Just closed a Citi short sale.

Original mortgage amount, investment property:  $325,000

Sales price: $180,000
NET to Citi: $162,172

offer submitted to Citi on 12/3/10
short sale approval on 12/22/10

Upon receipt of sale proceeds, CitiMortgage, Inc. will release its mortgage on the property, will not pursue the customer for the remainder of the debt and will report your

mortgage as “paid in full for less than the full balance” to all credit reporting agencies.

If principal forgiveness is equal to or greater than $600.00 as a result of this settlement, CitiMortgage, Inc. is required to report the amount of the debt forgiven to the Internal

Revenue Service on a 1099C form, a copy of which will be mailed to you.

By agreeing to this short sale transaction, you hereby authorize and agree that CitiMortgage, Inc. or insurer may cancel any insurance written in connection with the loan and

assign and grant any refund of premium to CitiMortgage, Inc. to be applied to the balance.