HECM Short Sale Packet

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1 Thank you for contacting Financial Freedom, a division of CIT Bank, N.A. ( Financial Freedom ) regarding a potential short sale. All of the guidelines and requirements needed to submit a complete short sale request are explained in this packet. It is important that you and/or your designated agent review this packet in its entirety. This introduction provides general guidelines for short sale consideration and explanations for several of the documents needed to consider your offer. Enclosed you will find the information you will need to request a third party short sale. A checklist is enclosed which you may use to confirm you have compiled a complete third party short sale request prior to submission including an authorization form for your designated agent, and information regarding the different documents and guidelines needed for a short sale consideration. Short sales may take up to 90 days to complete. It is always recommended that potential buyers be aware of the processing time so there are no misconceptions. Once ALL of the required items are complete, please submit the Short Sale Packet to the or fax number listed below. All requests will be reviewed in the order in which they are received. FAX: (866) , Attn: Short Sale Department If you have any questions you are welcome to call for assistance. Submitting a short sale request or receipt of an approval of your request will not stop foreclosure proceedings or postpone the initiation of foreclosure unless prohibited by law. This is a communication from a debt collector attempting to collect a debt. Any information obtained will be used for that purpose. However, if you have filed a bankruptcy petition and there is either an automatic stay in effect in your bankruptcy case, or your debt has been discharged pursuant to the bankruptcy laws of the United States, this communication is intended solely for informational purposes. Please be advised that if you have filed for bankruptcy and your loan is subject to the automatic stay, or if your debt has been discharged in bankruptcy, this letter is for informational purposes only and is not an attempt to collect a debt. If your debt has been discharged, this letter is for the sole purpose of protecting a lien interest in the underlying mortgaged property and is not an attempt to recover any amounts from you personally. The foregoing notice has no effect on any bankruptcy plan, and you should continue to make any payments thereunder. If you have any questions about this notice, you should consult with your bankruptcy attorney and/or your bankruptcy trustee.

2 HECM LOANS (HOME EQUITY CONVERSION MORTGAGE) APPRAISALS An interior appraisal is required as an exterior appraisal cannot be accepted to determine the fair market value of the property. On FHA insured loans, the appraisal is valid for 120 days of the effective date of the appraisal and must be obtained by Financial Freedom. Please refrain from ordering an appraisal as it cannot be used to consider the offer. If an appraisal must be ordered, the contact information provided on the Short Sale Checklist will be used to schedule an appointment for access to the property. DOCUMENTS A complete short sale packet will include the following documents: The complete Short Sale Checklist Letters of authority if the borrower is deceased The completed signed Authorization form for your designated agent A signed purchase or sales agreement/contract A preliminary HUD-1 Settlement Statement HUD-1 Settlement Statement Approved Deductions and Guidelines: Real Estate Taxes due up to the date of closing Real Estate commission not to exceed 6% Title Search Owner s Title Insurance Local state/city/county Deed Tax Stamps or Transfer Tax Any state/city/county specific fees will require additional documentation to show the expense is the seller s responsibility and the amount of the expense. Attorney fees will only be considered in areas where it is mandatory or customary for an attorney to facilitate the closing in a real estate transaction. To consider attorney fees the following documents are needed for review: Itemized invoice and supporting documentation such as an ordinance or state statute to show the mandatory or customary practices of your area. Utilities: municipal utility fees are the responsibility of the borrower and/or their estate, and will not be considered as deductions unless they are recorded liens against the property. A copy of the recorded lien must be provided for review. The recorded document must include the recording stamp. HOA/Condo Fees may be considered according to State Statute. To consider the fees a recent itemized invoice is required. The Estoppel Letter will not be necessary or accepted to consider association dues.

3 UNAPPROVED SHORT SALE DEDUCTIONS Listed are fees which are not accepted as deductions from the proceeds of the sale. If any of these items are deducted from the sales proceeds, the offer will be denied. The list consists of general terms to outline the types of fees which will not be considered, but is not limited to these fees. The fees will not be considered and this will cause the HUD-1Settlement Statement to be rejected which will delay the approval process. Lien Search Notary Origination fee Probate costs* Recording Fees** Release fee Repairs Seller concessions Settlement fee Survey fee or cost Title company fees Utilities Wire fee Buyer s Credits Closing fee Courier fee Document prep fee Escrow fees Express mail Homeowner Incentive Program (HAFA) Home warranty fee Inspections IRS liens Junior Liens Lender fee *Probate costs: Fee for Recording a death certificate, trust affidavit fees, filing fees, and any other costs associated with the estate or trust. ** Recording Fees: Financial Freedom will execute and submit for recording the release of mortgage at no cost to the seller or buyer. HUD will do the same for their release of mortgage.

4 SHORT SALE CHECKLIST **Use this page as the coversheet of your short sale packet** This checklist has been compiled to assist you with submitting a complete short sale packet. Send complete packets, even if only revising documents as incomplete packets will not be reviewed. Below is the list of documentation needed for review on any short sale offer. All complete short sale packets will be reviewed in the order they are received. Thank you. Short Sales Checklist (Please use this as page one of the packet) Letters of authority The completed Authorization form which is enclosed in the packet Signed sales contract/purchase agreement Preliminary HUD-1Settlement Statement Itemized Invoices/Bills for all deductions on the HUD-1, where applicable Appraisal Contact. This is the person who will allow the appraiser access to the property. Name: Phone: Please send the offer to: FAX: (866) , Attn: Short Sale Department Financial Freedom Borrower(s) Name LAST FIRST MIDDLE LAST FIRST MIDDLE Property Address:

5 AUTHORIZATION I hereby authorize Financial Freedom to discuss my request for repayment assistance with the individual(s) that I have identified below as my designated agent(s). Further, Financial Freedom is hereby authorized to negotiate the terms of the short sale with my Designated Agent and deliver documents to my Designated Agent which concerns my request for repayment assistance. I understand that I will be fully responsible for reviewing any information that is sent by Financial Freedom to my Designated Agent. This authorization will remain effective until I specifically notify Financial Freedom in writing that this authorization is no longer valid. NOTE: If you would like Financial Freedom to discuss your account with a third party such as a friend, realtor, attorney, etc. you MUST complete this form. Please fill out one form for each third party. My Designated Agent is: First Name: Last Name: Company: Address: Address: Phone Number: Fax Number: Relationship to you: Seller(s) Signature: Name: Signature: Date: Financial Freedom Loan Number

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