteria. It is separate from other proce-dures that you might choose to follow in order to keep your homeand avoid foreclosure of your mortgage.

One of these other procedures is known as the Mortgage Assign-ment Program. Every homeowner with an FHA-insured mortgagehas the right to apply for assignment of their mortgage to HUD at atime when they have fallen at least three mortgage payments be-hind. To be accepted into the Assignment program, applicants mustdocument that their mortgage default was caused by circumstancesbeyond their control, and also demonstrate that a reasonable pros-pect exists that they will be able to resume making their regularmortgage payments within 36 months of entering the program.HUD takes over the mortgage and becomes the new "lender" forpeople who are accepted.

Before a homeowner can be considered for the Pre-foreclosure Saleprocedure, he or she must either waive the right to apply for mort-gage assignment, or have been turned down for assignment byHUD. If you are not sure whether you want to give up the right to ap-ply for mortgage assignment, or if you have other questions about

how the Assignment Program works, do not sign this waiver. Contacta HUD-approved Housing Counseling Agency or your local HUD Of-fice before making a commitment to a particular method of dealingwith your mortgage or financial problems. If you give up the right toapply for assignment, it will only be effective if you are permitted toparticipate in the Preforeclosure Sale procedure.

WaiverThis will certify that I/we the undersigned homeowner(s) agree(s) towaive (give up) the right to apply to the Department of HUD forassignment of the mortgage identified by the FHA Case Numberabove. This decision affects rights arising from the homeowner'spresent mortgage default only, and is effective only if I am permit-ted to participate in the Pre-foreclosure Sale procedure. It has beenmade freely and after consideration of the available courses of ac-tion that might help in avoiding foreclosure and/or retaining owner-ship of the mortgaged property.

Waiver of Right to Apply for Assignment of Mortgage

Print Name Print Name

Homeowner's Signature & Date Homeowner's Signature & Date





Request for VariancePre-foreclosure Sale Procedure




Mortgagee Name and ID No.: Date of Request Name & Telephone No. of Contact Person: FHA Case Number

Homeowner's Name Property Address:

Homeowner's Name

Mark one, as appropriate: The following variance is requested, for reason indicated below:

Approval of the subject homeowner's participation in the Pre-foreclosure Sale procedure has been withheld because the "as-is"appraised value of the property is less than the required 70 percent of the outstanding unpaid balance.A copy of the appraisal is attached.

AS-IS" Appraised Value

$

Outstanding Debt

$

Ratio of "AS -IS" Appraised Valueto outstanding debt (as percent)

%

Approval of a proposed contract of sale has been withheld because the estimated net sale proceeds are less than the required 82percent of the "as-is" appraised value of the subject property.A copy of the HUD-1 is attached.

"AS-IS" Appraised Value

$

Gross Sales Price

$

Estimated Net Sales proceeds

$

Ratio of estimated Net Sale Proceedsto "AS-IS" appraised value (as percent)

%

Request variance from other criterion (identify the criterion)

Jusification for requesting HUD approval of this variance from customary Pre-foreclosure Sale procedure:

Local HUD Office Response:

Granted

Denied

Comments ( if any):

Signature & Title of HUD Official: Date




Approval to Participate; Property Sales InformationYour application to participate in the HUD Pre-foreclosureSale procedure has been approved. Your property must belisted for sale with a licensed Realtor unrelated to you within7 days of your receipt of this letter at a list price at or near $

Approval to ParticipateProperty Sales InformationProperty Occupancy & MaintenancePre-foreclosure Sale Procedure


Your deadline to obtain a signed Contract of Sale from aqualified buyer is

Borrower's Incentive CompensationIf you successfully close a sale of your home under thisprocedure, you will be paid compensation of $750 atclosing. Your compensation will be $1,000 if the sale ofyour property closes on or before



Mortgagee Contact Person & Phone Number Control No FHA Case Number Date


Homeowner's Name

, which is the "AS IS" value indicated onthe attached appraisal of your property. The listing agree-ment must include a statement that your lender's approval(under HUD guidelines) is a precondition of the sale.

. If you have not beenable to obtain an acceptable contract by that date, your lend-er must recommence foreclosure or accept a deed-in-lieu offoreclosure. Your participation may be terminated earlier ifyou fail to abide by any of the conditions of participation, in-cluding timely payment of the required monthly amount in-dicated below. Until termination, your lender will postponethe foreclosure sale date; however, the status of your loanremains "pending foreclosure" while you attempt to sell yourhome.

Acceptable Terms of SaleProgram criteria require that "net" amount payable to HUD asa result of this sale, after allowable expenses be at least 82%of the appraised value, or $ . You mustsubmit your proposed Contract of Sale for approval to theMortgage Contact named above. The sale must be an "arm'slength" transaction—the buyer cannot be a member of yourfamily, business associate, or other favored party. No hiddenterms or special understandings can exist between your-self, the buyer, appraiser, sales agent or mortgagee. If you

negotiate with a buyer to pay for discount points, a homewarranty, repairs not required for a new mortgage, transfertaxes or other costs normally paid by the buyer, you mustpay for these expenses. You must also pay prorated real es-tate taxes and assessments at closing. Your mortgagee canexplain which sales costs may be deducted from HUD's saleproceeds.

Occupancy and Property MaintenanceYou are responsible for property maintenance and repair un-til closing. This includes but is not limited to cutting the grass,snow removal, regular interior and exterior cleaning, imme-diate repair of broken doors and windows, and paying utilitybills as become due. If the property is vacant or becomes va-cant during marketing, you must inform your lender imme-diately and ensure that the property is protected from freezedamage by "winterizing" plumbing pipes. You may arrangewith your sales agent to provide property maintenance butyou will continue to be responsible for the condition of thehome until it is sold. Damage and repair expenses resultingfrom fire, flood or other natural causes must be reported im-mediately to the insurance company and to your lender.

.

You may elect to receive cash or apply some or all ofthe compensation to sales costs not paid by HUD, forexample, discount points, or home warranty plans. You mayalso use it to pay off junior liens.

Homeowner: Please Read This Information Carefully.

Questions concerning any of this information, or your responsibilities in the Pre-foreclosure Sale procedure, must be directed to the contactperson at your mortgagee's oce at the above telephone number.




form HUD-90051(o6/2003)

Sales Contract ReviewPre-foreclosure Sale Procedure



Do not send this form to the above address.

Mortgagee Contact Person: Phone Number: Account /Control No. FHA Case Number


Homeowner's Name

Mortgagee (or HUD) Approval of the Sales Contract is a Pre-Condition of the SaleDate of Sales Contract Date Contract Received by Mortgagee: Sales Agent & Firm: Phone Number: Sales Commission & Rate

Offered By Address:

Listing Price:

$

Price Offered

$

Appraised Value:

$

90% of Appraised Value:

$

Estimated Net Sales Proceeds:

$

The Sales Contract offered by the individuals listed above is

Accepted Rejected (List reasons below)

This sales contract is rejected for the following reason(s):






Do not send this form to the above address.

Mortgagee Contact Person: Phone Number: Control No. FHA Case Number


Homeowner's Name

Mortgagee (or HUD) Approval of the Sales Contract is a Pre-Condition of the SaleName of Purchaser Address Phone Number

Name of Purchaser Address Phone Number

Type of Financing (mark one)

FHA VA Conventional Other

Date ContractApproved

Selling Price

$

Sales Commission

Payable from Sale Proceeds

Sales Commission $

(Local & State transfer taxes/stamps, etc.) $

(Lien discharge [must not exceed $1,000]) $(Insert item)

$(Insert item)

$Consideration to seller (Basic amount = $750.Additional amount (normally $250) is paid ifclosing occurs within 90 days of start ofparticipation in Pre-foreclosure Sale procedure) $

Total Amount Payable from Sales Proceeds(Add column of items)

$

Deduct all payments from proceeds fromselling price. Net proceeds to Mortgagee:

$

Total amount paid to seller

$

Seller's Initials & Date * *(By initialing, seller acknowledges receiptof amount specified)

Sale's Agent/Broker's Signature &Date**

**By signing, the Agent/Broker certifiesthat there are no hidden terms or specialunderstandings with the buyer, seller,appraiser, closing agent or mortgagee.

Mortgagee's Authorizing Ocial's Signature & DateX

Closing Agent's Signature & Date

X

(Attach copy of Settlement Statement)

form HUD-90052 (o6/2003)ref. Handbook 4330.1

Closing WorksheetPre-foreclosure Sale Procedure



BPO APPOINTMENT CHECKLIST

CMA

MAP AREA

NEIGHBORHOOD SUMMARY

MLS PRINTOUT

LISTING HISTORY (SHOWS REDUCTIONS OVER TIME)

PRINTED COMPARABLES

BUSINESS CARDS

SUPRA KEY OR LOCKBOX CODE

3 BLUE PENS

Remember the agent performing the BPO may or may not be familiar with the neighborhood. Youneed to make a case for why the contract you have should close.

Date: Owner:


DAMAGE AND REPAIRS FORM L

DAMAGE AND REPAIRS FOLDER



LISTING APPOINTMENT CHECKLIST

Date: Owner:


E=MC2 SELLER ASSESSMENT PRIOR TO APPOINTMENT (FORM B)

COMPLETE SELLER INTERVIEW QUESTIONS (FORM O)

COMPLETE ALL FORMS TO TAKE WITH YOU

LISTING PRICE WORKSHEET (FORM I)

LISTING AGREEMENT

LISTING AGREEMENT ADDENDUM (FORM H)

SELLERS DISCLOSURE

SHORT SALE DISCLOSURE, IF NEEDED (FORM P)

HOA/CONDO/MUD ADDENDUM, IF NEEDED

FINANCIAL WORKSHEET (FORM F)

HOLD HARMLESS (FORM D)

REPAIR AND DAMAGE FORM (FORM L)

COMPLETE FORMS TO LEAVE BEHIND

HOMEOWNER DOCUMENT CHECKLIST (FORM E)

HOMEOWNER PROPERTY CHECKLIST (FORM G)

RECORD LOCKBOX SERIAL NUMBER/COMBO

TAKE 16+ STILL PHOTOS, MARKETING (FORM J)

TAKE 16+ STILL PHOTOS DAMAGE AND REPAIR (FORM J)

TAKE AT LEAST 3 VIRTUAL TOUR AREAS

LEAVE BUSINESS CARDS

IF HUD HOME:

APPLICATION TO PARTICIPATE (HUD 90036)

HOMEOWNERSHIP COUNSELING FORM (HUD 90038)

AUTHORIZATION TO RELEASE INFORMATION (FORM A)



LISTING ENTRY CHECKLIST

Date: Owner:


EMAIL/FAX/MAIL (CIRCLE ONE) SIGNED PAPERWORK TO SELLER (W/IN 24 HRS)

CREATE A NEW LISTING FILE

INPUT PROPERTY IN MLS, MLS #

SALE REQUIRES LENDER APPROVAL IN BROKER REMARKS

UPLOAD PHOTOS INTO MLS

CREATE VIRTUAL TOUR

PLACE VIRTUAL TOUR LINK INTO MLS

SET UP PRICE CHANGE REMINDERS IN FILE MANAGEMENT SYSTEM

IF SHORT SALE FAX AUTHORIZATION TO LENDER(S)

CONFIRM FAX WITHIN 24 TO 48 HOURS

SEND THANK YOU NOTE TO SELLER

TURN COMPLETE LISTING FILE INTO BROKERAGE OFFICE



PRE-LISTING CHECKLIST

Date: Owner:


HOMEOWNERSHIP COUNSELING FORM (HUD 90038)


E=MC2 SELLER ASSESSMENT PRIOR TO APPOINTMENT (FORM B) TAX RECORD FOR PROPERTY PRINTED DEED FOR PROPERTY (COUNTY CLERK OF COURTS) NEIGHBORHOOD SUMMARY

PAPERWORK AND ADDENDUMS NEEDED PRELIMINARY HUD

SELLERS DISCLOSURE HOA/CONDO/MUD ADDENDUM

E=MC2 SELLER ASSESSMENT (FORM B) HOLD HARMLESS AGREEMENT (FORM C OR D) HOMEOWNER DOCUMENT CHECKLIST (FORM E) HOMEOWNER FINANCIAL WORKSHEET (FORM F) HOMEOWNER PROPERTY CHECKLIST (FORM G) LISTING AGREEMENT ADDENDUM (FORM H) LISTING PRICE WORKSHEET (FORM I) PHOTO LOG (FORM J) PRICE CHANGE LOG (FORM K) REPAIRS AND DAMAGE FORM (FORM L) SAMPLE CDPE CALENDAR (FORM M) SAMPLE HARDSHIP LETTER (FORM N) SELLER INTERVIEW QUESTIONS (FORM O) SHORT SALE DISCLOSURE (FORM P)

IF HUD HOME: APPLICATION TO PARTICIPATE (HUD 90036)

CMA CAMERA TRIPOD LOCKBOX SUPRA KEY BUSINESS CARDS PRESENTATION FOLDER 3 BLUE PENS CALCULATOR

LISTING AGREEMENT



SHORT SALE CLOSING CHECKLIST

Date: Owner:


MAKE CERTAIN CONTRACT IS FULLY EXECUTED AND ACCURATE

FILL IN EXECUTED DATE

SHORT SALE DISCLOSURE SIGNED BY ALL PARTIES (FORM Q)

SEND CLIENT A FULLY EXECUTED COPY AND RECORD METHOD

MAKE CERTAIN PACKAGE IS COMPLETE FOR LENDER, INCLUDE EVERYTHING REQUESTEDAND POSSIBLY:

PACKAGE COVER LETTER (FORM Q)

PRELIMINARY CLOSING STATEMENT

LISTING AGREEMENT

MLS PRINT OUT

MLS HISTORY

EXECUTED CONTRACT

BUYER PREAPPROVAL LETTER


HOMEOWNER FINANCIAL WORKSHEET (FORM F)

HARDSHIP LETTER (FORM N)

BANK STATEMENTS (2 MONTHS-ALL ACCOUNTS)

PAY STUBS (2 MONTHS)

TAX RETURNS (2 YEARS)

PROPERTY PHOTOS (SHOW TRUE PROPERTY CONDITION)

MARKET DATA

FAX COMPLETE PACKAGE TO LENDER

MAIL COMPLETE PACKAGE TO LENDER

EMAIL/FAX/SEND WHAT TO EXPECT LETTER (COOP BROKER-CDPE FORMS)

72 HOURS AFTER SUBMISSION CONFIRM RECEIPT OF PACKAGE

ASK HOW LONG PROCESS IS TAKING AND UPDATE ALL PARTIES

RECORD BPO/APPRAISAL COMPLETION DATE

BPO APPRAISER CONTACT INFO

Page 1 of 2



SHORT SALE CLOSING CHECKLIST

FOLLOW UP WITH LENDER 1 TIME PER WEEK UNTIL APPROVAL OR COUNTER RECEIVED ANDLOG CALLS/RESULT IN FILE MANAGEMENT SYSTEM. DOCUMENT EVERYTHING.

CALL 1 DATE

CALL 2 DATE

CALL 3 DATE

CALL 4 DATE

CALL 5 DATE

CALL 6 DATE

CALL 7 DATE

CALL 8 DATE

CALL 9 DATE

ONCE APPROVAL IS RECEIVED NOTIFY ALL PARTIES OF REQUIRED CLOSING DATE.

GET APPROVAL SIGNED BY SELLER IF REQUIRED BY LENDER.

PROCEED WITH STANDARD CLOSING PROCEDURE.

Page 1 of 2

Short Sale Package for Real Estate Sellers

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