TENANT CREDIT REPORT FOR LANDLORDS - FREQUENTLY ASKED QUESTIONS

BANCENTRE CORP

MORTGAGES AND LANDLORD SERVICES

FREQUENTLY ASKED QUESTIONS

WHAT IS MY LOAN BALANCE?

You will receive your principal balance every January printed on your IRS Tax form 1098 if your interest payments for the previous year exceeded $125.00 (it is important that you check Federal tax ID number printed on this form and inform us if it is incorrect - so that you will not be subject to an IRS $50 fine). If you need a balance more often you may call us or e-mail a request to

AUTOPAY@BANCENTRE.COM

Please note that your loan balance is not your payoff amount.
A payoff amount would include interest from the last payment due date to your next payment date.

HOW DO I PAYOFF MY MORTGAGE?

If your monthly payments are deducted electronically, you may choose to have Bancentre process your payoff from the same account on the 7th or 21st of the month. You must contact Bancentre at 360.834.8508 or via e-mail at

AUTOPAY@BANCENTRE.COM

Authorize your payoff amount at least 5 days prior to the day you have chosen AND include the following information:
(1) the last 4 digits of your checking account number;
(2) your phone number for confirmation purposes;
(3) indicate if you want Bancentre to record the "Release of Mortgage" (see below);
(4) deposit your payoff funds AND be sure your bank considers them "good funds" prior to the date of payoff.

After the loan is paid in full, BANCENTRE will shut down the automatic payment system. You do NOT need to notify your bank. Many banks will charge a fee if you attempt to stop the automatic payments.

PAYMENT BY CHECK
If you prefer to mail us a check, contact Bancentre and indicate the 1st or the 15th as your desired payoff date to obtain your payoff amount. We are unable to process payments in person.

All payoffs and payoff quotes are subject to audit.

RECORDING THE RELEASE OF MORTGAGE
Upon payoff of your loan, you have two options for recording the Release of Mortgage at the Bureau of Conveyances in the State of Hawaii.

Option (1) Bancentre offers the service for recording. Include the $26.00 recording/handling fee with your payoff. After the Release has been recorded, the Bureau will notify us and we will send you a letter with your recording information.

Option (2) We will send you the unrecorded "Release of Mortgage" and instructions on how to record it. Send the document, a self address stamped envelope and the $25.00 recording fee directly to the Bureau of Conveyances in Hawaii.

Questions about the Release of Mortgage? E-mail DIANA@BANCENTRE.COM.

For a payoff quote--please indicate an approximate payoff DATE in your email to: AUTOPAY@BANCENTRE.COM

CAN MY LOAN BE ASSUMED IF I SELL IT TO ANOTHER PERSON?

MAYBE: As a policy we do not recommend a particular marketing company. We recommend that you do NOT pay up front fees for "Listing" the property. Marketing of timeshare is expensive for a broker. You will find that the most effective broker will request a 25% to 35% commission, but no fees up front!

Be aware that when you sell your PAHIO property that the RCI point system is lost (except as indicated below). If selling with a broker there can not be a loan assumption. Without the loan being assumed, the property's value is reduced by $4,000.00 or more.

Instead of listing the property, many of our customers have successfully sold their property by PITCHING it to friends, neighbors, family and co-workers. Although less effective than the personal pitch you might use WWW.CRAIGSLIST.COM (be sure to and include an image in your ad) Your property can be viewed by accessing the Pahio web site at: WWW.PAHIO.COM

Bancentre is currently allowing a buyer to assume payments if a broker is not involved. If the loan is assumed and extra funds are paid by the buyer to the seller, you may handle that directly between buyer and seller or use the services of an escrow company. If your buyer needs a larger loan please call 360-834-8508.

FEES:
$38 for assumption WITHOUT the release of the original borrower
OR
$208 for assumption WITH the release of the original borrower - PENDING APPROVAL FROM LOAN COMMITTEE

Send the $38 or $208 fee and a simple purchase agreement with buyer and seller's signatures to:
Bancentre Corp
2309 NW Lacamas Drive
Camas, WA 98607

The purchase agreement should have at least the following:
1. Purchase price
2. date that buyer will assume payments
3. name,address, email, phone, and SSN of the buyer
4. name, address, email,and phone # for the seller.
We will mail to the buyer the appropriate forms for the assumption.
Bancentre's policy regarding assumptions is subject to change without notice. Please note that you will only be relieved of your legal responsibility for the loan if you choose the assumption WITH release of the original borrower.

TRANSFERRING YOUR RCI POINTS
Your buyer could pay in excess of $4900 to purchase MEMBERSHIP into The RCI Point system, unless there is an assumption of your loan. . After assumption of the loan, complete the following from and mail it to us along with the recorded deed. http://www.rci.com/CDA/Common/Documents/RCI_Pts_Mem_trans_agrmt_1.pdf

RCI MEMBERSHIP
Instead, your buyer may join the standard RCI membership (no points - just transfer of weeks for weeks) by logging on to the RCI web site,

WWW.PAHIO.COM WWW.RCI.COM

See "Contact Bancentre" page of this web site to buy or sell distressed property !

HOW DO I DEED MY PROPERTY TO ANOTHER PERSON?

(1) To Purchase a "Quit Claim Deed." Click on the "LEGAL FORMS" link below.

Next, select "HAWAII" and download the correct legal form.

LEGAL FORMS

(2) Complete the Quit Claim Deed form. Type "see exhibit A" where it asks for description of property.

(3) Remove the Exhibit "A" from your old deed (look in your files for "Condominium Conveyance Document"). Attach the old Exhibit "A" to the new Quit Claim Deed.

(3) Grantors must sign the "Quit Claim Deed" in presence of a Notary.

(4) Print the "conveyance tax form" from the Internet by logging on to:

http://www.state.hi.us/dlnr/bc/

click forms,

click form P-64A or P-64B. The latter is a request for exemption (divorce, gift, etc.)

If you figured the tax correctly it will be $1 per $1000 of the purchase price.

(5) ATTACH a Check in the amount of $25 plus the conveyance tax ($1 PER $1000 in price, rounded up to nearest dime) made payable to the BUREAU OF CONVEYANCES. You must enclose a self-addressed stamped envelope in order for your document to be returned to you after recording.

For recording, send your new Quit Claim Deed (2 originals), the tax form, and your check to:
BUREAU OF CONVEYANCES
STATE OF HAWAII
P.O. BOX 2867
HONOLULU, HI 96803

If you have any questions you can reach the Bureau at 808-587-0134. If loan has not been paid off, mail Bancentre a copy of the first page of the recorded deed the Bureau returned to you.

WHAT HAPPENS IF I FALL BEHIND ON MY MORTGAGE PAYMENTS?

If you anticipate payment problems, contact JAMES in collections via e-mail: LOANS@BANCENTRE.COM or call 360-834-8508 after 9:30 am. You may be able to create a payment plan that will minimize damage to your credit. If you miss two consecutive payments or become more than 90 days delinquent, Bancentre may start the foreclosure process. It is important that you understand the consequences beyond losing your property.

(1) UNDER FORECLOSURE the property is sold for 25% - 30% OF ITS CURRENT VALUE because the new buyer must have cash at the auction.

(2) YOU WILL INCUR APPROXIMATELY $1400 IN ATTORNEY'S, NEWSPAPER PUBLICATION, AND COURT FEES

(3) YOUR CREDIT REPORT WILL REFLECT A FORECLOSURE

(4) THE HAWAII JUDGE CAN ISSUE A "DEFICIENCY JUDGMENT" AGAINST YOU.

Most States in which we record the "Judgment" will result in a lien AGAINST recorded assets (including your home).

(5) The judgment will severely RESTRICT YOUR FUTURE BUYING POWER for a recordable asset.

(6) The judgment accrues interest at 18% per year until paid.

(7) BANCENTRE may have the option of "garnishment of wages."

In short - it is best to give your property to someone who is capable of assuming your monthly payments before allowing the mortgage to go into default. See above for "CAN MY LOAN BE ASSUMED (FAQ's # 3)."

HOW DO I ORDER A COPY OF MY DOCUMENTS ?

If your property is in Hawaii ---- your Deed, Mortgage and Release of Mortgage should all be recorded with the Bureau of Conveyances. There is no need for you to have a hard copy of these documents if they are recorded. If you want to confirm that they are recorded, log on to the web site: http://bocweb.dlnrbc.hawaii.gov . ONLY USE LAST NAME, if your document does not show up, click grantor and try again.

If you wish to obtain a hard copy, you can order the document from the same site.

WHAT IS BANCENTRE CORP'S PRIVACY POLICY?

IMPORTANT INFORMATION – PERSONAL INFORMATION – PRIVACY PROTECTION POLICY
At Bancentre Corp., protecting your privacy and the confidentiality of your personal information is important to us. To offer you the financial products and services you seek, we collect, maintain and use certain information about you. We are providing you with the following statement describing our practices and policies with respect to the privacy of your customer information. In the event you terminate your customer relationship with us or become an inactive customer, we will continue to adhere to the policies and practices described in this notice.
INFORMATION WE COLLECT ABOUT YOU
We collect, retain and use non-public personal information about individual current and former customers to provide products and services to our customers. We may collect the following categories of non-public personal information about you:
information we receive from you, through applications for Bancentre products or services or other forms;
information about your transactions with us, our affiliates or with non-affiliated third parties; and
information we receive from consumer reporting agencies.
INFORMATION WE DISCLOSE ABOUT YOU AND TO WHOM
We may disclose the following kinds of non-public personal information about current and former customers to non-affiliated third parties such as mortgage bankers & brokers, direct marketers and property management companies:
information we receive from you on applications or other forms, such as name, address, SSN, assets and income;
information about your transactions with us, our affiliates or with non-affiliated third parties, such as your account balance, payment history, and parties with whom you engage in financial transactions; and
information from consumer reporting agencies, such as your creditworthiness and credit history.
We also may disclose non-public personal information about you to non-affiliated third parties as permitted by law.
GIVING YOU THE POWER TO CHOOSE
If you determine that you do not want Bancentre Corp. to share your non-public personal information with our non-affiliated third party partners (except under limited circumstances allowed by law), write Bancentre Corp. Include your loan number, full name, full address, SSN, signature and the date. An Opt Out direction by a joint customer shall apply to all the joint account customers. This notice applies only to non-public personal information about individuals who obtain financial products or services for personal, family or household purposes.

7.	Divorce?

Call us !