You have until a certain date sell your house. After that date, the Agreement terminates, unless it is extended by us. During this time you have certain responsibilities. You must:
1. Keep your house and property in good condition and repair and cooperate with your broker to show it to potential buyers.
2. (If applicable) Make partial mortgage payments by the first day of each month, until your house is sold and title is transferred. While you are selling your house, you still legally owe the full amount of your current monthly mortgage payment. However, as part of this Agreement, we will accept this reduces payment until the house is sold and closes or this Agreement expires. These payments do not constitute a modification of you mortgage.
3. Be able to provide the buyer of your home with clear title. To start, determine if you have other loans, judgments or liens, you will either need to pay these loans off in full or negotiate with the lien holders to release them before the closing date. Under this program, you must make sure other lien holders will agree not to pursue other legal action related to the pay off of their lien, such as a deficiency judgment. You can get help from your broker to negotiate with other lien holders.
4. We will allow up to 3% of the unpaid principal balance of each loan (not to exceed an aggregate of $3,000 for all the loans in total) to be paid from the sale proceeds to help get a lien release. If you have these types of liens or loans on your home, please gather any paperwork you have (such as your last statement) and send it to us when you return this signed Agreement. Remember, clearing these other liens and delivering clear and marketable title is your responsibility.
5. At several stages of the short sale process, such as after an offer is received, you will need to complete some paperwork. You are responsible for returning all documents within the time allowed in this Agreement.
If you fulfill these responsibilities, we will postpone any foreclosure sale during the period of this Agreement.