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(1)

Mortgage Clearing

Corporation

in lonDon SQUare • 5612 SoUtH leWiS p.o. BoX 702100 • tUlSa, oKlaHoMa 74170-2100

pHone (918) 749-2274 toll free 800-727-9043 faX (918) 749-2645

RE: VA COMPROMISE (SHORT) SALE PROGRAM Dear Homeowner/Real Estate Agent,

Thank you for your interest in the VA Compromise (short) Sale. Please review the below information and complete the items that are applicable to you/your client.

Homeowners who sell their properties under this procedure may be required to sign a promissary note of which the amount is based on all or a percentage of the difference between proceeds and actual payoff figure of paying of the total indebtedness. We will assist you in determining if your loan is one of which a promissary note is required or in requesting a waiver from VA of the promissary note.

Borrow er/ seller must: Return:

- Completed loss mitigation financial statement, completed Hardship Affidavit, completed 4506-t form. Leaving blanks or missing information can delay processing therefore, please complete every area of each form as accurately as you are able. - Documents applicable to your/the homeowner specific situation (document list contained with financial form) - Lease agreements if property has multiple units

- If property has been used as rental identify from when to when, list multiple occurrences separately. Realtor must:

Return fully completed/executed listing agreement.

The listing agreement must, contain the following clause (exact verbiage)

"Seller may cancel this agreement prior to the ending date of the listing period without advance notice to the broker, and without payment of a commission or any other consideration if the property is conveyed to the mortgage insurer or the mortgage holder. The sale completion is subject to approval by the mortgagee".

Once appraisal and title report are performed and if property is eligible for the compromise/short sale program realtor and seller will be forwarded an approval to participate outlining the minimum net sales proceeds required.

If there are any junior liens against the property please advsie us. This may or may not disqualify you from utilizing the

Compromise Sale proceedure. If there is a any junior lien realtor should consult with borrower and 2nd lien holder to obtain a letter

from all junior lien holders confirming the minimum amount they will be willing to accept and release their lien for. Letter must be on junior lien holder’s letterhead and signed by an officer of their company must be forwarded before approval to participate will be granted.

If/when a contract is gained the realtor is responsible for forwarding the executed contract and net sheet (estimated HUD settlement statement). The attached example net sheet is provided only as guidance on what allowable closing costs are.

Contracts must, contain a cancellation clause as follows: "contract and sale completion is contingent upon seller’s lender approval". As well, each time realtor sends a contract realtor must provide a detailed letter outlining your marketing documentation (example attached) as evidence of your competitive marketing. Your letter at a minimum should outline why the property could not sell for the as-is appraised value include information such as but not limited to reasons potential buyers have provided as to why they would not purchase, what the conditions of the property are and how it affects the ability to sell and if/how the neighborhood has a negative impact on the ability to sell due to either the high number of houses in the close proximity presently for sale and/or the declined social atmosphere of the neighborhood. The transaction must be an 'arms length transaction', be between 2 unrelated parties and be conducted as a typical real estate transaction.

(2)

Mortgage Clearing

Corporation

in lonDon SQUare • 5612 SoUtH leWiS p.o. BoX 702100 • tUlSa, oKlaHoMa 74170-2100

pHone (918) 749-2274 toll free 800-727-9043 faX (918) 749-2645

If lender advises borrower must report damages and turn a claim into insurance realtor should actively pursue seller/borrower to ensure he/she does so and provides lender with any and all information requested from such.

Seller/ borrow er responsibilities:

Return of above requested documents and any further lender requested documents within 7 calendar days after lender makes request.

Utilize the services of a realtor whom has no conflict of interest with the borrower, lender, appraiser or purchaser. The requirement of a realtor will be waived only if a contract exists prior to the approval to participate being granted and only if the contract meets all of the regulations.

Maintain the property in a "ready to show" condition which includes but, not limited to, making basic property repairs, and perform normal property maintenance activities such as but, not limited to, interior cleaning, lawn maintenance etc.

Act in good faith to actively market the property. Should damages be determined by the lender the seller/borrower must contact his/her insurance agent, turn in a claim for the damages and provide the lender with the claims adjuster name, phone # and any other means of contact borrower/seller has available. Failure to turn claim in or provide lender with adjuster contact information will cause borrower to be disqualified from the compromise/short sale program.

If you have any further questions please feel free to call a loss mitigation specialist at (800) 727-9043. Mortgage Clearing Corporation

(3)

Mortgage Clearing

Corporation

in lonDon SQUare • 5612 SoUtH leWiS p.o. BoX 702100 • tUlSa, oKlaHoMa 74170-2100

pHone (918) 749-2274 toll free 800-727-9043 faX (918) 749-2645

VA

MCC #: VA #: CURRENT OWNER:

GIVE TO REALTOR!!!!

REALTOR (OR TITLE CLOSING OFFICER) – COMPLETE SECTION # 2

PRE-FORECLOSURE SALE LTV AND NET SALES PROCEEDS

1) LOAN TO VALUE

APPRAISED VALUE $ _______________

TOTAL DEBT (PAYOFF) $ _______________

$ __________ / $ _____________ = % APPRAISED TOTAL DEBT

VALUE 2)

CONTRACT PRICE: $ _______________

LESS:

SALES COMMISSION (6% MAX) $ ________________

½ ESCROW CLOSING FEE $ ________________

PRO-RATED PROPERTY TAXES $ ________________

½ TITLE INSURANCE $ ________________

½ ADDL ABSTRACTING/TITLE REPORT $ ________________

ATTY FEES FOR REPRESENTING SELLER $ ________________ (NA FOR OKLA)

DOCUMENTARY/TAX STAMPS $ ________________

CITY/COUNTY REQUIRED INSPECTIONS $ ________________ (NA FOR OKLA)

OVERNIGHT DELIVERY CHG OF PO $ ________________

OTHER $ ________________

TOTAL ESCROWED ITEMS $ ________________

NET SALES PROCEEDS $ ________________

3)

NET SALES PROCEEDS $ _________________

APPRAISED VALUE OR CONTRACT AMT $ _________________ $ ___________/ $ ___________ = %

NET SALES APPRAISED

PROCEEDS VALUE OR CONTRACT AMT

******* ONLY CLOSING COST LISTED ABOVE ARE ALLOWABLE CLOSING COST

IN CONNECTION WITH A PRE-FORECLOSURE/SHORT SALE.****************

(4)

Mortgage Clearing

Corporation

in lonDon SQUare • 5612 SoUtH leWiS p.o. BoX 702100 • tUlSa, oKlaHoMa 74170-2100

pHone (918) 749-2274 toll free 800-727-9043 faX (918) 749-2645

(5)

Mortgage Clearing

Corporation

in lonDon SQUare • 5612 SoUtH leWiS p.o. BoX 702100 • tUlSa, oKlaHoMa 74170-2100

pHone (918) 749-2274 toll free 800-727-9043 faX (918) 749-2645

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