DEFICIENCY WAIVER LANGUAGE BY LIENHOLDER DECEMBER 2014

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1 DEFICIENCY WAIVER LANGUAGE BY LIENHOLDER DECEMBER 2014

2 DEFICIENCY WAIVER LANGUAGE, BY LIENHOLDER Provided by Ark Law Group, as of December, 2014 Every mortgage lender uses different wording in short sale approval letters to indicate whether they will waive a deficiency balance. Here is what Ark Law Group sees in approval letters every day. (To be certain your lender has waived your deficiency balance, you should consult an attorney.) LIENHOLDER DEFICIENCY LANGUAGE America's Servicing Company (ASC) "However, if you comply with the requirements of this Notice of Short Sale Approval and the mortgage is released, America's Servicing Company will waive its right to seek a deficiency balance under the mortgage note and/or related documents." Bank of America, N.A. "Bank of America, N.A. and/or the investor on your loan and any mortgage insurers will not ask you to pay any more on your loan and will consider the debt settled. This means you will not need to pay the remaining deficiency balance or make any more payments on this loan in the future if you follow the terms and conditions of this approval and the short sale is completed." Bank of America, N.A. (FHA) "Bank of America, N.A. and/or the investor on your loan, the FHA, and any mortgage insurers will forgive the remaining portion of the deficiency, which means that you will no longer be responsible for that portion of the loan balance. This also means that you will not need to pay the balance remaining over and above the value of the property, or make any more payments on this loan in the future, if you follow the terms and conditions of the short sale and the transaction is completed." Bank of America, N.A. (VA) "The VA, Bank of America, N.A. and the investor on your loan and any mortgage insurers will not ask you to pay any more on your loan and will consider the debt settled. This means you will not need to pay the remaining deficiency balance or make any more payments on this loan in the future if you follow the terms and conditions of this approval and the short sale is completed. The lien on the property will be released, and you will have no more responsibility related to this mortgage loan from Bank of America, N.A. and/or the investor." Bayview Loan Servicing, LLC "Upon receipt of the net sales proceeds, we [Bayview] will issue a discharge of mortgage and will not pursue deficiencies on approved short sale as long as all parties have acted in good faith before, during and after the short sale closes." BSI Financial Services, Inc. "Provided that the closing and funds meet the requirements outlined herein, BSI will not pursue its right to deficiency, if any."

3 Caliber Home Loans, Inc. "...by Caliber Home Loans, Inc., as its attorney in fact, in releasing its security interest in this owner-occupied real property, waives the right to collect that amount that constitutes full payment of the secured debt." Capital One, N.A. "Further, Capital One agrees that it will not pursue recovery of the remaining balance due or pursue any deficiency action on the Mortgage Loan against the Mortgagor/Seller (except as set forth in item 15 or 16 above [N/A])." Carrington Mortgage Services "Once the sale closes in accordance with the terms specified above, we will accept the sale proceeds as full satisfaction of your mortgage and note. Any remaining amount of indebtedness will be fully discharged on the mortgage and we will release you from all responsibilities for repaying your mortgage and note" Cenlar "Seller will be released from liability for any deficiency amounts associated with the mortgage loan, except for the above Promissory note, if any, upon closing of the Short Sale and strict compliance with these instructions." Chase "Any deficiency balance remaining on the loan secured by the property referenced above will be waived." CitiMortgage, Inc. "Upon receipt of the sale proceeds and each of the conditions outlined herein being met; CitiMortgage, Inc. will release its mortgage on the property and will not pursue the customer for the remainder of the debt..." Dovenmuehle Mortgage, Inc. "This transaction will be reported to the credit bureau as 'Settled in full for less than total payoff.'" Green Tree Servicing, LLC "Upon receipt and verification of good funds. Green Tree will release the deed of trust/mortgage and the Note will be settled in full." Guild Mortgage Company "There will be no deficiency judgment filed by Guild Mortgage Company." HomeStreet Bank "Upon receipt of the agreed amount, HomeStreet Bank and its investors/insurers will waive the remaining balance due on the abovereferenced loan and release the borrower/seller from further obligation therein, and waive all rights to pursue further judgment or deficiency." HSBC "Mortgage Service Center [HSBC] will be issuing a Waiver of Deficiency Agreement if all conditions to the approval of the short sale have been complied at time of closing."

4 Key Bank "If all conditions short sale have been complied with at time of closing you are approved by the owner/investor of your mortgage loan for a deficiency waiver releasing you from liability for any outstanding obligation under the current Note and Mortgage, Deed of Trust, or Security Deed (the 'Security Instrument'.)" M&T Bank "M&T will release its mortgage/deed of trust in the property securing the above referenced account. In addition, M&T has agreed to your request that M&T will not pursue collection of the remaining loan balance." Nationstar Mortgage, LLC "Upon meeting all the conditions specified in this letter, Nationstar Mortgage agrees to (1) file a withdrawal of the Notice, 2) provide any documents necessary for release of mortgage after we receive the required funds, and 3) waives the right to collect that amount that constitutes full payment of the secured debt. " Ocwen Loan Servicing, LLC "Ocwen has approved the short sale offer as full and final satisfaction of the mortgage indebtedness for this lien. Ocwen agrees to waive the remaining balance due on the referenced loan or such waiver is required by state law and, therefore, Ocwen will release the Borrower(s) from further obligation upon successful completion of the short sale. Furthermore, Ocwen agrees to waive all rights to pursue for further judgment or deficiencies, costs, fees, interest or expenses in association with the referenced loan. Ocwen further agrees that it shall not transfer any further obligations or rights to pursue further judgment or deficiencies to a third party debt-collector." Ocwen Loan Servicing, LLC (FHA) Because this is a FHA loan, potential deficiencies are covered in Mortgagee Letter from HUD and FHA, which read in pertinent part: The Pre- Foreclosure Sale (PFS) option allows mortgagors in default (resulting from an adverse and unavoidable financial situation) to sell their home at FMV and use the sale proceeds to satisfy the mortgage debt even if the proceeds are less than the amount owed. No additional deficiency-waiver language is necessary in the approval letter issued by the servicer in light of this fact. Moreover, the mortgagee letter goes on to read in pertinent part: Upon receipt of the portion of the sales proceeds designated for mortgage satisfaction, the mortgagee will satisfy the mortgage obligation Penny Mac "PENNYMAC will prepare and send for recording a lien release in full satisfaction of the mortgage, foregoing all right to personal liability or deficiency judgment." Planet Home Lending "No loss deficiency is to be pursued."

5 Provident Funding "Upon successful completion of this transaction, the investor will not pursue any further deficiency claims, if applicable, as long as all borrowers have acted in good faith and in compliance with all applicable local, State, and federal law and requirements of this short sale transaction." Residential Credit Solutions (RCS) "Residential Credit Solutions, Inc. (RCS) will not pursue any deficient balance as a result of this approved transaction, if all conditions in relation to this approval are met." Rushmore Loan Management Services, LLC "In entering into this Settlement Agreement, the owner of your loan agrees to waive any further claims, deficiency judgments or other actions that it has in connection with the Mortgaged Property." Select Portfolio Services, Inc. (SPS) "Please take note that the note holder, in releasing its security interest in this owner-occupied real property, waives the right to collect that amount that constitutes full payment of the secured debt." Selene Finance LP "It is agreed that the Note holder(s) will consider the Note paid in full upon following the closing and receipt of any subsequent claims by the Mortgage Insurer. At that time, Selene will release the lien(s)." Seterus "Upon completion of all Terms and Conditions listed in this Agreement, we [Seterus] will execute a release and a discharge of the deed of trust/mortgage, including any deficiency balance and, if necessary, will dismiss any pending legal action to collect this obligation." Shellpoint Mortgage Servicing "Upon receipt of certified funds, the debt will be considered to be fully satisfied for less than the amount due and no remaining deficiency balance will be owed." Specialized Loan Servicing, LLC (SLS) "Specialized Loan Servicing LLC ('SLS') has been authorized to accept a short sale in connection with the above-referenced property. Pursuant to the short sale, SLS will agree to release the lien and release you from liability under your promissory note, contingent on the fulfillment of the conditions listed below:" U.S. Bank Home Mortgage "Receipt of these funds shall suffice for the release of the security instrument (mortgage or deed of trust). U.S. Bank and/or its investors will not pursue the borrower for personal liability on the note secured by the first mortgage provided the borrower negotiates in good faith and there is no misrepresentation or fraud discovered "

6 Wells Fargo Bank, N.A. "However, if you comply with the requirements of this Notice of Short Sale Approval and the mortgage is released, Wells Fargo Bank, N.A. will waive its right to seek a deficiency balance under the mortgage note and/or related documents." Wells Fargo Home Mortgage "However, if you comply with the requirements of this Notice of Short Sale Approval and the mortgage is released, Wells Fargo Home Mortgage will waive its right to seek a deficiency balance under the mortgage note and/or related documents." At Ark Law Group, you may qualify for our free assistance. It all starts with a one-hour consultation with one of our attorneys. We have a system in place that has helped over 2,000 homeowners and consumers settle over $150 million in debt. You'll leave with a Debt Relief Action Plan with next steps to take all at no cost to you. Plus, if you decide to hire us, we won t stop working until every last penny of your debt is gone! That's our guarantee to you. To make an appointment, call toll-free