Professional Documents
Culture Documents
R OME
COUNSELORS
Phone:
(215) 569-5714
Fax:
(215) 632-5714
Email:
LLP
AT L A W
JMoore@BlankRome.com
March?, 2014
900200.00000/22292486V.1
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Houston
Los Angeles
New York
Philadelphia
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Washington
Wilmington
March?, 2014
Page 2
requests fit within one or more of these exceptions under 12 C.F.R. 1024.36. Subject to the
foregoing exceptions and limitations. Bank of America has reviewed the Loan file, and its
response to the Borrower's information requests are contained below and in the documents
enclosed herewith.
Enclosed per your request please find copies of the Note, Mortgage and Appraisal Report.
Please see the enclosed documents for information regarding the original lender, the M I N
number and additional information regarding the terms and conditions of the Loan.
Also enclosed is a Payment History that provides a detailed outline of transactions for the Loan
during Bank of America's servicing. Please note that this history provides pertinent information
on payments received, tax and insurance payments disbursed, funds in the suspense/unapplied
funds balance, and late charges assessed and paid. The Payment History is designed to be userfriendly and there are no codes or terms used in the Payment History that require specific
definitions.
The fees that have been charged against the account wbicb are not reflected in the Payment
History are as follows: inspection fees of $30.00 and registration of vacant property expenses of
$100.00.
!
!
Pursuant to 15 U.S.C. 1641(f)(2), the current owner of the note is Government National
Mortgage Association, with an address of 451 Seventh St., S.W., Washington, DC 20410, and a
telephone number of (202) 708-2884.
Bank of America has serviced the Loan since August 24, 2009. The prior servicer of the Loan
was Taylor, Bean & Wbitaker.
Lender placed hazard insurance was secured on June 21, 2013, effective April 7, 2013, for the
annual premium of $5,029.54. This policy was canceled on October 24, 2013, and a refund in
the amount of $2,356.30.
We have requested a reinstatement calculation and a payoff demand statement, wbicb will be (or
have been) forwarded to you under separate cover. The reinstatement calculation will contain a
breakdown of all unpaid payment due on the Loan and will show the amount necessary to
reinstate the Loan to normal servicing. The payoff demand statement will show the amount
necessary to pay off the Loan.
It is Bank of America's position that no further response to the Letter is required. The remaining
requests and/or allegations contained in the Letter do not require a substantive response under 12
C.F.R. 1024.35-1024.36 (and/or the exceptions articulated therein), seek documentation or
information beyond that wbicb is available through a request for verification of debt made under
12 U.S.C. 1692g, or do not otherwise require a response under state or federal law.
I ,
900200.00000/22292486V.1
March 7, 2014
Page 3
In providing the above response. Bank of America is not limiting or waiving any rights or
remedies it may now have or hereafter have, whether arising under the loan documents, at law or
in equity, all of wbicb rights and remedies are expressly reserved.
Questions or concerns regarding the contents of this letter should be submitted to Bank of
America in writing at P.O. Box 942019, Simi Valley, CA 93094-2019. In the event you have
other questions or concerns regarding the Loan, please contact the Borrower's assigned customer
relationship manager with Bank of America, Katberine Brown, at (800) 669-6650.
Very truly yours.
Lnclosures
900200.00000/22292486V. 1
Bankof America
Home Loans
P.O. Box 5170
Simi Valley, CA 93062-5170
Notice Date:
ABDIEL ECHEVERRIA & ISABEL SANTAMARIA
499 CELLINI AVE NE
Loan N c i
02/07/2014
^//jj^^Ml
Property A d d r e s s :
499 C E L L I N I A V E NE
P A L M BAY, FL 32907
Enclosed is the loan history statement you requested that provides a detailed outline of
transactions for the above-referenced loan number. This statement provides a history or
information on payments we have received from you, servicing expenses we have paid to third
parties, tax and insurance payments paid on your behalf, and any late charges a s s e s s e d and
paid.
THANK YOU
If you have any questions, please call us at 1-800-437-5760, Monday-Friday 7a.m. to 7p.m.
Local Time.
W e appreciate the opportunity to serve your home loan needs.
This communication is from Bank of America, N.A., the servicer of your home loan.
Bankof America
Home Loans
Loan N u m b e r :
S t a t e m e n t Period:
Date P r e p a r e d :
Transaction
Date
^ 3 1 2 7
02/2008 - 02/2014
02/07/2014
Description
Property A d d r e s s :
4 9 9 C E L L I N I A V E NE
P A L M B A Y , FL 32907
Total
Payment
PMT/Mo
Beginning Balance
08/24/2009
Principal
Balance
Interest
Escrow
Balance
140,464.35
2,373.29
07/2009
.00
-118.84
07/2009
.00
.00
REGULAR PAYMENT
1,284.58
08/2009
155.53
.00
REGULAR PAYMENT
1,284.58
09/2009
156.34
731.59
-52.44
09/2009
.00
730.78
-1,915.37
09/2009
.00
.00
-58.12
09/2009
.00
.00
MISC. POSTING
1,215.76
09/2009
.00
.00
REGULAR PAYMENT
1,284.58
10/2009
157.16
.00
MISC. POSTING
-68.82
10/2009
.00
729.96
-58.12
10/2009
.00
.00
-58.12
10/2009
.00
.00
-58.12
10/2009
.00
.00
-1,251.00
10/2009
.00
.00
-57.36
10/2009
.00
.00
REGULAR PAYMENT
1,215.76
11/2009
157.98
.00
REGULAR PAYMENT
1,215.76
12/2009
158.80
139,678.54
.00
.00
-1,915.37
.00
.00
-58.12
.00
.00
.00
.00
.00
397.46
.00
.00
.00
.00
.00
-58.12
.00
.00
-58.12
.00
.00
-58.12
.00
.00
-1,251.00
.00
.00
-57.36
.00
.00
-61.82
729.14
139,837.34
04/20/2010
-52.44
-4.46
139,995.32
04/20/2010
.00
1,246.54
139,995.32
04/06/2010
.00
1,304.66
139,995.32
03/05/2010
397.46
1,362.78
139,995.32
03/04/2010
.00
1,420.90
139,995.32
02/04/2010
.00
1,420.90
139,995.32
01/07/2010
397.46
1,023.44
139,995.32
01/05/2010
.00
1,023.44
140,152.48
01/05/2010
.00
1,081.56
140,152.48
12/04/2009
-118.84
2,996.93
140,152.48
12/04/2009
.00
3,049.37
140,152.48
11/20/2009
.00
2,651.91
140,152.48
11/05/2009
2,373.29
326.15
.00
.00
264.33
728.32
326.15
590.48
Unapplied
Total
.00
2,254.45
140,308.82
10/09/2009
Late C h a r g e s
Total
2,373.29
140,464.35
09/30/2009
Buydown
.00
140,464.35
09/04/2009
Optional
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
1,215.76
.00
1,215.76
.00
.00
-51.38
1,215.76
.00
-68.82
-51.38
1,146.94
.00
.00
-51.38
1,146.94
.00
.00
-51.38
1,146.94
.00
.00
-51.38
1,146.94
.00
.00
-51.38
1,146.94
.00
.00
-51.38
1,146.94
2.49
.00
-97.42
1,146.94
2.49
.00
-143.46
1,146.94
Bankof America
Home Loans
Page 5
Transaction
Date
Description
04/20/2010
REGULAR PAYMENT
Total
Payment
1,215.76
PMT/Mo
01/2010
Principal
Balance
Escrow
Balance
Interest
159.63
727.49
139,518.91
05/06/2010
-57.36
01/2010
REGULAR PAYMENT
1,213.27
02/2010
.00
.00
MISC. POSTING
2.49
02/2010
160.46
726.66
-57.36
02/2010
.00
.00
REGULAR PAYMENT
1,213.27
03/2010
.00
.00
MISC. POSTING
31.73
03/2010
161.29
725.83
-57.36
03/2010
.00
.00
.00
.00
139,197.16
07/29/2010
REGULAR PAYMENT
1,213.27
04/2010
MISC. POSTING
2.49
04/2010
162.13
724.99
-57.36
04/2010
.00
.00
MISC. POSTING
-335.09
04/2010
.00
.00
MISC. POSTING
335.09
04/2010
.00
.00
-57.36
04/2010
.00
.00
, .00
REGULAR PAYMENT
1,213.27
05/2010
162.98
:"
.00
MISC. POSTING
2.73
05/2010
.00
724.14
MISC. POSTING
-48.53
05/2010
.00
138,872.05
.00
.00
326.15
.00
.00
.00
1,454.21
.00
-57.36
.00
.00
.00
326.15
.00
.00
.00
.00
.00
-57.36
.00
.00
.00
.00
.00
.00
.00
.00
-57.36
00
.00
326.15
.00
.00
1,934.43
.00
138,872.05
09/10/2010
-57.36
1,608.28
138,872.05
09/09/2010
.00
1,665.64
139,035.03
09/09/2010
.00
1,665.64
139,035.03
09/07/2010
.00
1,665.64
139,035.03
09/02/2010
.00
1,723.00
139,035.03
09/02/2010
.00
1,723.00
139,035.03
08/05/2010
326.15
1,396.85
139,035.03
07/29/2010
.00
1,454.21
139,197.16
07/07/2010
.00
1,128.06
139,197.16
06/24/2010
-57.36
1,185.42
139,358.45
06/24/2010
.00
1,185.42
139,358.45
06/04/2010
.00
859.27
139,358.45
05/07/2010
326.15
Late C h a r g e s
Total
Buydown
916.63
139,518.91
05/07/2010
Optional
.00
.00
.00
1,934.43
.00
.00
1,934.43
.00
.00
Unapplied
Total
2.49
.00
-189.50
1,146.94
.00
-189.50
1,146.94
.00
.00
.00
-238.03
1,146.94
.00
2.49
-238.03
1,149.43
.00
.00
-238.03
1,149.43
.00
.00
-286.56
1,149.43
.00
-286.56
1,181.16
31.73
.00
.00
-286.56
1,181.16
.00
.00
-335.09
1,181.16
.00
2.49
-335.09
1,183.65
.00
.00
-335.09
1,183.65
.00
-335.09
-335.09
848.56
335.09
.00
.00
848.56
.00
.00
.00
848.56
.00
.00
-48.53
848.56
.00
2.73
-48.53
851.29
.00
-48.53
-48.53
802.76
Bankof America
Home Loans
Transaction
Date
Description
09/10/2010
MISC. POSTING
Total
Payment
48.53
PMT/Mo
05/2010
Principal
Balance
Escrow
Balance
Interest
.00
.00
138,872.05
09/27/2010
MISC. POSTING
65.00
05/2010
.00
-57.36
05/2010
.00
.00
-57.36
05/2010
.00
.00
-1,513.22
05/2010
.00
.00
-57.36
05/2010
.00
.00
-57.36
05/2010
.00
.00
-1,274.00
05/2010
.00
.00
-57.36
05/2010
.00
.00
-57.36
05/2010
.00
.00
-56.55
05/2010
.00
.00
-56.55
05/2010
.00
.00
-56.55
05/2010
.00
.00
MISC. POSTING
-867.76
05/2010
.00
.00
-56.55
05/2010
.00
.00
-56.55
05/2010
.00
.00
-56.55
05/2010
.00
138,872.05
.00
-57.36
.00
.00
-57.36
-1,274.00
-57.36
-57.36
-56.55
-56.55
-56.55
.00
-56.55
.00
-56.55
-56.55
-1,536.25
.00
802.76
.00
65.00
.00
867.76
.00
.00
.00
867.76
.00
.00
867.76
.00
.00
.00
.00
867.76
.00
.00
.00
867.76
.00
.00
.00
.00
867.76
.00
.00
.00
.00
867.76
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
867.76
.00
.00
867.76
.00
.00
867.76
.00
-1,479.70
.00
48.53
.00
Unapplied
Total
.00
-1,423.15
138,872.05
09/07/2011
.00
-1,366.60
138,872.05
08/04/2011
-1,513.22
-1,366.60
138,872.05
07/07/2011
.00
-1,310.05
138,872.05
06/20/2011
.00
-1,253.50
138,872.05
06/06/2011
-57.36
-1,196.95
138,872.05
05/05/2011
.00
-1,139.59
138,872.05
04/06/2011
.00
-1,082.23
138,872.05
03/04/2011
-57.36
191.77
138,872.05
02/04/2011
.00
249.13
138,872.05
01/31/2011
.00
306.49
138,872.05
01/06/2011
.00
1,819.71
138,872.05
12/06/2010
.00
1,877.07
138,872.05
11/15/2010
.00
1,934.43
138,872.05
11/04/2010
.00
Late C h a r g e s
Total
Buydown
1,934.43
138,872.05
10/06/2010
Optional
JOO
.00
.00
.00
867.76
.00
.00
867.76
.00
.00
-867.76
.00
.00
.00
.00
JOO
.00
.00
.00
.00
.00
.00
Bankof America
Home Loans
Transaction
Date
10/06/2011
11/04/2011
Page 7
Description
FHA MIP PMT
FHA MIP PMT
Total
Payment
-56.55
-56.55
PMT/Mo
05/2010
05/2010
Principal
Balance
Escrow
Balance
Interest
.00
138,872.05
.00
.00
.00
138,872.05
11/21/2011
12/06/2011
01/06/2012
01/25/2012
02/06/2012
-1,173.47
-56.55
-56.55
-1,661.00
-56.55
05/2010
05/2010
05/2010
05/2010
05/2010
.00
138,872.05
.00
.00
138,872.05
.00
.00
138,872.05
.00
.00
138,872.05
.00
.00
.00
138,872.05
03/06/2012
04/05/2012
05/04/2012
06/06/2012
07/06/2012
08/07/2012
09/07/2012
10/04/2012
11/06/2012
11/13/2012
-56.55
-55.69
-55.69
-55.69
-55.69
-55.69
-55.69
-55.69
-55.69
-995.54
05/2010
05/2010
05/2010
05/2010
05/2010
05/2010
05/2010
05/2010
05/2010
05/2010
.00
138,872.05
.00
.00
138,872.05
.00
.00
138,872.05
.00
.00
138,872.05
.00
.00
138,872.05
.00
.00
138,872.05
.00
.00
138,872.05
.00
.00
138,872.05
.00
.00
138,872.05
.00
.00
138,872.05
.00
Optional
Late C h a r g e s
Total
Buydown
-56.55
-1,592.80
.00
-56.55
-1,649.35
.00
-1,173.47
-2,822.82
.00
-56.55
-2,879.37
.00
-56.55
-2,935.92
.00
-1,661.00
-4,596.92
.00
-56.55
-4,653.47
.00
-56.55
-4,710.02
.00
-55.69
-4,765.71
.00
-55.69
-4,821.40
.00
-55.69
-4,877.09
.00
-55.69
-4,932.78
.00
-55.69
-4,988.47
.00
-55.69
-5,044.16
.00
-55.69
-5,099.85
.00
-55.69
-5,155.54
.00
-995.54
-6,151.08
.00
,00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.Ob
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
,00
.00
.00
.00
.00
.00
.00
.00
.00
Unapplied
Total
.00
.00
.00
Bank of America
Home Loans
Page 8
Transaction
Date
Description
12/06/2012
Total
Payment
-55.69
PMT/Mo
05/2010
Principal
Balance
Escrow
Balance
Interest
.00
.00
138,872.05
01/07/2013
-55.69
05/2010
.00
-55.69
05/2010
.00
.00
-2.221.00
05/2010
.00
.00
48.53
06/2010
.00
.00
48.53
07/2010
.00
.00
02/08/2013
48.53
48.53
08/2010
09/2010
.00
-55.69
05/2010
.00
138,872.05
.00
.00
.00
.00
-54.78
05/2010
.00
-54.78
05/2010
.00
.00
-54.78
05/2010
.00
.00
-5,029.54
05/2010
.00
.00
-54.78
05/2010
.00
.00
-54.78
05/2010
.00
.00
-54.78
05/2010
.00
.00
-54.78
05/2010
.00
138,872.05
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
-55.69
.00
.00
-54.78
-54.78
-54.78
-5,029.54
-54.78
.00
-54.78
.00
-54.78
.00
.00
-54.78
-14,007.84
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
-97.06
.00
.00
-145.59
.00
.00
.00
-194.12
.00
.00
.00
.00
.00
.00
.00
-194.12
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
.00
-194.12
.00
.00
.00
-194.12
.00
-194.12
.00
.00
.00
-194.12
.00
.00
.00
.00
.00
.00
-194.12
.00
.00
.00
.00
.00
-194.12
.00
.00
-13,953.06
.00
.00
.00
-194.12
-13,898.28
.00
.00
-194.12
.00
Unapplied
Total
.00
-48.53
-13,843.50
138,872.05
10/04/2013
.00
-13,788.72
138,872.05
09/06/2013
.00
-8,759.18
138,872.05
08/06/2013
.00
-8,704.40
138,872.05
07/05/2013
-2,221.00
-8,649.62
138,872.05
06/21/2013
.00
-8,594.84
138,872.05
06/06/2013
.00
-8,539.15
138,872.05
05/06/2013
-55.69
-8,539.15
138,872.05
04/04/2013
.00
-8,539.15
138,872.05
03/06/2013
.00
-8,539.15
138,872.05
02/08/2013
-55.69
-8,539.15
138,872.05
02/08/2013
.00
-6,318.15
138,872.05
02/08/2013
.00
-6,262.46
138,872.05
02/07/2013
-55.69
Late C h a r g e s
Total
Buydown
-6,206.77
138,872.05
02/06/2013
Optional
Bankof America
Home Loans
Transaction
Date
10/21/2013
Page 9
r^^^,:x:
Description
HAZARD INS PMT
Total
Payment
-3,517.63
PMT/Mo
05/2010
Principal
Balance
Escrow
Balance
Interest
.00
.00
10/30/2013
2,356.30
-984.68
05/2010
05/2010
.00
138,872.05
.00
.00
-54.78
05/2010
.00
.00
-54.78
05/2010
.00
.00
-54.78
05/2010
.00
.00
-54.78
05/2010
.00
138,872.05
.00
.00
-984.68
.00
.00
-54.78
-54.78
.00
-54.78
.00
.00
-54.78
-16,372.97
.00
.00
.00
.00
.00
.00
-194.12
.00
.00
.00
.00
.00
.00
.00
-194.12
.00
.00
.00
.00
Unapplied
Total
-194.12
-194.12
-16,318.19
.00
Late C h a r g e s
Total
-194.12
-16,263.41
138,872.05
02/06/2014
2,356.30
-16,208.63
138,872.05
01/07/2014
.00
-16,153.85
138,872.05
12/05/2013
.00
-15,169.17
138,872.05
11/06/2013
Buydown
-17,525.47
138,872.05
10/24/2013
-3,517,63
Optional
.00
.00
.00
.00
.00
-194.12
.00
.00
.00
-194.12
.00
.00
NOTE
FHA C A S E NO.
094^76646-703
[Date]
'
' '
1.
PARTIES
"Borrower" means each person signing at the end of tlijs Note, and the person's successors and assigiis. 'Tender" ,
means Taylor, Bean & Whitaker Mortgage Corp.
2.
6.2500%) per year until the full amount ofprincipal has been paid.
'.
3.
4.
MANNER OF PAYMENT
.
'
(A) Time
...
; ' Borrower shall make a payment of principal and interest to Lender on tlie first day of each month beginning on
April 01,2008
. Any principal and interest remaining on the first day of March 2038
will be due on tliat date, which is called the "Maturity Date."
,
(B) . Place
.
Payment shall be made at Taylor, Bean & Whitaker Mortgage Corp., 1417 North Magnolia Ave, Ocala, F L
34475
'
. or at such other place as Lender may designate in writing by notice to Borrower.
(C) Amount
Each montlily payment of principal and interest will be in the amount of U.S. $887.12
this amount will be part of a larger monthly payment required by tlie Security Instrument, tliat shall be applied to principal,
interest and other items in the order described in the Security Instrument.
I Otlier [specify]
5.
' '
.
6.
WAIVERS
Borrower and any otlier person who has obligations under tliis Note waive the rights o f presentment and notice of
dishonor. "Presentment" means the right to require Lender to demand payment of amounts due, "Notice of dishonor" means
the right to require Lender to give notice to otlier persons that amounts due have not been paid;
8.
GIVING OF NOTICES
Unless applicable law requires a different method, any notice that must be given to Borrower under tliis Note will be
given by delivering it or by mailing it by fust class mail to Borrower at tlie property address above or at a different address i f
Borrower has given Lender a notice of Borrower's different address.
Any notice that must be given to Lender under tliis Note will be given by first class mail to Lender at the address stated
in Paragraph 4(B) or at a different address if Borrower is given a notice of that different address.
9.
(Page 2 of 3 pages)
GreatDocs~
To Order Call: 1.800.968-5775
10.
DOCUMENTARY T A X
Tlie state documentary tax due on tliis Note has been paid on the mortgage securing tliis indebtedness.
, BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in pages 1 tlirough 3 of tliis
Note.
ABdjel ' | e f i
(Seal)
-Borrower
i l Santamaria
.(Seal)
-Borrower
(Seal)
^(Seal)
-Borrower
Borrower
(Seal)
(Seal)
-Borrower
-Borrower
ErIaCarier-Sttawi, E.V.P.
(Page 3 of 3 pages)
GroalDocs
To Order Call; 1-800-868-577S
PREPARED BY:
Name:
Teresa Neeley
Address:
CFN 2008043203,
Return to:
MORTGAGE
094-5376646-703
MIN:100029500024179545
THIS MORTGAGE ("Security Instrument") is given on February 29, 2008
The mortgagor is Abdiel Echeverrla and Isabel Santamaria, husband & wife
("Borrower"). This Security Instrument is given to
Mortgage Electronic Registration Systems, Inc. ("MERS"). MERS is a separate corporation tliat is acting solely as nominee
for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is
organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, M I
48501-2026, tel. (888) 679-MERS. Taylor, Bean & Whitaker Mortgage Corp.
Borrower owes Lender the principal sum of One Hundred Forty Four Thousand Seventy Nine and no/100
Dollars (U.S. 5144,079.00
).
This debt is evidenced by Borrower's note dated the same date as this Security Instrument ("Note"), wliich provides for
montlily payments, with the full debt, if not paid earlier, due and payable on March 01, 2038
This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, witli interest, and all
renewals, extensions and modifications of the Note; (b) the payment of all other sums, witli interest, advanced under
paragraph 7 to protect the security of tliis Security Instrument; and (c) tlie performance of Borrower's covenants and
agreements under tliis Security Instrument and the Note. For tliis purpose, Borrower does hereby mortgage, grant and convey
to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS the
following described property located in Brevard
County, Florida:
MERS
ITEM 9702L1 (0709)
iMIIiilllllliili
11111^^954-
6/96
GratDoc
(Page 1 of 7)
T9702 20071119,100002
[Street]
Palm Bay
[City]
, Florida
32907
("Property Address");
[Zip Code]
TOGETHER WITH all the improvements now or hereafter erected on tlie property, and all easements, appurtenances,
and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security
Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower understands and agrees
that MERS holds only legal title to the interests granted by Borrower in this Security Instrument; but, if necessary to comply
witli law or custoni, MERS (as nominee for Lender and Lender's successors and assigns) has tlie right: to exercise any or all
of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of
Lender including, but not limited to, releasing or canceling this Security Instrument.
BORROWER COVENANTS tliat Borrower is lawfully seised of the estate hereby conveyed and has die riglit to
mortgage, grant and convey die Property and diat the Property is unencumbered, except for encumbrances of record.
Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any
encumbrances of record.
THIS SECURITY INSTRUMENT combines unifonn covenants for national use and non-uniform covenants with
limited variations by jurisdiction to constitute a unifonn security insumuent covering real property.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal, Interest and Late Charge. Borrower sliall pay when due the principal of, and interest on.
the debt evidenced by die Note and late charges due under the Note.
2. Monthly Payment of Taxes, Insurance, and Other Charges. Borrower shall include in each mondily payment,
together with the principal and interest as set forth in the Note and any late charges, a sum for (a) taxes and special
assessments levied or to be levied against the Property, (b) leasehold payments or ground rents on the Property, and (c)
premiums for insurance required under paragraph 4. In any year in which die Lender must pay a mortgage insurance
premium to the Secretary of Housing and Urban Development ("Secretary"), or in any year in which such premium would
have been required if Lender still held the Security Instrument, each mondily payment shall also include either: (i) a sum for
the annual mortgage insurance premium to be paid by Lender to the Secretary, or (ii) a mondily charge instead of a mortgage
insurance premium i f tills Security Instrument is held by the Secretary, in a reasonable amount to be determined by the
Secretary. Except for the monthly charge by the Secretary, these items are called "Escrow Items" and the sums paid to
Lender are called "Escrow Funds."
Lender may, at any time, collect and hold amounts for Escrow Items in an aggregate amount not to exceed the
maximum amount that may be required for Borrower's escrow account under the Real Estate Settlement Procedures Act of
1974, 12 U.S.C. 2601 et seq. and implementing regulations, 24 CFR Part 3500, as they may be amended from time to time
("RESPA"), except that the cushion or reserve pemiitted by RESPA for unanticipated disbursements or disbursements before
the Borrower's payments are available in the account may not be based on amounts due for the mortgage insurance premium.
I f the amounts held by Lender for Escrow Items exceed tlie amounts permitted to be held by RESPA, Lender sliall
account to Borrower for the excess futids as required by RESPA. I f the amounts o f funds held by Lender at any time are not
sufficient to pay the Escrow Items when due. Lender may notify the Borrower and require Borrower to make up the shortage
as permitted by RESPA.
F L O R I D A FHA M O R T G A G E
MERS
ITEM 970212(0709)
(Paga lot 7)
Tlie Escrow Funds are pledged as additional security for all sums secured by tliis Security Instrument. I f Borrower
tenders to Lender the full payment of all such sums. Borrower's account shall be credited with the balance remaining for all
installment items (a), (b), and (c) and any mortgage insurance premium installment that Lender has not become obligated to
pay to tlie Secretary, and Lender shall promptly refund any excess funds to Borrower. Immediately prior to a foreclosure sale
of the Property or its acquisition by Lender, Borrower's account shall be credited witli any balance remaining for all
installments for items (a), (b), and (c).
3.
Application of Payments. All payments under paragraphs 1 and 2 shall be applied by Lender as follows:
FIRST, to tlie mortgage insurance premium to be paid by Lender to tlic Secretary or to tlie monthly charge by
the Secretary instead of tlie montlily mortgage insurance premium;
SECOND, to any taxes, special assessments, leasehold payments or ground rents, and fire, flood and other
hazard insurance premiums, as required;
THIRD, to interest due under the Note;
'
FOURTH, to amortization of the principal of the Note; and
FIFTH, to late charges due under the Note.
4.
Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Property, whether now
in existence or subsequently erected, against any hazards, casualties, and contingencies, including fne, for which Lender
requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. Borrower shall
also insure ail improvements on the Property, whether now in existence or subsequently erected, against loss by floods to the
extent required by the Secretary. All insurance shall be carried with companies approved by Lender. The insurance policies
and any renewals sliall be held by Lender and shall include loss payable clauses in favor of, and in a form acceptable to,
Lender.
In the event of loss. Borrower shall give Lender immediate notice by mail. Lender may make proof of loss i f not made
promptly by Borrower. Each insurance company concerned is hereby authorized and directed to make payment for such loss
directly to Lender, instead of to Borrower and to Lender jointly. All or any part of the insurance proceeds may be applied by
Lender, at its option, either (a) to the reduction of the indebtedness under tlie Note and tliis Security Instrument, first to any
delinquent amounts applied in the order in paragraph 3, and then to prepayment ofprincipal, or (b) to tlie restoration or repair
of tlie damaged Property. Any application of the proceeds to tlie principal shall not extend or postpone the due date of the
monthly payments which are referred to in paragraph 2, or change the amount of such payments. Any excess insurance
proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be
paid to the entity legally entitled tiiereto.
In tlie event of foreclosure of this Security Instrument or otlier transfer of title to the Property that extinguishes the
indebtedness, ail riglit, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser.
5. Occupancy, Presenation, Maintenance and Protection of the Property; Borrower's Loan Application;
Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after
the execution of this Security Instrument (or witliin sixty days of a later sale or transfer of the Property) and shall continue to
occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender
determines that requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which are
beyond Borrower's control. Borrower shall notify Lender of any extenuating circumstances. Borrower shall not commit
waste or destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear
excepted. Lender may inspect the Property i f the Property is vacant or abandoned or the loan is in default. Lender may take
reasonable action to protect and preserve such vacant or abandoned Property. Borrower shall also be in default i f Borrower,
during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to
provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited
to, representations concerning Borrower's occupancy of the Property as a principal residence. I f this Security Instmment is
on a leasehold, Borrower shall comply with the provisions of the lease. I f Borrower acquires fee title to the Property, the
leasehold and fee title shall not be merged unless Lender agrees to the merger in writing.
6.
Condemnation. Tlie proceeds of any award or claim for damages, direct or consequential, in coiuiection with any
condemnation or otlier taking of any part of the Property, or for conveyance in place of condemnation, are hereby assigned
and shall be paid to Lender to the extent of the full amount of the indebtedness that remains unpaid under the Note and this
Security Instrument. Lender shall apply such proceeds to tlie reduction of tlie indebtedness under the Note and this Security
Instrmneni, first to any delinquent amounts applied in die order provided in paragraph 3, and then to prepayment ofprincipal.
Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments, which are
F L O R I D A FHA M O R T G A G E
MERS
ITEM 6702L3 (0709)
Great Docs
(Page 3 of 7)
referred to in paragraph 2, or change the amount of such payments. Any excess proceeds over an amount required to pay all
outstanding mdebtedness under the Note and this Security Instmment shall be paid to the entity legally entitled thereto.
7.
Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all governmental
or municipal charges, fines and impositions that are not included in paragraph 2. Borrower shall pay these obligations on time
directly to the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property,
upon Lender's request Borrower shall promptly furnish to Lender receipts evidencing tliese payments.
If Borrower fails to make these payments or the payments required by paragraph 2, or fails to perform any other
covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect
Lender's rights in the Property {such as a proceeding in bankruptcy, for condemnation or to enforce laws or regulations), then
Lender may do and pay whatever is necessary to protect the value of the Property and Lender's rights in tlie Property,
including payment of taxes, hazard insurance and other items mentioned in paragraph 2.
Any amounts disbursed by Lender under this paragraph shall become an additional debt of Borrower and be secured by
tliis Security Instrument. These amounts shall bear interest from the date of disbursement at the Note rate, and at the option of
Lender shall be immediately due and payable.
Borrower shall promptly discharge any lien which has priority over tliis Security Instrument unless Borrower: (a) agrees
in writing to the payment of tlie obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the
lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the
enforcement of the lien; or (c) secures from the holder of tlie lien an agreement satisfactory to Lender subordinating the lien
to this Security Instrument. I f Lender determines that any part of the Property is subject to a lien which may attain priority
over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take
one or more of tlie actions set forth above within 10 days of the giving of notice.
8.
Fees. Lender may collect fees and charges authorized by the Secretary.
9. Grounds for Acceleration of Debt.
(a) Default. Lender may, except as limited by regulations issued by tlie Secretary in the case of payment defaults,
require immediate payment in full of all sums secured by this Security Instrument if:
(i) Borrower defaults by failing to pay in full any monthly payment required by tliis Security Instrument prior
to or on the due date of tlie next monthly payment, or
(ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this
Security Instrument.
(b) Sale Without Credit Approval. Lender sliall. i f pemiitted by applicable law (including section 341(d) of the
Gam-Sl. Germain Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior approval of the
Secretary, require immediate payment in full of all sums secured by this Security Instrument if:
(i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or
otherwise transferred (other than by devise or descent), and
(ii) The Property is not occupied by the purcliaser or grantee as his or her principal residence, or tlie purchaser
or grantee does so occupy the Property, but his or her credit has not been approved in accordance with the
requirements of the Secretary.
(c) No Waiver. If circumstances occur that would peniiit Lender to require immediate payment in full, but Lender
does not require such payments. Lender docs not waive its riglits witli respect to subsequent events.
(d) Regulations of HUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's
rights, in the case of payment defaults, to require immediate payment in full and foreclose if not paid. This
Security Instrument does not authorize acceleration or foreclosure i f not permitted by regulations of the Secretary.
(e) Mortgage Not Insured. Borrower agrees that i f this Secmity Instrument and the Note are not determined to be
eligible for insurance under the National Housing Act within eight months
from the date hereof. Lender may, at its option require immediate payment in full of all sums secured by this
Security Instrument. A written statement of any authorized agent of the Secretary dated subsequent to
eight months
from
the date hereof, declining to insure this Security
Instrument and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding tlie foregoing,
this option may not be exercised by Lender when the unavailability of insurance is solely due to Lender's failure to
remit a mortgage insurance premium to the Secretary.
10.
Reinstatement. Borrower has a right to be reinstated i f Lender has required immediate payment in full because of
Borrower's failure to pay an amount due under the Note or this Security Instrument. This riglit applies even after foreclosure
proceedings are instituted. To reinstate tlie Security Instmment, Borrower sliall tender in a Imnp sum all amounts required to
F L O R I D A FHA M O R T G A G E
MERS
QreatDocs
(Page 4 ot 7)
bring Borrower's account current including, to the extent they are obligations of Borrower under this Security Instrument,
foreclosure costs and reasonable and customary attoraeys' fees and expenses properly associated with the foreclosure
proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain in
effect as i f Lender had not required immediate payment in full. However, Lender is not required to permit reinstatement if: (i)
Lender has accepted reinstatement after the commencement of foreclosure proceedings witliin two years immediately
preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different
grounds in the future, or (iii) reinstatement will adversely affect tlie priority of the lien created by this Security Instrument.
11. Borrower Not Released; Forbearance by Lender Not a Waiver. Extension of tlie time of payment or
modification of amortization of the sums secured by tliis Security Instrument granted by Lender to any successor in interest
of Borrower shall not operate to release the liability of tlie original Borrower or Borrower's successors in interest. Lender
shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or
otherwise modify amortization of the sums secured by tiiis Security Instmment by reason of any demand made by the
original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall
not be a waiver of or preclude the exercise of any right or remedy.
12. Successors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and agreements of this
Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of
paragraph 9(b). Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security
Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that
Borrower's interest in the Property under tlie terms of this Security Instrument; (b) is not personally obligated to pay the sums
secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear
or make any accommodations with regard to the tenns of this Security Instrument or the Note without that Borrower's
consent.
13. Notices. Any notice to Borrower provided for in this Security Instmment shall be given by delivering it or by
mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property
Address or any other address Borrower designates by notice to Lender, Any notice to Lender shall be given by first class mail
to Lender's address stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this
Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph.
14. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the
jurisdiction in wliich the Property is located. In the event that any provision or clause of this Security Instrument or the Note
conflicts with applicable law, such conflict sliall not affect other provisions of this Security Instrument or the Note which can
be given effect without tlie conflicting provision. To this end the provisions of this Security Instmment and the Note are
declared to be severable.
15. Borrower's Copy. Borrower shall be given one coiifonned copy of the Note and of tliis Security Instrument.
16. Hazardou.s Substances. Borrower shall not cause or pennit tlie presence, use, disposal, storage, or release of any
Hazardous Substances on or in tlie Property. Borrower shall not do. nor allow anyone else to do, anything affecting the
Property that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or
storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal
residential uses and to maintenance of tlie Property.
Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any
governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Eiiviroiuneiital
Law of which Boirower has acmal knowledge. I f Borrower learns, or is notified by any govermnental or regulatory authority,
that any removal or other remediation of any Hazardous Substances affecting tlie Property is necessary. Borrower shall
promptly take all necessary remedial actions in accordance with Enviromnental Law.
As used in this paragraph 16, "Hazardous Substances" are those substances defined as toxic or liazardous substances by
Environmental Law and tlie following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic
pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used
in this paragraph 16, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that
relate to health, safety or enviroiunental protection.
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
17.
Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues o f the
Property. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of
the Property to pay tlie rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's
F L O R I D A FHA
MERS
ITEM 970215 (0708)
MORTGAGE
OreMDoa
(Paa'SolT)
breach of any covenant or agreement in tlie Security Instrument, Borrower shall collect and receive all rents and revenues of
the Property as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment
and not an assigiuneiit for additional security only.
I f Lender gives notice of breach to Borrower (a) all rents received by Borrower shall be held by Borrower as trustee for
benefit of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender shall be entitled to collect
and receive all of the rents of the Property; and (c) each tenant of the Property shall pay all rents due and unpaid to Lender or
Lender's agent on Lender's written demand to the tenant.
Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would
prevent Lender from exercising its rights under this paragraph 17.
Lender shall not be required to enter upon, take coiiu-ol of or inaintaiii tlie Property before or after giving notice of
breach to Borrower. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any
application of rents shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of
rents of tlie Property shall terminate when the debt secured by the Security Instmment is paid in full.
18. Foreclosure Procedure. I f Lender requires immediate payment in full under paragraph 9, Lender may foreclose
tliis Security Instmment by judicial proceeding. Lender shall be entitled to collect ail expenses incuned in pursuing the
remedies provided in tliis paragraph 18, including, but not limited to, reasonable attorneys' fees and costs of title evidence.
If tlie Lender's interest in this Security Instrmnent is held by the Seaetary and the Secretary requires immediate
payment in full under paragraph 9, the Secretary may invoke the nonjudicial power of sale provided in tlie Single Family
Mortgage Foreclosure Act of 1994 ("Act") (12 U.S.C. 3751 et seq.) by requesting a foreclosure commissioner designated
under the Act to commence foreclosure and to sell the Property as provided in the Act. Notlmig in the preceding sentence
shall deprive the Secretary of any rights otherwise available to a Lender under this paragraph 18 or applicable law.
19. Release. Upon payment of all sums secured by this Security Instmment, Lender shall release this Security
Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security
Instmment, but only i f the fee is paid to a tliird party for services rendered and the charging of the fee is permitted under
applicable law.
20. Attorneys' Fees. As used in this Security Instmment and tiie Note, attorneys' fees shall include those awarded by
an appellate court and any attorneys' fees incurred in a bankmptcy proceeding.
21. Jury Trial Waiver. The Borrower hereby waives any right to a trial by jury in any action, proceeding, claim, or
counterclaim, whether in contract or tort, at law or in equity, arising out of or in any way related to this Security Instrument
or the Note.
22. Riders to this Security Instrument. I f one or more riders are executed by Borrower and recorded together with
this Security Instrument, the covenants of each such rider shall be incorporated into and shall amend and supplement the
covenants and agreement of tliis Security Instmment as if tlie rider(s) were a part of this Security Instmment.
[Check applicable box(es)].
I
I Condominium Rider
| Other [Specify]
F L O R I D A FHA M O R T G A G E
MERS
ITEM 9702L6 (070B)
OreatOocs
(Page
Sol7)
BY SIGNING BELOW, Borrower accepts and agrees to the terms contained in pages 1 tlirough 7 of this Security
Instruraent^^injJ'iti any rider(s) executed by Borrower and recorded with it.
(Seal)
-(Seal)
-Borrower
Isabel Santamaria
493 Catalina Ave NW
Palm Bay, F L 32907
-Borrower
Abdiel/Echeverria
493 Catalina Ave NW
Palm Bay, FL 32907
(Seal)
(Seal)
-Borrower
-Borrower
_(Seal)
'
(Seal)
-Borrower
-Borrower
Witness
Witness
State of Fiodda
County 0^f^1^OCVrj2)
The foregoing instrument was acknowledged before ine tliis
day of
_
VG-^O^'^^-^X
^ C P ^
by
T ^
- '
' ,
'>,
Notary Pubfit
,
.
' r
'Y
"
FLORID.A FHA M O R T G A G E
MERS
ITEM 9702L7 (Q70fl)
OrtalDoes
(PaaaTel?)
The purpose of this summary appraisal report is to provide the iender/ciieet with an accurate, and adequately supported, opinion of the market value of the subject property
~ [ Properly Address 499 Cellini A v e n u e NE
state FL
County Brevard
I Legal Description Port Malabar Unit 07, Lot 1, BIk 196, FBI 14-126
I Assessor s Parcel I 28-37-31 -FR-00196,0-0001,00
I Occupant
I Owner
( 7 ) Tenant
(x] Vacant
B F e e Simple
|X|Pufcnase Ttansaction
rjleasetiold
Q
Refinance Ttansaction
I Lender/Client Intercoastal M o i l g a g e
J PUD
HOASN/A
r
Otttet (descnbey
) pot year
per montlt
[_]Other (describe)"
Suite 130
I Is the subiect property currently offered for sale or has it been offered for sale in the twelve months prior to the effective dale of this appraisal^ fx] Yes
I Report data sourcefs) used, offering price(s), and date(s). The subject is listed through the M L S for $162,000 and is under contract for $167,000,
The
The
Reporledly, the home w a s priced for a quick sale. However, previous listings w e r e not available.
[XjYes L J N O
Data Soufce(s)
I is there any financial assistance {loan charges, sale concessions, gift or downpayment assistance, etc) to be paid by any party on behalf of the borrower?
If Yes, report the total dollar amount and describe the items to be paid,
Qves
[XJNO
I concessions.
I N o t e : R a c e a n d t h e r a c i a l c o m p o s i t i o n of t h e n e i g h b o r h o o d are n o t
Neighborhood Characteristics
Urban
Suburban
Over 75% f X
I BuiH-Up
Rapid
i Gtowth
[ X ] Stable
Property Values
Increasing
Demand/Supply
Shortage
AGE
JOvet Supply
Marketing Time
J Slow
One-Unit Housing
J Declining
Stable
One-Unit
J Over 6 mltis
New Multi-Family
125 low
95
2-4 Unit
$(000)
350 High
40
230 Pred,
20 Other
Commercial
I Market Conditions (including support for the above conclusions) See Attached A d d e n d u m
I Zoning Compliance
[ X ] Legal
Shape Rectangular
I Dimensions 95 X 125
I Specific Zoning Ciassification RS-2
J Illegal (describe)
Bves
I Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use?
[DNO
IXl
Water
Ga
Sanitary Sewer
X
FEMA Special Flood Hazard Area
Dves
[XJNO
XI
X)
Street Asphalt
City
Alley
FEMA Map*
F E M A Flood Zone X
Are the utilities and off-site improvements typicaTlor the market area?
Oily
None
1204040520 E
If No, describe.
[ X j Yes [_J No
I Are there any adverse site conditions or extetnai factors (easements, encroachments, environmental conditions, land uses, etc,)?
YCS [ X J N O
If Yes, describe
No
I easements, encroachments or other adversities which could affect the marketability of the subject w e r e noted from an inspection. No
I survey was provided. Base flood zone should Oe determined by a survey or certificate, A septic system is c o m m o n for this market
I area and does not affect marketabiiity.
JOne wilh Accessory Unil
I # of Stories
J Crawl Space
Concrete Slab
Foundation Walls
I Partial Basement
One
jAtt,
[XlDet
J Existing
EXTERIOR DESCRIPTION
FOUNDATION
GENERAL DESCRIPTION
One
I Units
J Proposed
J Under Const
Basement Finish
J Outside FntryfExit
I DoEiqn (Style) C o n t e m p R a n c h
I Floor
scullie
CBS/Good
Walls
Drywall/Good
Shingle A s o / A v g
Trim/Finish
Wood/Good
Tile/Good
Roof Surface
N/Al
Bath Floor
Window Type
A i u m , S, H,/Good
Storm Sash/lnsulaled No / No
Screens
|XlDrivewa~y
Sump Pump
) Dampness
Other
Cooling
I Fuel Flectric
[ X ] Central Air Conditioning"
J Other
J Finished
Dishwasher
I Appliances
IXlRefrigerator Ix]Range/Oven
I Finished area above grade contains:
[ J Disposal
Yes
jFirepiace(s)#
X j Patio/Deck Scrn
Car Storage
) Microwave
Driveway Surface C o n c r e t e
JFence
X j Garage
* of Cars
J Carport
* of Cars
Porch Covered
XlAtt
[ x ] Washer/Dryer
4 Bedrooms
None
# ot Cars
JWoodSlove(s)
JPoo!
I
materials/condition
Garoet/Tile/Good
Heating [ X J F W A
] Stain
1 Drop Stair
INTERIOR
Floors
0 sq, tl
materials/condition
Concrete/GOOd
I Del
1 1 Other (describe)
3 Bath(s)
I Additional features (special energy efficient items, etc). This concrete block 4/3 home has caroet/tile throughout and 10 foot ceilings, it features a twoI car garage and screened patio.
I Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc).
See Attached A d d e n d u m
I Are there any physical deficiencies or adverse conditions that affect the liyability, soundness, or structural integrity of the property?
Llves [XJNO
I deficiencies or adverse conditions that would effect the iivabiiity, soundness or structural integrity of the subiect oroperty was noted.
I W e are appraisers not soecifically trained in the home insoection field, therefore, the appraisal inspection should not be construed as a
I home insoection,
I Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc,)?
[xlves C J N O
If No, describe
The home is an
I existing single family residence which conforms to the neighborhood. It is similar in functional utility, style, condition, use and quality of
I construction and materials,
FrerWje Mac Form 70 March ZOOS
rvodcccC Licind Act soRwafQ SOO Ztt 8727 VMAW acmeb com
Fvigelcke
92
comparable properties currently offered for sale in the subjecl neighborhood ranging in price from t 151,000
There are
69
comparable sales in the subject n ighborhood within the past twelve months ranging in sale price trom I
249,900
los 249,900
COMPARABLE SALE NO. 3
167,000
Sale Price
75.16 sg ft
98.33 sg.ft
MLS/Public Records
Data Source(5)
VeriFcation Sourcefs)
VALUE ADJUSTMENTS
to$
150,000
COMPARABLE SALE NO 2
DESCRIPTiON
DESCRiPTiON
122.42 sg. ft
125.12 sg.ft
MLS/Public Records
MLS/Public Records
DESCRIPTION
r(-) t Adjustment
DESCRiPTiON
-(-) % Adjustment
-) S Ad|U5tmenl
Location
12/21/2007
Suburban
Suburban
Suburban
Conventional
None
08/08/2007
Suburban
LeasehoidfFee Simple
Fee Simoie
Fee Simoie
Fee Simple
Fee Simple
Site
10000 Sq.Ft.
10000 Sq.Ft.
Typical interior
Contemp Rancti
Typical interior
Contemp Rancti
10300 Sq.Ft.
Typical Interior
Contemp Rancti
CBS/Good
3+/- Years
CBS/Good
5+/- Years
Sale or Financing
Concessions
Date of SalefTime
Design (Style)
11875 Sq.Ft.
Typical interior
Contemp Rancti
Quality of Construction
CBS/Good
Actual Age
11+/- Years
Good / 6 Eff
View
Condition
Conventional
Conventional
None
08/21/2007
None
08/01/2007
-20.800 CBS/Good
Good / 1 Eff
-21,400
3+/- Years
-6,000 Good / 1 Eff
-8,000
Above Grade
5,000
Room Count
Gross Living AteaSO.OO
2,083 sq ft.
2,156 sg.ft
2,222 sq.ft.
N/A
N/A
N/A
N/A
HeatinqyCoolinq
Typical
FWA C/Air
-5,000
7,000
3
2,138 sg.ft
N/A
N/A
Typical
N/A
N/A
Typical
Typical
FWA C/Air
FWA C/Air
F W A C/Air
Garage/Carport
2 Car Garage
PorchfPatiofDeck
ScrnPatic.Pcrcti
None
None
2 Car Garage
Patio, Porch
None
2 Car Garage
ScrnPatio, Porch
None
2 Car Garage
ScrnPatiOjPorch
None
Pool
Fireplace
Fence / Pool
3,000
Net Adj
of Comparables
JlCa
I
Gross mUj,
Adi
-1.4%
209,000
a.CJCJ
,\J\J\J
-20,000
44,800
Net Adj
.6.1
. . I A, J
None
-20,000 Pool
Gross
3,1%
^,kJ33 Adi
mu|, 2CJ.
, /!
49.400
Net Adj,
-17,6%
-18,5%
18,5%
218,100
J did not research the sale or transfer history of the subject property and comparable sales if not, explain
My research [
j did
[ X j did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
[x]did not reveal any prior sales or transfers of Ihe comparable sales for the year prior to (he dale of sale of the comparable sale.
MLS/Public Record
Report the results of the research and analysis of the prior sale or transfer history of the subject property and comaarabie sales (report additional prior sales on paqe 3),
ITEM
SUBJECT
N/A
Data Sourcefs)
MLS/Public Record
02/12/2008
MLS/Public Record
02/12/2008
Analysis of prior sale or transfer history of the subjecl property and comparable sales
COMPARABLE SALE NO 2
MLS/Public Record
02/12/2008
MLS/Public Record
02/12/2008
The Subject has not been for sale or SOid for the past three years prior to
the effective date of this appraisal other than noted above. None of the comparable sales have been for sale or sold for the past year
prior to the effective date of this appraisal other than noted above,
See Attached A d d e n d u m
Due to the avaiiabiiity of recent sales of comparable properties, the Sales Comparison Approach is given the greatest weight. The
value is supported by the Cost Approach, T h e income Approach w a s not found to be applicable to the subiect in an owner occupied
neighborhood,
This appraisal is made
D
[ X ] 'as is,"
I subjecl to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed,
subject to the fotlowing repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or
inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:
See Attached A d d e n d u m
Based on a complete visual inspection of ttie interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting
conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is S 200,000
as of
02/12/2008
, which is the date of inspection and the effective date of this appraisal,
PfoOuceO asmg ACI soflwari,, 800 73t 8777 * * * acwHrbcon,
Page 7 07 6
Affirmative
nieNo.
08-02002
Significant tax increases often occur when the property is sold. The Taxable Value and Taxes may reflect Exemptions, Classifications
and Value Limitations that will be removed at the time of sale. Homestead Exemptions, Agricultural Classifications, and Value
Limitations are NOT transferable to the new owner. Upon sale, a property's value is reset to market and the new owner must reapply for
Homestead Exemption and Agricultural Classification.
THIS IS NOT A HOME INSPECTION REPORT. The appraiser has performed a visual inspection of readily accessible areas only
(excluding attic areas), for readily observable conditions only. THE APPRAISAL INSPECTION IS NOT TO BE RELIED UPON T O
DISCLOSE C C N D I T I C N S A N D / C R DEFECTS IN THE PROPERTY. W e are appraisers not specifcally trained in the home inspection
field, should concerns arise a licensed home ihspector should be contacted.
The Intended User of this appraisal report is Atlas Financial. The Intended Use is to evaluate the property that is the subject of this
appraisal for a mortgage finance transaction, subject to the stated Scope of Work, purpose of the appraisal, reporting reguirements of
this appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser.
The Scope of Work for the appraisal is described below. It indicates the type and extent of research, property inspection and analysis
that was applied to arrive at the reported opinions and conclusions contained in the appraisal report,
The subiect property and neighborhood were visually inspected by the appraiser on the Effective Date of the appraisal, A review of data
related to the subject and the comparable sales used in the report were researched from all (or some) of the following sources: County
Property Appraisers Websites. Aerial Maps and Plat Books, County and Municipal zoning ordinances and maps, FEMA Flood Maps,
Multiple Listing Services, Appraisal Files, Developer Brochures and other Cn-Line (electronic) sales data services subscribed to by the
appraiser. A n exterior and interior visual inspection of the Subject Property was made. This visual inspection is considered to be a walk
around and walk through of the property, with a viewing of readily observable areas (excluding attic and crawl spaces if applicable). The
viewing is intended to be sufficient enough to readily identify relevant physicai characteristics, overall construction and component
guaiity and to be able to assess the overaii physical condition, or needed repairs as they relate to an opinion of value. The visual
inspection is not to be considered a "Home Inspection" but a less technical field report geared towards more general conditions and
obvious features. It is recommended that an inspection by a professional home inspector be obtained if a more detailed analysis of the
mechanical, structural. HVAC system, eleetricai, roof or plumbing is required to aide the intended user in making informed decisions
about the property. Next, the applicable approaches to value were considered and applicable data was analyzed. After assembling and
analyzing the available data, and considering the strengths and weakness of the data and each approach, an opinion of market value
was formed and reported,
The analyses, opinions, and conclusions were developed, and this report has been prepared in conformity with the Uniform Standards
of Professional Appraisal Practice (USPAP) as well as the reguirements of the State of Florida for Certified Appraisers,
This is to be considered a Summary Appraisal Report, as described by USPAP, A s such, the format is abbreviated and some appraisal
data has been retained in our files,
ranging from $19,000 to $20,000, The opinion of site value of $20,000 is considered reasonable based on these sales,
ESTIMATED
REPRODUCTION OR
Dwelling
Patio, Porch
Garage/Carport
= $
75,00
= s
J
40,00
Sg, FL IS>
452
. s
.$(
55 Years
N/A
N/A
N/A
Summary of Income Approach (including support for market rent and GRM) The income approach Is not required.
Tes L J No
Unit tvpe(s)
Detached
Attached
Provide the following informalion for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.
Legal name of project **''
I Yes
No
Data source(s)
J No
Was the project created by the conversion of an existing building(5) into a PUD?
Data source(s)
[
Wes [
1 Ino
Jves
included
18,080
184,730
External
20,000
166,650
,,
= $
15,936)
168,794
15,000
203,800
This report form is designed to reoort an aooraisal of a one-unit orooerty or a one-unit property with an accessory unit; including a
unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit
in a condominium or cooperative project.
This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of
assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user,
definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work
to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or
deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations
to this aopraisai report, such as those required by law or those related to the appraiser's continuing education or membership in an
appraisal organization, are permitted.
S C O P E O F W O R K : The scope of work for this aporaisal is defined by the complexity of this appraisal assignment and the
reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions
and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the
interior and exterior areas of the subject oroperty, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at
least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis,
opinions, and conclusions in this appraisal report.
INTENDED U S E : The intended use of this appraisal report is for the lender/client to evaluate the property that Is the subject of
this appraisal for a mortgage finance transaction.
INTENDED U S E R : The intended user of this appraisal report is the lender/client.
DEFINITION O F M A R K E T V A L U E : The most probable price which a oroperty should bring in a competitive and open market
under ail conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowiedgeably and assuming the price is
not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of
title from seller to buyer under conditions whereby: (1) buyer and seller are tyoically motivated; (2) both parties are well informed
or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for
exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements
comparable thereto: and (5) the price represents the normal consideration for the property sold unaffected by special or creative
financing or sales concessions* granted by anyone associated with the sale.
'Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are
necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily
identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be
made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already
involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the
financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or
concessions based on the appraiser's judgment.
S T A T E M E N T O F A S S U M P T I O N S AND LIMITING CONDITIONS: The aopraiser's certification in this report is subject to the
following assumptions and limiting conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the oroperty being appraised or the title
to it, except for information that he or she became aware of during the research involved in performing this appraisal. The
appraiser assumes that the title is good and marketable and will not render any opinions about the title.
2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The
sketch is included only to assist the reader in visualizing the property and understanding the aopraiser's determination of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or
other data sources) and has noted in this aopraisai report whether any portion of the subject site is located in an identified Special
Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this
determination.
4.
The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,
unless specific arrangements to do so have been made beforehand, or as othen/vise required by law.
5. The aopraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of
hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of
during the research involved in performing this appraisai. Unless otherwise stated in this appraisal report, the appraiser has no
knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to,
needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that
would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or
warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or
testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of
environmental hazards, this appraisal report must not be considered as an environmental assessment of the property.
6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory
completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be
performed in a professional manner.
File No.
094-5376646
08-02002
I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of
the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the Iivabiiity,
soundness, or structural integrity of the property.
3. I performed this appraisai in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice
that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the
time this appraisal report was prepared.
4.
I developed my opinion of the market value of the real property that is the supject of this report based on the sales comparison
approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal
assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise
indicated in this report.
5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale
of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property
for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated In this report.
6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the
date of sale of the comparable sale, unless otherwise indicated in this report.
7
I selected and used comparable sales that are locatlonally, physically, and functionally the most similar to the subject property.
8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home
that has been built or will be built on the land.
9.
I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject
I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all
statements and information in this appraisal report are true and correct.
16 I s l a t e d in tliis a p p r a i s a l report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are
subject only to the assumptions and iimlting conditions in this appraisal report.
17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective
personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my
analysis and/or opinion of market value in this appraisai report on the race, color, religion, sex, age, marital status, handicap,
familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or
occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
18. My employment and/or compensation for performing this appraisai or any future or anticipated appraisals was not conditioned
on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined
specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the
attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan
application).
19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on
significant real property appraisai assistance from any individual or individuals in the performance of this appraisal or the
preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal
report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to
any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it.
20.
I identified the lender/client in this appraisal report who is the Individual, organization, or agent for the organization that ordered
nieNo 08-02002
The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower;
the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market
participants; data collection or reporting services; professionai appraisal organizations; any department, agency, or instrumentality
of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or
supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or
distributed to ahy other party (including, but not limited to, the public through advertising, public relations, news, sales, or other
media).
22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws
and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisai Practice that
pertain to disclosure or distribution by me.
23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers,
government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any
mortgage finance transaction that involves any one or more of these parties.
24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are
defined In applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal
report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a
paper version of this appraisal report were delivered containing my original hand written signature.
25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal
penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section
1001, et seq., or similar state laws.
SUPERVISORY A P P R A I S E R ' S CERTIFICATION: The Supervisory Appraiser certifies ahd agrees that:
1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's
analysis, opinions, statements, conclusions, and the appraiser's certification.
2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis,
opinions, statements, conclusions, and the appraiser's certifcation.
3. The appraiser identified in this appraisai report is either a sub-contractor or an employee of the supervisory appraiser (or the
appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisai under the applicable state law.
4.
This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and
promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal
report was prepared.
5. If this appraisai report was transmitted as an "electronic record" containing my "electronic signature," as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisai
report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a
paper version of this appraisai report were delivered containing my original hand written signature.
APPRAISER
Signature _/
Name Richard C. Washoek
Company Name Affirmative Certified Appraisers
Company Address 1143 Sprina Oak Drive
Melbourne, FL 32901
Telephone Number 321-574-0281
Email Address affirmativeca@earthlink.net
Signature_
Name
Company Name
Company Address
Telephone Number _
Email Address
Date of Signature
State Certification #
or State License # _
State
Expiration Date of Certification or License
SUBJECT PROPERTY
O Did not inspect subject property
D Did inspect exterior of subject property from street
Date of Inspection
O Did inspect interior and exterior of subject property
Date of Inspection
LENDER/CLIENT
Name Robert
Company Name Intercoastal Mortgage
COMPARABLE SALES
I ] Did not inspect exterior of comparable sales from street
Affirmative
SUBJECT
75.16 sq ft. $
MLS/Public Records
Ext Observation / MLS 458423
Data Source(si
Verification Soufce(s)
DESCRIPTiON
VALUE ADJUSTMENTS
12/21/2007
Suburban
Conventional
None
12/12/2007
Suburban
Condition
Fee Simple
11875 Sq.Ft.
Typical Interior
Contemp Rancti
CBS/Good
11+/- Years
Good / 5 Eff
Fee Simple
10000 Sq.Ft.
Typical Interior
Contemp Rancti
CBS/Good
5+/- Years
Go 3d / 2 Eff
Above Grade
Tfflal Bdrms
Total Bdrnis
Concessions
Date of Sale/Time
Leasefiold/Fee Simttie
Site
View
Design (Style)
Quality of Construction
Actual Age
Room Count
Gross LivinqAreaSO.00
Baths
3
2,222 sq ft
105.99 sg.ft
DESCRIPTION
Baths
Total Bdrms
2
2,083 sq ft
5,000
7,000
PorclVPatio/Deck
Fireplace
Fence / Pool
None
None
None
None
(xir
Net Adj.
of Comoarabies
GrossAdi.
ITEM
Date of Prior Saie/Transfer
Price of Prior SaleJTransfer
Data Sourcefs)
Effective Date of Data Sourcefs)
SUBJECT
n -
3.4%
10.1%
Baths
2,236 sq.ft.
Typical
FWA C/Air
Std. for Quality
2 Car Garaqe
ScrnPatio, Porch
None
Pool
TMai Bdrms
Typical
FWA C/Air
Std. for Quality
2 Car Garage
ScrnPatio,Porch
Garage/Carport
() i Atfiustment
-8,000
Battts
Typical
FWA C/Air
Std. for Quality
2 Car Garaqe
ScrnPatio,Porch
HeatinQ/Coolinq
DESCRIPTION
+(.) S AdJustiTiertt
Suburban
Fee Simple
10000 Sq.Ft.
Typical Interior
Contemp Ranch
CBS/Good
2+/- Years
-6,000 Goc)d / 1 Eff
N/A
N/A
Functional Uliiily
sq. ft
Conventional
None
06/20/2007
N/A
N/A
$
$
N/A
N/A
COMPARABLE SALE NO 6
MLS/Public Records
+(-) S Adjusttiienl
DESCRIPTION
Sale or Financing
Location
r
[XlNet Adj. -11.8%
184,000 Grass Adj. 11.8% $
6,000
sq. ft.
-20,000
28,000
[x]r
Net Adj.
209,000 GrossAdi
MLS/Pubiic Record
02/12/2008
MLS/Public Record
02/12/2008
MLS/Public Record
n -
0.0%
0.0%
02/12/2008
ADDENDUM
Borrower: Abdiel Echeverria
File No : 08-02002
Zip: 32907
The reader is advised that this is a summary appraisal report which is intended to comply with the
reporting requirements set forth under Standards Rule 2-2 (b) of the Uniform Standards of Professional
Appraisai Practice for a summary appraisal report. As such, it presents only summary discussions of
the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's
opinion of value. Supporting documentation concerning the data, reasoning, and analyses is retained
in the appraiser's file. The depth of discussion contained in this report is specific to the needs of the
client and for the intended use stated below. The appraiser is not responsible for unauthorized use of
this report.
Neighborhood Boundaries
Area 341-The subject's neighborhood is bounded on the north by Palm Bay Poad, on the south by
Malabar Poad, on the east by Interstate 95, and on the west by MInton Poad.
Neighborhood Description
'
Area 341-The subject's neighborhood is the northeast portion of Palm Bay. The homes are a mixture
of older and newer homes with most being constructed in the 70's through the 90's. The homes within
the area are of average/good construction quality based on local building standards. Easy access to
beaches and i-95 can be found via Palm Bay and Malabar Poads and the Melbourne Causeway.
North/south access is provided by Emerson Street and Minton Poad. Ail market amenities are
conveniently located and easily accessible. Market appeal would be rated average.
Neighborhood Market Conditions
Market conditions in this neighborhood are typical for the area with most houses selling in the 95% to
98% of asking price. Interest rates remain attractive which has tended to perpetuate a strong real
estate market. Mortgage money is readily available to qualified buyers through a variety of programs.
Seller loan concessions and other sales incentives are not common in this market.
Condition of the Property
The condition of the home is considered good. No deferred maintenance was noted. Ail appliances
appeared to function properly. Water pressure appeared steady and plumbing fixtures had no visual
signs of leaks. Electrical system appeared to be 150 amp service with no visual signs of defects. No
functional, nor external inadequacies were noted or are known of by the appraiser. The appraiser has
performed a visual inspection of readily accessible areas only, for readily observable conditions only. A
visual inspection was performed of the attic space from the attic stairs only. No apparent signs of
water intrusion or damage to the roof system was observed by the appraiser.
Comments on Sales Comparison
A thorough search of the County's Public Records was made to find comparable sales that are close to
and similar to the subject. The sales on the report are good indicators of the subject's value and are
resales from the subject's neighborhood. The sales used were found to be the best sales available as
of the date of the report. All adjustments are market extracted and are considered reasonable. They
reflect current market reactions.
Sales 2 and 3 are a superior quality of construction/design and appeal. Based on the differences
between interior features and upgrades, an adjustment of $10.00/sq. ft. is reasonable.
ADDENDUM
Borrower: Abdiel Echeverria
Case No : 094-5376646
Zip: 32907
State: FL
Other standard adjustments apply to the majority of appraisals in three major areas: effective age;
gross living area; and physicai differences. The differences in effective age are calculated using the
age life method, adjusted at approximately 67% of cost new of the structure divided by the economic
life for each year difference in effective age. The gross living area adjustment is required to
compensate for the difference in square footage between the subject and the comparable sales. The
market supports an adjustment of 67% of the cost per square foot of the subject times the difference In
square feet of the subject and the comparable sale. Adjustments for differences of less than 100 sq.
ft. are not necessary. Adjustments are made to account for the physical differences of the homes.
These adjustments include: size and functional utility of the car storage area, pool/spa, and bath
facilities. These are all features which are readily recognized by the purchasing public and are based
on contributory value found within the market place.
The gross and/or net adjustment percentages for sales 2 and 3 exceeded the standards of 25% for
gross and/or 15% for net respectively due to the large adjustments required for GLA, pool, and/or
quality of construction. However, these adjustments are widely received in the market, therefore, do
not lessen the reliability of the valuation.
The sales used on the report reflect a reasonable range of value between $184,000 and $218,100
indicating the opinion of market value of $200,000 to be market oriented. The greater weight was
given to sale 1 due to being the most similar to the subject. All sales were within the last seven
months. The comparable sales bracket the indicated value of the subject unit both before and after
adjustment.
The opinion of market value is above the contract price of $167,000, which in our opinion is below the
market for this home. The home was priced for a quick sale due to financial issues with the
guardianship and is not considered an arm's length transaction.
-.
Conditions of Appraisal
The value conclusion assumes there is no outstanding special assessment. This is a Summary
Appraisai Report. The photographs used in this report are digital photographs utilizing photo imaging
technology. Unless otherwise noted, the appraiser personally completed an exterior inspection only of
comparables utilized in the report.
This appraisal report is not a home inspection. The appraiser performed a visual inspection only of the
accessible areas and this appraisal cannot be relied upon to disclose conditions and/or defects in the
property. It is further noted that although the borrower or a third party may receive a copy of this
appraisal, the borrower and/or the third party is not the 'intend user' (as defined in the URAR form and
USPAP) of this report.
The photographs are true and correct representations of the subject and the comparabie sales as of
the date of inspection. Although the photographs may have been enhanced for tone and brightness
during the finishing process, no alterations were made to the images which would misrepresent the
appearance of the subject property or comparables.
i.
ADDENDUM
Borrower; Abdiel Echeverria
State: FL
Zip: 32907
Intercoastal Mortgage
The software used by this office to electronically transfer a report provides a digital signature security
feature for all appraisers signing a Report. The appraiser is able to ensure the signature is protected
and only the appraiser maintains control of the signature. This control is maintained by a password
known only to the appraiser. USPAP guidelines affirms that eiectronicaiiy affixing a signature to a
report carries the same level of authenticity and responsibility as an ink signature on a paper copy
report. The definition of signature in a signed certification under USPAP is as follows:
SIGNATURE-personaiized evidence indicating authentication of the work performed by the appraiser
and the acceptance of the responsibility for content, analysis and the conclusions in the report.
Comment: A signature can be represented by a hand written mark, a digitized image controlled by a
personalized indemnification number, or other media, where the appraiser has sole personalized
control of affixing the signature. USPAP 2006, page 4.
This appraisai assignment was not made, nor was the appraisal rendered on the basis of a requested
minimum valuation, specific valuation, or an amount which would result in approval of a loan.
As of the date of the report, Richard C. Washoek has completed the continuing education
requirements of the State of Florida. See attached Assumptions and Limiting Conditions.
State: FL
FRONT VIEW OF
SUBJECT PROPERTY
Appraised Date: February 12, 2008
Appraised Value: $200,000
REAR VIEW OF
SUBJECT PROPERTY
STREET SCENE
State: FL
COMPARABLE SALE#1
COMPARABLE SALE#2
COMPARABLE SALE#3
File No.:
08-02002
State: FL
Zip: 32907
COMPARABLE
SALE#4
COMPARABLE
SALE#5
C O M P A R A B L E S A L E #6
Sale Date:
Sale Price: $
State: FL
Zip: 32907
Kitchen
Family Room
Living Room
FLOORPLAN
Borrower: Abdiel Echeverria
Property Address: 499 Cellini Avenue NE
City; Palm Bay
Lender: Intercoastal Mortgage
State: FL
23.0'
Bath
Patio
i,
Breakfast
Dining
Bedroom
p^^iiy
Kitchen
Laundry
Bedroom
Foyer
Living Room
21.0'
Bath
I q e 5'
' "porch
'^
18,5'
Co
Co
CM
Garage
21.0'
First
GAR
Garage
Floor
L M N G AREA BREAKDOWN
Breakdown
Size
2222.25
2222.25
451.50
451.50
First
0.5
TOTAL LIVABLE
(rounded)
2222
Subtotals
Floor
X
X
23 .0 X
14.5
X
5.0 X
12.0
X
5.0 X
11.0
X
1.5
3.0
9.5
3.0
14 .25
4 . 50
41.0
943.00
31.0
449.50
16.5
23 .5
02.50
282.00
20. 0
100.00
31.5
346 .50
2222
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