Sargent's Title Short Sale Portfolio

Greetings,

Sargent’s Title Company is pleased to provide outstanding assistance in obtaining Short Sale Approvals. A Short Sale is when your lender agrees to settle for less than what is owed. This is an alternative to a foreclosure. In the event that a foreclosure process happens, it is still possible that a short sale can be agreed upon during the redemption period.

At Sargent’s Title we will assist you in obtaining a short sale approval from the lender. However, we will need several items and all parties to cooperate to obtain this goal. Attached are the items that will be required from all parties to make this transaction possible. We will set up an initial appointment with you and your customer to collect the required documents needed to obtain the short sale approval. From this point we will contact the lender and negotiate the short sale. If at any point we need further information we will contact you and your customer.

We would like to thank you for trusting your business to us and look forward to assisting you and your customer in obtaining a short sale approval. In exchange for this service we do charge a specialist fee of $750.00 from the transaction proceeds. This fee gets paid out of the transaction proceeds; your customer will not directly pay for this fee. In the event that lender does not approve the short sale, no fees will be due.

Sincerely, Short Sale Specialists of Sargent’s Title Company, LLC

st

1 Servicer Name: ____________________________ ND

2

Servicer Name: ____________________________

Loan #_________________ Loan #_________________

Property Address: _______________________________________________________ Borrower Name: ________________________________________________________ The undersigned borrower hereby authorizes the above shown mortgage servicer to release any and all information relative to short sale/foreclosure/payoff/lien release to the following: Lorrie Wilcox, Amber Geyer, Kelly Parks, Charlie Rizk, and/or Nicole Stoner SARGENT’S TITLE COMPANY, LLC 625 S. Grand Traverse Flint MI 48502 Phone: (810) 767-2364 Fax: (810) 767-2430 Email: lorrie@sargentstitle.com AND Agent’s Name: __________________________________________________________ Firm Name: ____________________________________________________________ Street Address: _________________________________________________________ City/State/Zip: ____________________________________ Phone:__________________ Fax: ___________________ Email: ___________________________________________ This authorization shall remain in effect until ______/______/______.

X____________________________/_____/ ___________ Borrower Signature Date

# # # - # # -___________ Last Four Digits of SS#

_____________________________________________ Printed Name

____/_____/__________ Date of Birth

X____________________________/_____/ ___________ Borrower Signature Date

# # # - # # -___________ Last Four Digits of SS#

_____________________________________________ Printed Name

____/_____/__________ Date of Birth

Property Address: ___________________________________________________ AGENT INFORMATION Listing Agent Name: _________________________________________________ Brokerage: ____________________

Office Phone:________________________

Agent Phone: __________________

Fax:________________________________

Agent Email: ________________________________________________________

SELLER INFORMATION Seller Name(s): ______________________________________________________ Address (if different from property): _____________________________________ Phone: _________________________

Type: ___________________________

Phone: _________________________

Type: ___________________________

Phone: _________________________

Type: ___________________________

Email: __________________________________________________________

Name: ___________________________________________________________ Property Address: ___________________________________________________

What is your willingness level to cooperate with Sargent’s Title and your Realtor? (circle one) No 1 2 3 4 5 6 7 8 9 10 Yes Are you Currently Employed? No___ Yes____ Where__________________________________________ When________________

How Long_______________

Have You Filed for Divorce or Separation? No____

Yes_____

Are You Current With Your House Payments? No____

Yes_____

Have You Received Any Letters From Your Lender? No___

Yes_____

Do You Intend To Remain On The Premises? No ____

Yes _____

Have You Filed For Bankruptcy or Plan To? No ____

Yes _____

When________

When________

If so we need Attorney’s Contact Information: ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

This agreement is being made on this _____ day of ________________, _______ by and between __________________________ (Seller) and Sargent’s Title Company (Specialist).

Specialist has extensive expertise in the area of short sales negotiation. Seller wishes to employ the expertise of the Specialist with respect to property located at: ________________________________________ (Property Address)

In Exchange for said services, upon successful sale of subject property, Seller agrees to condition the closing upon a specialist fee of $750.00 from transaction proceeds. This fee gets paid out of transaction proceeds and is not due directly from seller. In the event that this short sale is not approved, no fees will be due from seller.

I understand that there are no guarantees whatsoever that an agreement will be reached with my bank or that my home will be sold. I agree to hold specialist harmless from any and all activities that are performed. I understand that my lender may issue a 1099 and/or a deficiency judgment may be obtained. I understand that the specialist is not an attorney or CPA and their services are not a substitute for legal or tax advice. I have had the opportunity to consult with legal and tax professional prior to signing this agreement.

Agreed to on this date____/_____/____ by the undersigned: _________________________________ Seller

____________________________ Specialist: Sargent’s Title Company

_________________________________ Date _________________________________ Seller

____________________________ Date

Items for Agent to Complete on a Short Sale Transaction: • • • • •

• • •

Order Pre-Title with Sargent’s Title Company Guide Seller to order Short Sale Packet from Lender Assist Seller with Writing Hardship Letter/Financial Statements Assist Seller with Obtaining Lender Information Set up Initial Appointment to gather information: o All Documentation Required in Short Sale Packet o Contact Information o Seller Information Form o Specialist Agreement Provide Listing Agreement Provide MLS Listing Sheet Provide Purchase Agreement, when obtained, along with Buyer Pre-Approval Letter or Proof of Funds

Above Information will vary according to the lender. We will let you know if further documentation is needed. All information can be submitted via email (preferably) or by fax, or in person. To keep the flow of information consistent, please email all communications directly to lorrie@sargentstitle.com or fax to: (810) 767-2430

Items for Seller to Complete on a Short Sale Transaction: •

Complete and Sign Sargent’s Short Sale Package (including Third Party Authorization)

•

Contact their lender and notify them of their intent for a short sale and obtain a Short Sale Package, if they issue one

•

Complete, sign and date a Hardship Letter

•

Complete, sign and date a Financial Statement

•

Submit to Specialist all information as defined on “Required Seller Document Page”-either through your Realtor or by fax, email or in person

Documents for Seller to Provide on a Short Sale Transaction:

•

Hardship Letter (signed and dated)

•

Financial Statement (signed and dated and to include monthly income, less monthly expenses)

•

Pay Stubs- Last 60 Days. If Self Employed, Profit and Loss Statements for last 2 quarters

•

Bank Statements-Last 60 Days (Checking, Savings, etc.)

•

Tax Returns- Last 2 years for all homeowners

•

Most recent Mortgage Statements for All Mortgages and Additional Liens