CitiMortgageHomeAffordableForeclosureAlternative(HAFA)Matrix

AllservicersthathavesignedagreementswiththeU.S.DepartmentoftheTreasury(Treasury)toparticipateintheHome Affordable Modification Program (HAMP) must consider eligible borrowers who do not qualify for HAMP for other foreclosurepreventionoptionsincludingHomeAffordableForeclosureAlternatives(HAFA)whichincludesshortsaleand deedinlieu (DIL). However, each servicer has some discretion in determining additional eligibility criteria and certain program rules. In order to assist borrowers and their representatives in understanding any unique components of a servicersHAFAPolicy,Treasury,hasdevelopedthisHAFAMatrix.Thesummaryinformationinthismatrixisprepared solelybyCitiMortgage(CMI)anddoesnotrepresentanydeterminationbytheTreasuryastotheservicer'scompliance withtheTreasury'spoliciesandguidanceforHAFA.Treasurydoesnotendorseanylanguageorpolicydescribedinthis matrix.AnyquestionsregardingtheinformationcontainedinthismatrixshouldbedirectedsolelytoCitiMortgage.

ELIGIBILITY REQUIREMENTS LastUpdated:8/24/11 TheloanmustbeownedbyCitiMortgageorbyaprivateinvestor(i.e.aNonGSELoan). ThemortgageloanisafirstlienmortgageoriginatedonorbeforeJanuary1,2009. Themortgageisdelinquent(>60dayspastdue)ordefaultisreasonablyforeseeable(imminent default).LoanscurrentlyinForeclosureandBankruptcyareeligible. Thecurrentunpaidprincipalbalanceoftheloanisequaltoorlessthan: o 1Unit$729,750 o 2Units$934,200 o 3Units$1,129,250 o 4Units$1,403,400 Theborrowerhasdocumentedafinancialhardship,evidencedbyasignedHardshipAffidavitor RequestforModificationandAffidavit(RMA),inwhichtheborrowerhasexpressedthatheor shedoesnothavesufficientliquidassetstomakethemonthlymortgagepayment. ForeclosureSaleDate: o Loansinforeclosurethathaveasaledatesetwhichis<60daysfromthedatethatthe borrowerrequestsconsiderationforHAFAareineligible. o Inaddition,onceaforeclosuresalehasoccurredtheloanisnolongereligible. CitiMortgagewillfirstevaluatetheborrowerforaHAMPmodificationpriortoany considerationbeinggiventoHAFAoptions.Borrowersthatmeettheeligibilitycriteriafor HAMPbutwhoarenotofferedaTrialPeriodPlan,donotsuccessfullycompleteaTrialPeriod Plan,ordefaultonaHAMPmodificationwillfirstbeconsideredfortheotherloanmodification orretentionprogramsofferedbyCitiMortgagepriortobeingevaluatedforHAFA. Thepropertyiscurrentlyorwasrecentlytheborrowersprincipalresidence: o HAFAallowsforvacancyofthepropertyforupto12monthspriortothedateofthe agreement,iftheborrowerprovidesdocumentationthatitwastheirprincipal residencepriortorelocationandthereisnoevidenceindicatingthattheborrowerhas purchasedaonetofourunitpropertywithin12monthspriortothedateoftheShort SaleAgreement(SSA),AlternativeRequestforApprovalofaShortSale(RASS)orDIL Agreement. Thepropertysecuringthemortgageloanisnotcondemned. SubordinateLiens o Itistheresponsibilityoftheborrowertodeliverclearmarketabletitletothepurchaser orinvestorandtoworkwiththelistingbroker,settlementagentand/orlienholdersto cleartitleimpediments.CitiMortgageispermittedtonegotiatewithsubordinatelien

holdersonbehalfoftheborrower. o Onbehalfoftheinvestor,CitiMortgagewillauthorizethesettlementagenttoallowup toanaggregateof$6,000ofthegrosssaleproceedsaspayment(s)tosubordinatelien holder(s)inexchangeforalienreleaseandfullreleaseofborrowerliability.Each subordinatemortgagelienholder(wherethelienissecuredbyamortgageonthe subjectproperty),inorderofpriority,willbepaidsixpercent(6%)oftheunpaid principalbalanceoftheirloan,untilthe$6,000aggregatecapisreached.Suchcap doesnotapplytononmortgagesubordinatelienholders(e.g.mechanic'sliens,liens associatedwithassessmentsowedtohomeowner'sassociations,etc). MortgageInsurance: o Forloansthathavemortgageinsurancecoverage,thetransactionmustcomplywith CitiMortgagesagreementwiththemortgageinsurer;otherwise,CitiMortgagemust submitthetransactiontothemortgageinsurerandobtainapprovalforHAFA foreclosurealternatives.AmortgageloandoesnotqualifyforHAFAunlessthe mortgageinsurerwaivesanyrighttocollectadditionalsums(cashcontributionora promissorynote)fromtheborrower. PrivateInvestors: o Eachprivateinvestormakesadecisionastowhetherornottheywillparticipatein HAFA.WhenCitiMortgagerecommendsaHAFAshortsaleonaloanservicedonbehalf ofaprivateinvestor,weseeksuchinvestorsapprovalonacasebycasebasis. DuringthetermoftheSSA,CMImayterminatetheSSAbeforeitsexpirationduetoanyofthe followingevents: o Theborrowersfinancialsituationimprovessignificantly,theborrowerqualifiesfora modification,ortheborrowerbringstheaccountcurrentorpaysthemortgageinfull. o Theborrowerorthelistingbrokerfailstoactingoodfaithinlisting,marketingand/or closingthesale,orotherwisefailstoabidebythetermsoftheSSA. o Asignificantchangeoccurstothepropertyconditionand/orvalue. o Thereisevidenceoffraudormisrepresentation. o TheborrowerfilesforbankruptcyandtheBankruptcyCourtdeclinestoapprovethe SSA. o Litigationisinitiatedorthreatenedthatcouldaffecttitletothepropertyorinterfere withavalidconveyance. o TheborrowerfailstomakethemonthlypaymentstipulatedintheSSA,ifapplicable.

DOCUMENTATION PreapprovedShortSaleAgreement(SSA) REQUIREMENTS HardshipAffidavitorRequestforModificationandAffidavit(RMA) Evidenceofresidency: o CitiMortgagemayrequestoneormorethefollowingtoconfirmprincipal residence:taxreturn,taxbill,utilitybill,validpassport,driverslicense,Medicare card,permanentresidentcardorarmedforcesidentification. AnexecutedDoddFrankCertificationfromeachborrowerstatingtheyhavenotbeen convictedofanyoneofthefollowing,inconnectionwithamortgageorrealestate transaction,withinthelast10years: o felonylarceny,theft,fraudorforgery, o moneylaunderingor o taxevasion Subordinateliendocumentation(apayoffquotefromanysubordinatelienholder)

Formofincomeverification,iflessthan60dayspastdue(pleaseseeImminentDefault sectionbelow).

VALUATIONS

ExistingOfferSubmittedUsinganAlternativeRequestforApprovalofShortSale(AlternativeRASS) SamedocumentsasSSAplus: Acceptedpurchasecontract Buyersdocumentationoffundsorbuyerspreapprovalorcommitmentletteron letterheadfromalender Allinformationregardingthestatusofsubordinateliensand/ornegotiationswith subordinatelienholders ImminentDefaultIftheloanislessthan60dayspastdue,CitiMortgagewillrequestthefollowing financialdocuments(inadditiontothedocumentsrequestedforthePreapprovedShortSale agreement. Taxreturns(last2yearstaxreturns,ifnotyetfiledverificationofextensionletteris required) Paystubs/bankstatements(2paystubs/bankstatementsdatedwithinthelast60days) DebtDocumentation(hardshipletterstatingthereasonfordelinquencyandifpossible verification:suchashospitalbill,etc) EstablishingPropertyValueCitiMortgagewillassessthecurrentvalueofthepropertyusinga compliantevaluation. Thevaluationwillbeindependentoftheborrowerandanyotherpartiesto thetransaction.CitiMortgagewillnotrequiretheborrowertopayinadvanceforthevaluation,but willaddthecosttotheoutstandingdebtinaccordancewiththeborrowersmortgagedocuments andapplicablelawintheeventtheshortsaleorDILisnotcompleted.Thevaluationmustbeless thansixmonthsoldasofthedateoftheevaluation. DisputedValuationsThroughthelistingprocess,itiscriticalthatCitiMortgageandtheborrower agreeonthevalueofthehomeinordertogetthepropertylistedcorrectlytocompleteaHAFA shortsale.IfCitiMortgageisusingavaluethattheborrowerortheborrowersrealestatebroker disagreeswithsuchvaluemaybedisputedby: Contactingyourassignedsinglepointofcontactrepresentative(thisrepresentativewill bedeterminedatthetimeyouarereviewedforHAFAeligibility). Providinganyadditionalcomparablesintheareaincludingsales/listingsand/or providingexternalvaluationmethodssuchasBPOs,AVMs,orappraisals.These valuesshouldsupportthereasonforthedispute. Theestimatedevaluationtimeframeiswithin30days PriceReductionReviewDuringMarketingPeriodThelistpricewillbereviewed,ataminimum, every30dayswithinthemarketingperiod

PAYMENTS DURING MARKETING PERIOD DEEDINLIEU POLICY/SPECIAL PROGRAMS

CitiMortgagewillidentifyintheSSA,AlternativeRASSorDILAgreementtheamountofthemonthly mortgagepaymentthattheborrowerisrequiredtomakeduringthetermoftheapplicable agreementandpendingtransferofpropertyownership.CitiMortgagerequiresthemonthly paymenttobethelesseroftheborrowerscurrentmonthlypaymentor20%oftheborrowers grossmonthlyincome. CitiMortgagewillacceptaHAFADILafterthe120daySSAperiodhasexpiredwheretheproperty didnotselloriftheborrowerrefusestoconsiderashortsale.CitiMortgagemustprovideafull

releaseofthedebtandwaiverofallclaimsagainsttheborrower.Theborrowermustagreeto vacatethepropertyinnolessthan30days,asnegotiated,leavethepropertyinbroomclean conditionanddeliverclear,marketabletitletoCitiMortgage. ThefollowingtermsapplytoaHAFADIL: MarketableTitle.Theborrowermustbeabletoconveyclear,marketabletitletoCMI.The requirementsforextinguishmentofsubordinateliensasdescribedintheEligibility RequirementssectionofthismatrixapplytoDILtransactions. WrittenAgreement.TheconditionsforacceptanceofaDILmustbeinwritingandsignedby bothCitiMortgageandtheborrowerassetforthintheSSAorDILAgreement. VacancyDate.TheSSAorDILAgreementwillspecifythedatebywhichtheborrowermust vacatetheproperty,whichinnoeventshallbelessthan30calendardaysfromthedateofthe terminationdateoftheSSAorthedateofaseparateDILAgreement,unlesstheborrower voluntarilyagreestoanearlierdate.

AVERAGE TIMELINES

CitiMortgagewillconsiderpossibleHAMPeligibleborrowersforHAFAwithin30calendardays ofthedatetheborrower: DoesnotqualifyforaTrialPeriodPlan; DoesnotsuccessfullycompleteaTrialPeriodPlan; IsdelinquentonaHAMPmodificationbymissingatleasttwoconsecutive payments;or RequestsashortsaleorDIL.

WhenaHAFAshortsaleorDILisnotavailable,CitiMortgagewillcommunicatethisdecisionin writingtoanyborrowerthatrequestedconsideration.Thenoticewillbesentnolaterthan10 businessdaysfollowingthedeterminationthataHAFAshortsaleorDILisnotavailable. Within10businessdaysfollowingreceiptofarequestforashortsaleorDILorreceiptofan AlternativeRASS,CitiMortgagemustsendwrittenconfirmationtotheborroweracknowledging therequest.TheacknowledgmentmustincludeadescriptionoftheCMIHAFAevaluation processandatimelinefordecision,whichmustbenolaterthan45calendardaysfromthe dateoftherequest. CitiMortgagewillcompleteandsendtotheborroweranSSAnolaterthan45calendardays fromthedatetheborrowerrespondstotheHAFAsolicitation.Ifaborrowerinitiatesa requestsforconsiderationunderHAFA,CMImustevaluatetheborrowerseligibilityand,if eligible,completeandsendtheborroweranSSAnolaterthan45calendardaysfromthedate oftheborrowersrequest. TheborrowermustsignandreturntheSSAwithin14calendardaysfromitsEffectiveDate alongwithacopyoftherealestatebrokerlistingagreementandinformationregardingany subordinateliens. FailuretosignandreturntheSSAdoesnotprohibitfutureHAFAeligibility.For example,ifaborrowerreceivesanexecutedsalescontracttheymaybeevaluated andapprovedforaHAFAshortsaleusinganAlternativeRASS.

TheborrowermustcompleteanddelivertheRASStoCitiMortgagewithinthreebusinessdays ofreceivinganexecutedsalescontract. Nolaterthan45calendardaysfromthedateofreceiptfromtheborrowerofanexecutedsales contract,AlternativeRASS,andasignedHardshipAffidavitorRMA,CitiMortgagemust

communicateapprovalordisapprovalofthesaleorprovideacounterofferontheAlternative RASS. CONTACT INFORMATION ForHAFAprogramassessment,eligibilityorescalation 18662724749 ForgeneralHAFAquestionsandtransactionstatus o 18665205499oryourassignedsinglepointofcontactrepresentative ForhelpunderstandingHAFAeligibility(nocap)oradecision,youmaycontactTreasury's HOPEHotlineat o (888)995HOPE. Foranyadditionalinformation,pleasevisit: o www.citimortgage.com CMIdoesnotcurrentlyutilizevendorsthattheborroweroragentwillinterfacewith. o Theclosingwillnotbelessthan45calendardaysoftheSalesContractexecutiondate unlessCitiMortgageobtainsyourconsentotherwise.

THIRDPARTY VENDORS Disclaimer:Thecontentisintendedtoprovidegeneralinformationabouttheeligibilityrequirementsforashortsaleor deedinlieuofforeclosureundertheTreasury'sHomeAffordableForeclosureAlternativesprogram.Eligibilitymayvary basedonindividualloancharacteristicsandinvestorandmortgageinsurerrequirements.Certainrestrictionmayapply onallprograms.