Common use of Loss Mitigation Clause in Contracts

Loss Mitigation. A. Short Sale 1. Recent Property Valuation 2. Sales Contract 3. HUD-1 Settlement Statement, estimated 4. Realtor/Broker contact information 5. Borrower financials 6. Borrower hardship letter 7. Approval letter (if approved and not closed prior to servicing transfer) B. Modification: A report should be provided within 3 Business Days of the related Servicing Transfer Date. 1. Recent Property Valuation 2. Title Search 3. Modification Agreement or terms of Modification 4. Document/Title co. contact information 5. Borrower financials 6. Borrower hardship letter 7. Identification of any funds collected that remain unapplied or in suspense in conjunction with modification. C. Deed-in-Lieu of Foreclosure 1. Recent Property Valuation 2. Title Search 3. D-I-L Agreement 4. Document/Title co. contact information

Loss Mitigation. A. Short Sale 1. Recent Property Valuation 2. Sales Contract 3. HUD-1 Settlement Statement, estimated 4. Realtor/Broker contact information 5. Borrower financials 6. Borrower hardship letter 7. Approval letter (if approved and not closed prior to servicing transfer) B. Modification: A report should be provided within 3 Business Days of the related Servicing Transfer Date. 1. Recent Property Valuation 2. Title Search 3. Modification Agreement or terms of Modification 4. Document/Title co. contact information 5. Borrower financials 6. Borrower hardship letter 7. Identification of any funds collected that remain unapplied or in suspense in conjunction with modification. C. Deed-in-Lieu of Foreclosure 1. Recent Property Valuation 2. Title Search Search 3. D-I-L Agreement 4. Document/Title co. contact informationAgreement