IMPORTANT MESSAGE ABOUT THIS ACCOUNT
This letter will serve as BAC Home Loans Servicing, LP’s demand for payment and advises you that BAC Home Loans Servicing, LP and/or its investors and/or Insurers have agreed to accept a short payoff involving the above-referenced property and the referenced account(s) . This demand should be used by the dosing agent as our formal demand statement. No additional statement will be issued. This approval is exclusive to the offer front the buyer referenced this letter.
WHAT THIS MEANS TO THE SELLER
Upon receipt of the agreed amount. BAC Home Loans Servicing. LP and its investors will waive the remaining balance due on the above-referenced loan and release the borrower from further obligation therein, and waive all rights to pursue further judgment or deficiency. BAC Home Loans Servicing, LP will report the debt as ‘settled for less than the amount and issue a 1099 for the remaining balance. The seller is encouraged to seek guidance from an independent tax adviser, and/or an attorney. before proceeding with the short sale.
If this short sale is contingent upon BAC Home Loans Servicing, LP and/or its investors receiving a promissory note, we will reserve the right to collect the full amount on the new promissory note, which may lead to us pursuing a deficiency on that balance should the need arise. If the short sale does not close, then we will pursue all remedies under Our note and mortgage. This offer is contingent upon BAC Home Loans Servicing, LP receiving a properly executed and notarized Promissory Note. if applicable, to this short sale transaction.
The conditions of the approval are as follows:
1. Closing must take place no later than 7/01/2011 or this approval is void. If an extension is requested and/or approved. then per Diem Interest will be charged through dosing.
2. The approved buyer(s) is and the sales price for the property is $124.900.
3. Another buyer cannot be substituted without the prior written approval of BAC Home Loans Servicing. LP.
4. Closing costs have been negotiated and agreed upon with the authorized agent as of June 0e, 2011.
a. Tote Closing Costs not to exceed 515 088.58.
b. Maximum commission paid $7.494.00.
