355 Alhambra Circle, Suite 950 Coral Gables, Florida 33134

t 305.444.3737 f 305.446.3978

SHORT SALES STANDARD TERMS OF ENGAGEMENT AND DISCLOSURE Thank you for the opportunity to work with you. The following summarizes the terms that will apply to our engagement and our billing practices. • Seller understands and accepts that there will be no proceeds to seller at the

closing. The short sale is being attempted only to relieve the seller's debt due to a hardship, such as job loss, financial reversal, divorce, illness or death.

• Seller agrees and understands that they will be communicating with our Title

Processors during the period preceding settlement. • Sellers must be extremely cooperative, easy to reach, understanding of the

process and compliant with details. Sellers agree to provide any requested items in a timely manner. Please remember the short sale process may take as long as two to five months, through no fault of the parties involved.

• Seller agrees that Columbia Title of Florida, Inc., d/b/a EWM Title (“EWM Title”)

and Esslinger Wooten Maxwell, Inc., Realtors® (“EWM Realtors”) assume no responsibility for the failure on the part of the parties to comply with said conditions and the successful acceptance by your existing lenders/judgment creditors of reductions in their debt. This is a delicate, difficult process with no absolute guarantees of success.

• Seller understands that the there is much work involved in the short sale

approval process and getting your property to closing. Depending on the terms of the sale and purchase contract, Seller or Buyer has the right to select the title and closing agent. If the party paying for the owner’s title policy selects EWM Title for their title insurance needs, then the transaction will continue to proceed smoothly to settlement. If, on the other hand, the party selects another title company then EWM Title will respectfully withdraw from its handling of the file.

• Seller authorizes EWM Title and EWM Realtors to share with each other any

financial information obtained in connection with facilitating this short sale. FeesSeller agrees to pay advance costs in the amount of $250.00 to offset out-of-pocket expenses we will incur in order to provide the Seller’s Lender/s with a “Preliminary Net

Sheet.” These advanced costs include a title search, title examination, and lien search and are non-refundable after these particular services are provided. The balance of the fees will be collected at the time of closing as part of the closing costs submitted to the lenders. We invite our clients to discuss freely with us any questions they have concerning a fee charged for any matter. We want our clients to be satisfied with both the quality of our services and the reasonableness of the fees that we charge for that service. Confidentiality As a matter of professional responsibility, we are required to preserve the confidences and secrets of our clients. In order for us to maximize the benefit of our services for a client we must be aware of all information that might be relevant to our representation. Consequently we trust that our relationship with you will be based on mutual confidence and unrestrained communication that will facilitate our proper representation of you. Credit, Legal and Tax AdviceSeller is informed that a short sale may have credit or legal consequences and may result in taxable income to the Seller. Seller is advised to seek advice from an attorney, certified public accountant or other expert regarding such potential consequences of a short sale. Disclosure of Business Relationships Seller is hereby given notice that EWM Title has a business relationship with certain providers of consumer or settlement services related to the sale of your real estate. The names of the providers and the nature of the relationship are set forth as: Esslinger Wooten Maxwell, Inc., Realtors® (Brokerage), EWM Insurance (Insurance) and HomeServices Lending, LLC, (Mortgage Bankers) each of which have common ownership and financial interest. You are not required to use any of these companies as a condition of your engagement with EWM Title. Termination of Services You have the right at any time to terminate our services and representation upon written notice to the company. We reserve the right to withdraw from our handling of the file if, among other things, you fail to honor the terms of this Engagement Letter, you fail to fully cooperate, provide requested documents or follow our advice on material matters. In very few situations, your lender may offer you a loan modification, a deed in lieu of foreclosure, or you may decide it's all too time consuming and difficult to continue the process. We understand and want you to do the best thing for your family. We will be entitled to payment for all services, costs and expenses paid or incurred on your behalf to the date of the termination or withdrawal. PLEASE SIGN THAT YOU HAVE READ AND APPROVE THE ABOVE TERMS ___________________________ _____________________________ Seller Date Seller Date

SELLER AGREEMENT AND ACKNOWLEDGEMENT

Re: Seller/s: _____________________________________ Buyer/s: _____________________________________

Subject Property: ____________________________________

I/We, _______________________, the Seller in the above-referenced sale and purchase transaction, (hereinafter referred to as “Seller”) understand/s that Columbia Title of Florida, Inc., d/b/a EWM Title (“EWM Title”) and/or Marisa Pia Capua, Esquire, does not represent us in this transaction and does not owe us any fiduciary duties or obligations but has only been engaged to provide title related services in connection with this transaction, and to provide a title insurance commitment and policy. Seller understands that this transaction involves a “short sale” and that some mortgage relief programs may have Federal Tax implications. Seller understands that Seller has the right and should seek professional legal, accounting and/or tax guidance from the IRS pertaining to this short sale. If Seller has chosen not to consult with Seller’s own attorney, accountant and/or the IRS then that decision was Seller’s own decision. Seller understands that an “approval” of a short sale does not mean that the Lender/s is forgiving the deficiency (the difference between what is owed and what the Lender/s agrees to accept to release the lien/s of the mortgage from the Property.) Seller also understands that the IRS may treat the forgiven debt as taxable income and Seller would have to pay the taxes owed. If Seller has chosen to “accept” the short sale workout agreement offered by Seller’s Lender/s then that decision was Seller’s own decision. Seller understands that if EWM Title and/or Marisa Pia Capua, Esquire prepares documents and/or performs or provides services, including by not limited to, a title search, a title up-date and/or title examination, a title insurance commitment and policy, discusses the Seller’s request for a “short sale” workout agreement with the Seller’s Lender/s, obtains payoff information from the Lender/s, prepares Seller’s conveyance documents and curative documents, and/or conducts a loan/mortgage closing, that the services are all being done solely as a matter of convenience and courtesy to Seller and not as Seller’s attorney or agent.

Seller acknowledges that the risks and possible ramifications associated with this short sale transaction were fully explained to Seller and Seller hereby holds EWM Title and/or Marisa Pia Capua, Esquire harmless and relieves them from any responsibility or liability for any legal action or damages, costs or expenses (including attorney fees) arising out of, or resulting from, the above referenced transaction. Seller hereby acknowledges having read this agreement and Seller agrees to the statements made herein.

Sellers: _______________________ ____________ Print Name: Date: _______________________ ____________ Print Name: Date:

355 Alhambra Circle, Suite 950 Coral Gables, Florida 33134

t 305.444.3737 f 305.446.3978

Short Sale

Information Sheet What we do: 1. Upon receipt of signed Seller Agreement and authorization from and advance payment in

the amount of $250.00, EWM Title will contact the Lender/s to obtain the name and contact information of the loss mitigation specialist assigned to the file and will request a short sale package. See, Seller Agreement and Acknowledgement and Authorization to Release Information

2. EWM Title will provide a copy of the short sale package to the Listing Agent and Seller so that the Seller may compile all requested documentation to be submitted to the Lender/s for Lender/s approval. See, Document Checklist

3. EWM Title will perform the title search, title examination, and lien search necessary for preparation of the Preliminary Net Sheet (HUD-1)

4. Once the title search, title examination and lien search have been performed, EWM Title will prepare a preliminary HUD-1 and will submit it to the Lender/s together with a copy of the Listing Agreement, executed sale and purchase Contract, and Seller’s financial documents.

5. Once the short sale package is submitted to the Lender/s, EWM Title will continue to monitor the file and will follow-up with the Lender/s on a frequent and regular basis pending approval of the short sale.

6. EWM Title will coordinate the closing with all parties.* *Note: Seller understands that the there is much work involved in the short sale approval

process and getting your property to closing. Depending on the terms of the sale and purchase contract, Seller or Buyer has the right to select the title and closing agent. If the party paying for the owner’s title policy selects EWM Title for their title insurance needs, then the transaction will continue to proceed smoothly to settlement. If, on the other hand, the party selects another title company then EWM Title will respectfully withdraw from its handling of the file. See, Title Insurance Addendum

7. EWM Title will keep all parties abreast of new developments. Listing Agent’s Responsibilities: 1. Determine value of property by preparing a Comparative Market Analysis 2. Obtain an executed sales contract contingent upon Seller’s Lender/s‘ approving the short

sale and including all necessary short sale disclosures in accordance with the brokerage’s policies, i.e. Short Sale Addendum

4. Keep a detailed list of activities performed during the transaction to justify payment of full commission by Lender

5. Ensure selling agent is aware that total commission could be reduced by Lender 6. If the property is in poor condition and needs repairs, make sure to let the Lender know

and provide photos and repair estimates 7. When Lender orders a “broker’s price opinion”, which gives the Lender/s an idea of what

the property is actually worth, be available at property when it is scheduled. 8. Be patient. It can sometimes take 2 to 5 months to obtain the lender’s approval to close.

AUTHORIZATION TO RELEASE INFORMATION Date: ___________

Re: Borrower/s: ________________________________________________

Property Address: ___________________________________________ 1st Lien Holder: _____________________ Loan # _________________

2nd Lien Holder: ______________________ Loan #_________________

To Whom It May Concern: I hereby authorize EWM Title to have access to any and all information pertaining to my mortgage loan/s. I have requested EWM Title’s assistance with the sale of the above-referenced property and my request for a short sale workout pertaining to my outstanding mortgage loan. From this date forward, all correspondence pertaining to my mortgage loan/s should be directed to the following name and at the following address:

EWM Title Attn: _______________________, Title Processor/Closer

Miami-Dade Branch:

355 Alhambra Circle, Suite 950 Coral Gables, FL 33134

p 305.444.3737 f 305.446.3978

Broward Branch: 2000 Main Street

Weston, Florida 33326 p 954.306.7228 f 954.306.7378

Thank you for your attention to this matter. Sincerely, ____________________________ ______ Borrower/Mortgagor’s Signature Date SS# __ __ __ - __ __ - __ __ __ __ ____________________________ ______ Co-Borrower/Mortgagor’s Signature Date SS# __ __ __ - __ __ - __ __ __ __

Short Sales

Document Checklist To be submitted by Seller to Lender/s

� Hardship Letter See, Sample Hardship Letter � Tax Returns (last 2 years) � W-2’s (last 2 years) � Bank Statements (2 most recent months) � Payroll Statements (2 most recent months) � Financial Statement See, Borrower’s Financial Statement � Recent mortgage statement or coupon showing balances (need loan #,

monthly payment, name/address of all mortgage /lien holders) � Listing Agreement � Sale and Purchase Contract executed by Seller/s and Buyer/s � Loan Commitment/Approval Letter received from Purchaser � Preliminary Net Sheet (HUD-1) (to be prepared by Closing Agent) � A Comparative Market Analysis (to be prepared by Listing Agent) � Any additional documents required by Lender/s to be submitted

ADDENDUM TO RESIDENTIAL SALE AND PURCHASE CONTRACT This Addendum is entered into between ______________________, (the “Seller”) and ________________________, (the “Buyer”) and amends and modifies that Residential Sale and Purchase Contract dated on or about _______________________, concerning the property located at ___________________________________ (the “Contract”), solely to the extent necessary to select Columbia Title of Florida, Inc., d/b/a EWM Title as the Title and Settlement Agent, as set forth more fully herein. In consideration of the payment of ten dollars and other good and valuable consideration, the adequacy and sufficiency of which are hereby acknowledged, the parties agree to amend the Contract as follows: TITLE INSURANCE: Seller and Buyer hereby agree that Seller will pay for the owner’s title policy and select Columbia Title of Florida, Inc., d/b/a EWM Title as the title and closing agent. To the extent that any provision of this Addendum conflicts with any provision of the Contract, this Addendum shall control. The Contract remains in full force and effect. Date this ____ day of ___________ 20_____. SELLER BUYER ____________________ ____________________ ____________________ ____________________

SAMPLE HARDSHIP LETTER Date: Re: Borrower/s:

Property Address: 1st Lien Holder: Loan #

2nd Lien Holder: Loan #

To Whom It May Concern: I/We, , am requesting that (name of Lender) review my financial situation to see if I qualify for a workout option/short sale to avoid foreclosure. I am having difficulty making my monthly payments because of financial difficulties created by (reason may possibly include unemployment, divorce, separation, death of spouse, job relocation, military service, reduced income, excessive debts, payment increase, business failure, damage to property, medical bills, illness, incarceration, or other). (Explain hardship in detail). As a result of my hardship I can no longer afford to make payments on my mortgage loan. I would like to sell my property to avoid the stigma of a foreclosure action against me. Additional liens on this property include: Lien Holder’s Name Amount of Lien Thank you for your attention to this matter. Sincerely, Borrower/Mortgagor’s Signature Date SS# - - Co-Borrower/Mortgagor’s Signature Date SS# - -

BORROWER FINANCIAL STATEMENT PART A: BORROWER INFORMATION Borrower Name Social Security No. Co-Borrower Name Social Security No.

Borrower’s Date of Birth: Co-Borrower’s Date of Birth: Borrower’s Phone Nos.: Co-Borrower’s Phone Nos.: Daytime:

Evening:

Daytime:

Evening:

Co-Broker’s Primary Address (if different from Borrower) Primary Home Address (where you live): City/ST/Zip

City/ST/Zip

Employer: Position:

Employer: Position:

Employment Dates (from-to): Annual Salary: $

Employment Dates (from-to): Annual Salary: $

PART B: ASSETS AND LIABILITIES

DESCRIPTION ESTIMATED VALUE (A) AMOUNT OWED (B) NET VALUE (A - B)

1. Cash $ $ $

2. All Checking & Savings Accounts $ $ $

3. Certificates of Deposits (CDs) $ $ $

4. Stocks/Bonds/Mutual Funds $ $ $

5. All Retirement Assets (401(k)s, IRAs, etc.) $ $ $

6. TOTAL LIQUID ASSETS (add lines 1-6) $ $ $

DESCRIPTION ESTIMATED VALUE (A) AMOUNT OWED (B) NET VALUE (A - B)

7. Primary Home $ $ $

8. Other Real Estate $ $ $

9. Automobile(s) $ $ $

Make/Model/Year: $ $ $

Make/Model/Year: $ $ $

10. Cash Value of Life Insurance $ $ $

11. Personal Property (computers/furniture, etc) $ $ $

12. Other Assets (Limited Partnerships, etc.) $ $ $

13. TOTAL NON-LIQUID ASSETS (add lines 7-12)

$ $ $

14. TOTAL NET VALUE (add lines 6-13) $ $ $

PART B: ASSETS AND LIABILITIES

DESCRIPTION ESTIMATED VALUE (A) AMOUNT OWED (B) NET VALUE (A - B)

15. Other Debt Balances (credit cards, notes due, lines of credit)*

$ $ $

*Explain in detail

PART C: PROPERTY DESCRIPTION (If Subject Property is Rented):

Address of Property Involved in Workout: Street/City/State/Zip:

Tenant Name, If Applicable Monthly Rent Monthly Last Paid Date Lease Expires

$ $ $

$ $ $

$ $ $

PART D: DEPENDENTS

Name Relationship Date of Birth In Daycare (Y/N)

PART E: MONTHLY INCOME

DESCRIPTION (MONTHLY) Borrower Co-Borrower TOTAL

1. Gross Salary Wages $ $ $

2. Overtime Wages $ $ $

3. Commissions (how often paid) $ $ $

4. Bonuses (when paid) $ $ $

5. Social Security $ $ $

6. Disability (short term or long term) $ $ $

7. Other Income (interest, rental, etc.) $ $ $

8. Alimony** $ $ $

9. Child Support** $ $ $

10. TOTAL MONTHLY INCOME (add lines 1-9) $ $ $

11. Less: Federal, FICA, and State Income Tax $ $ $

12. Less: Other Deductions $ $ $

13. TOTAL DEDUCTIONS (add lines 11 & 12) $ $ $

14. NET PERSONAL INCOME (line 10 minus line 13) $ $ $

PART E: MONTHLY INCOME

DESCRIPTION (MONTHLY) Borrower Co-Borrower TOTAL

**Notice: Alimony, child support, or separate maintenance income need not be revealed if the Borrower or Co-Borrower does not choose to have it considered for repaying the mortgage.

PART F: MONTHLY EXPENSES

DESCRIPTION (MONTHLY) MONTHLY PAYMENT BALANCE DUE # OF MOS. DELIQUENT

1. Primary Home Mortgage (including taxes & insurance) $ $ $

2. Taxes on primary home (if not included in #1) $ $ $

3. Insurance on primary home (if not included in #1) $ $ $

4. Rent payment (if owner not occupying subject property) $ $ $

5. Maintenance on primary home $ $ $

6. Other Mortgages $ $ $

7. Automobile Loan(s) $ $ $

8. Other Loans $ $ $

9. Credit Cards (minimum payment) $ $ $

10. Alimony $ $ $

11. Child Support $ $ $

12. Child Care $ $ $

13. Utilities (water, electricity, gas, etc.) $ $ $

14. Telephone $ $ $

15. Insurance (automobile, health & life) $ $ $

16. Medical expenses (uninsured) $ $ $

17. Car expenses (gas, maintenance, parking) $ $ $

18. Groceries and Toiletries $ $ $

19. Dry Cleaning and Clothing $ $ $

20. Spending Money $ $ $

21. Cable TV $ $ $

22. Entertainment (hobbies, dinner, movies, etc.) $ $ $

23. Vacations $ $ $

24. School Tuition $ $ $

25. HOA Fees $ $ $

26. Dependent Care $ $ $

27. Other Monthly Expenses* $ $ $

PART F: MONTHLY EXPENSES

DESCRIPTION (MONTHLY) MONTHLY PAYMENT BALANCE DUE # OF MOS. DELIQUENT

*Explain: $ $ $

$ $ $

$ $ $

$ $ $

28. TOTAL PERSONAL EXPENSES (add lines 1-27) $ $ $