<PAGE> 1
MID-STATE TRUST VI ASSET-BACKED NOTES
PAYMENT DATE STATEMENT
PAYMENT DATE : 07/01/97
<TABLE>
<CAPTION>
================================================================================================================================
% OF % OF
CURRENT INTEREST CURRENT INTEREST OPTIMAL INTEREST PAID REALIZED
NOTE INTEREST SHORTFALL INTEREST SHORTFALL PRINCIPAL ON REIMBURSED LOSS AMOUNT TOTAL
CLASS CUSIP PAYMENT PAYMENT PAID PAID PAYMENT REALIZED LOSS AMT PAID DEBT SERVICE
----- ----- -------- --------- -------- --------- --------- ----------------- ----------- ------------
(iii) (iii) (v) (v) (iv)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 59549NAA1 $5,280,212.50 $0.00 100.00000000% N/A $4,594,757.20 $0.00 $0.00 $9,874,969.70
A-2 59549NAB9 $1,068,375.00 $0.00 100.00000000% N/A $922,145.02 $0.00 $0.00 $1,990,520.02
A-3 59549NAC7 $850,135.00 $0.00 100.00000000% N/A $720,151.35 $0.00 $0.00 $1,570,286.35
A-4 59549NAD5 $945,511.25 N/A 100.00000000% N/A $775,240.53 $0.00 $0.00 $1,720,751.78
TOTALS: $8,144,233.75 $0.00 $7,012,294.09 $15,156,527.84
------------- ----- ------------- --------------
================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=========================================================================
PAYMENTS PER "INDIVIDUAL NOTE" UNPAID PRINCIPAL BALANCE
AFTER THIS PAYMENT DATE
=========================================================================
================================================================================
CURRENT INTEREST OPTIMAL
INTEREST SHORTFALL PRINCIPAL INDIV NOTE
NOTE PAYMENT PAYMENT PAYMENT OUTSTANDING PRIN BALANCE
CLASS (PER $1,000) (PER $1,000) (PER $1,000) PRIN BALANCE (PER $1,000)
----- ------------ ------------ ----------- ------------ ------------
(vii) (vii) (viii) (x) (x)
<S> <C> <C> <C> <C> <C>
A-1 $18.35000000 $0.00000000 15.96787906 $283,155,242.80 $984.03212094
A-2 $18.50000000 $0.00000000 15.96787906 $56,827,854.98 $984.03212094
A-3 $18.85000000 $0.00000000 15.96787906 $44,379,848.65 $984.03212094
A-4 $19.47500000 $0.00000000 15.96787906 $47,774,759.47 $984.03212094
$432,137,705.91
---------------
================================================================================
</TABLE>
<TABLE>
<S> <C>
(i) THE AMOUNT OF ISSUER EXPENSES TO BE PAID ON THIS PAYMENT DATE IS : $14,091.30
(ii) THE AMOUNT OF AVAILABLE FUNDS FOR THIS PAYMENT DATE IS: $15,156,527.84
(vi) THE TOTAL CLASS INTEREST SHORTFALL ON THIS PAYMENT DATE IS: $0.00
(viii) THE AMOUNT TO BE WITHDRAWN FROM THE COLLECTION ACCOUNT AND PAID
OVER TO THE ISSUER IN RESPECT OF SUCH PAYMENT DATE PURSUANT TO
SECTION 8.02(c) IS: $0.00
(ix) THE TOTAL REALIZED LOSS AMOUNT IS: $0.00
(xi) THE AMOUNT OF CUMULATIVE ACTUAL NET ECONOMIC LOSSES AS OF THE END OF THE
RELATED DUE PERIOD WHICH IS CALCULATED AS FOLLOWS:
(a) ECONOMIC BALANCE OF ALL ACCOUNTS THAT HAVE BEEN REPOSSESSED, CHARGED
OFF, WRITTEN OFF OR OTHERWISE REDUCED IN WHOLE OR IN PART, WITHOUT ANY
REPOSSESSION: $3,562,921.77
(b) THE NET LIQUIDATION PROCEEDS, IF ANY, OF ACCOUNTS AS OF THE END OF
THE RELATED DUE PERIOD, ANY NEW ACCOUNT THAT IS PART OF SUCH NET
LIQUIDATION PROCEEDS BEING VALUED AT ITS ECONOMIC BALANCE AND
THE REMAINING OUTSTANDING ECONOMIC BALANCE OF ACCOUNTS, CHARGED
OFF, WRITTEN OFF OR OTHERWISE REDUCED, IN PART, BUT NOT IN WHOLE: $2,023,988.70
-------------
(c) [(a) MINUS (b)]: $1,538,933.07
(xii) THE ECONOMIC BALANCE AS OF THE END OF THE RELATED DUE PERIOD OF ACCOUNTS
WITH RESPECT TO WHICH THERE IS A MATERIAL BREACH OF ANY REPRESENTATION OR
WARRANTY MADE IN SECTION 3.11 OR AS TO WHICH THERE IS A MATERIAL DEFECT
IN THE RELATED ACCOUNT DOCUMENTS IN ACCORDANCE WITH SECTION 3.12(b) IS: N/A
(xiii) THE MINIMUM TARGET OVERCOLLATERALIZATION AMOUNT IS: $45,456,151.87
(xiv) THE CUMULATIVE UNREIMBURSED REALIZED LOSS AMOUNT IS: $0.00
(xv) THE AGGREGATE ECONOMIC BALANCE OF THE ACCOUNTS IMMEDIATELY FOLLOWING
THE END OF THE RELATED DUE PERIOD: $454,561,518.74
(xvi) THE NUMBER AND AGGREGATE ECONOMIC BALANCE OF ALL ACCOUNTS 30, 60 and 90
OR MORE DAYS PAST DUE AND IN REPOSSESSION, FORECLOSURE OR BANKRUPTCY:
304 $14,661,338.28
</TABLE>
<PAGE> 2
MID-STATE TRUST VI ASSET-BACKED NOTES
PAYMENT DATE STATEMENT
(SUPPLEMENT)
SUPPLEMENT: PAGE 1 OF 2
PAYMENT DATE : 07/01/97
<TABLE>
<S> <C>
(i) ISSUER EXPENSES TO BE PAID ON THIS PAYMENT DATE ARE AS FOLLOWS:
(a) OWNER TRUSTEE FEE (WILMINGTON TRUST): $5,000.00
(b) TRUSTEE FEE (FIRST UNION): $8,234.06
(c) SUCCESSOR SERVICER FEE (FIRST UNION): $857.24
(d) ACCOUNTANT FEE (PRICE WATERHOUSE): $0.00
----------
$14,091.30
==========
(ii) CALCULATION TO DETERMINE AVAILABLE FUNDS: [THE SUM OF (a), (b) and (c) LESS (d)]
(a) AMOUNT OF COLLECTIONS ON THE ACCOUNTS ON DEPOSIT IN THE COLLECTION ACCOUNT
AT THE CLOSE OF BUSINESS ON THE LAST BUSINESS DAY OF THE RELATED DUE PERIOD;
PLUS $14,983,327.55
(b) NET REINVESTMENT INCOME EARNED ON FUNDS IN THE COLLECTION ACCOUNT
[PROVIDED THAT IN NO EVENT WILL THE OPTIMAL PRINCIPAL AMOUNT FOR
ANY PAYMENT (AMOUNT REPRESENTS INVESTMENT EARNINGS CREDITED DURING
THE PERIOD BEGINNING DATE EXCEED THE REMAINING AVAILABLE FUND FOR
SUCH PAYMENT DATE OR THE AGGREGATE TWO BUSINESS DAYS PRIOR TO SUCH
PAYMENT DATE). $187,291.59
(c) NET REINVESTMENT INCOME EARNED ON FUNDS IN THE HOLDING ACCOUNT FROM THE
PRECEDING PAYMENT DATE THROUGH THE 1ST BUSINESS DAY OF THE MONTH PRECEDING
THE PAYMENT DATE: $0.00
(d) THE AMOUNTS REFLECTED IN (i): $14,091.30
--------------
$15,156,527.84
</TABLE>
(iii) CURRENT INTEREST DUE AND PAYABLE:
NOTE PRINCIPAL BALANCE INTEREST INTEREST DUE
CLASS AS OF RECORD DATE RATE (04/01/97-06/30/97)
----- ----------------- -------- -------------------
A-1 $287,750,000.00 7.340% $5,280,212.50
A-2 $57,750,000.00 7.400% $1,068,375.00
A-3 $45,100,000.00 7.540% $850,135.00
A-4 $48,550,000.00 7.790% $945,511.25
$439,150,000.00 $8,144,233.75
(iv) OPTIMAL PRINCIPAL AMOUNT DUE AND PAYABLE:
<TABLE>
<CAPTION>
OPTIMAL OPTIMAL CUMULATIVE CUMULATIVE
NOTE ORIGINAL PRINCIPAL OPTIMAL PRIN PRIN AMT PRIN PAID % OF AMOUNT OF
CLASS AMOUNT OF NOTES PERCENTAGE 07/01/97 07/01/97 OPTIMAL PRIN PD OPT PRIN PAID
----- ------------------ ------------ --------- --------- --------------- -------------
<S> <C> <C> <C> <C> <C> <C>
A-1 $287,750,000.00 65.524308% 4,594,757.20 4,594,757.20 1.596788% $4,594,757.20
A-2 $57,750,000.00 13.150404% 922,145.02 922,145.02 1.596788% $922,145.02
A-3 $45,100,000.00 10.269839% 720,151.35 720,151.35 1.596788% $720,151.35
A-4 $48,550,000.00 11.055448% 775,240.53 775,240.53 1.596788% $775,240.53
--------------- ------------- -----------
$439,150,000.00 $7,012,294.09 $7,012,294.09
</TABLE>
<TABLE>
<S> <C>
THE FOLLOWING IS FOR INFORMATIONAL PURPOSES ONLY (TO BE USED IN THE CALCULATION
OF (iv)):
THE OPTIMAL PRINCIPAL AMOUNT FOR EACH CLASS OF NOTES SHALL BE THE AMOUNT EQUAL
TO:
(a) ON OR PRIOR TO THE PAYMENT DATE IN APRIL, 2000
(THE "TARGET OVERCOLLATERALIZATION DATE"); AND
(b) AFTER THE PAYMENT DATE IN APRIL, 2000 AND ON WHICH THERE EXISTS AN
UNCURED TRIGGER EVENT,
THE REMAINING AVAILABLE FUNDS: [(ii) LESS THE SUM OF (iii) AND (vi)]: $7,012,294.09
AND
(c) ON THE PAYMENT DATE AFTER THE PAYMENT DATE IN APRIL, 2000 ON WHICH
THERE DOES NOT EXIST AND UNCURED TRIGGER EVENT,
THE AMOUNT WHICH, WHEN PAID AS PRINCIPAL ON THE NOTES,WILL RESULT IN ACHIEVING
OR MAINTAINING THE TARGET OVERCOLLATERALIZATION LEVEL:
[PROVIDED THAT IN NO EVENT WILL THE OPTIMAL PRINCIPAL AMOUNT FOR ANY PAYMENT
DATE EXCEED THE REMAINING AVAILABLE FUND FOR SUCH PAYMENT DATE OR THE AGGREGATE
OUTSTANDING PRINCIPAL BALANCE.]
----------------------------------------------------------------------------------------------
CALCULATION OF TARGET OVERCOLLATERALIZATION LEVEL: [THE GREATER OF (a) AND (b)]
(a) THE PRODUCT OF (i) OVERCOLLATERALIZATION PERCENTAGE; AND 0.00%
(ii) AGGREGATE ECONOMIC BALANCE OF THE ACCOUNTS [AS OF
THE FIRST DAY OF THE MONTH PRECEDING THE MONTH OF $454,561,518.74
THIS PAYMENT DATE]; AND $0.00
(b) THE MINIMUM TARGET OVERCOLLATERALIZATION AMOUNT [(xiii),
BELOW] $45,456,151.87
$45,456,151.87
----------------------------------------------------------------------------------------------
CALCULATION OF OVERCOLLATERALIZATION PERCENTAGE: [THE DIFFERENCE OF (a) AND (b) DIVIDED BY (a)]:
THE EXCESS OF:
(a) THE AGGREGATE ECONOMIC BALANCE OF THE ACCOUNTS (AS OF THE FIRST DAY
OF MARCH, 2000); OVER N/A
(b) THE AGGREGATE OUTSTANDING PRINCIPAL BALANCE AND ALL UNREIMBURSED REALIZED
LOSS AMOUNTS OF ALL CLASSES OF NOTES (AFTER GIVING EFFECT TO PAYMENTS AND
ALLOCATIONS OF LOSSES ON THE PAYMENT DATE IN APRIL, 2000); DIVIDED BY $0.00
(c) (a), ABOVE. 0.00%
----------------------------------------------------------------------------------------------
THE OVERCOLLATERALIZATION AMOUNT SHALL BE CALCULATED AS FOLLOWS: [(a) LESS (b)]:
(a) AGGREGATE ECONOMIC BALANCE OF ACCOUNTS (AS OF THE FIRST DAY OF THE MONTH
PRECEDING THIS PAYMENT DATE); LESS $454,561,518.74
(b) THE SUM OF (i) THE AGGREGATE OUTSTANDING PRINCIPAL BALANCE OF THE NOTES;
AND $432,137,705.91
(ii) ALL UNREIMBURSED REALIZED LOSS AMOUNTS $0.00
[AFTER GIVING EFFECT TO PAYMENTS MADE, BUT PRIOR TO THE
ALLOCATION OF LOSSES THEREON ON THIS PAYMENT DATE] $22,423,812.83
</TABLE>
<PAGE> 3
MID-STATE TRUST VI MORTGAGE-BACKED NOTES
PAYMENT DATE STATEMENT
(SUPPLEMENT)
PAYMENT DATE : 07/01/97
SUPPLEMENT: PAGE 2 OF 2
(vi) CALCULATION OF INTEREST SHORTFALL:
INTEREST
CURRENT UNREIMBURSED ON UNREIMB CUMULATIVE INTEREST
NOTE INTEREST INTEREST SHORTFALL INTEREST SHORTFALL PAID
CLASS SHORTFALL SHORTFALL (04/01/97-06/30/97) SHORTFALL 01/01/98*
----- --------- --------- ------------------- ---------- --------------
A-1 0.00 0.00 0.00 0.00 0.00
A-2 0.00 0.00 0.00 0.00 0.00
A-3 0.00 0.00 0.00 0.00 0.00
A-4 0.00 0.00 0.00 0.00 0.00
$0.00 $0.00 $0.00 $0.00 $0.00
* ANY CLASS A-4 SHORTFALL AMOUNT WAS TRANSFERRED FROM THE CLASS A-4 RESERVE
ACCOUNT AND DEPOSITED IN THE COLLECTION ACCOUNT ON THE PAYMENT DATE.
(viii) AMOUNT TO BE WITHDRAWN FROM THE COLLECTION ACCOUNT AND PAID OVER TO THE
ISSUER IN RESPECT OF THIS PAYMENT DATE PURSUANT TO SECTION 8.02(c):
[(a) LESS (b)]:
<TABLE>
<S> <C>
(a) COLLECTION ACCOUNT BALANCE BEFORE ANY PAYMENTS ARE MADE: $15,170,619.14
(b) TOTAL OF ALL PAYMENTS TO BE MADE ON THIS PAYMENT DATE [(i), (iii),
(iv), (vi) AND (xv)]: $15,170,619.14)
--------------
$0.00
(ix) CALCULATION TO DETERMINE CLASS REALIZED LOSS AMOUNTS: [(a) LESS (b)]
WITH RESPECT TO THE NOTES, AN AMOUNT EQUAL THE EXCESS OF
(a) THE OUTSTANDING PRINCIPAL BALANCE OF EACH CLASS OF NOTES
[AFTER APPLICATION OF THE CLASS OPTIMAL PRINCIPAL AMOUNT, BUT
PRIOR TO LOSSES]; OVER $432,137,705.91
(b) THE AGGREGATE ECONOMIC BALANCE OF THE ACCOUNTS IMMEDIATELY
FOLLOWING THE DUE PERIOD RELATED TO SUCH PAYMENT DATE: $454,561,518.74
---------------
($22,423,812.83)
</TABLE>
INTEREST
OUTSTANDING REALIZED UNREIMBURSED ON UNREIMB.
NOTE PRINCIPAL LOSS REALIZED AMOUNT
CLASS BALANCE AMOUNT LOSS AMOUNT (10/01/97-12/31/97)
----- ----------- -------- ------------ -------------------
A-1 $265,830,580.86 0.00 0.00 0.00
A-2 $53,350,881.12 0.00 0.00 0.00
A-3 $41,664,497.64 0.00 0.00 0.00
A-4 $44,851,693.14 0.00 0.00 0.00
--------------- ----- ----- -----
$405,697,652.76 $0.00 $0.00 0.00
(xiii) CALCULATION TO DETERMINE MINIMUM TARGET OVERCOLLATERALIZATION AMOUNT:
<TABLE>
<S> <C> <C>
THE GREATER OF:
(a) THE PRODUCT OF 10%; AND 10.00%
(b) THE AGGREGATE ECONOMIC BALANCE OF THE ACCOUNTS
(AS OF THE FIRST DAY OF THE MONTH PRECEDING THE
MONTH OF THIS PAYMENT DATE STATEMENT) $454,561,518.74
---------------
$45,456,151.87
AND
(c) $16,180,055.00 $45,456,151.87
</TABLE>
[NOTE: SEE DEFINITION OF "MINIMUM TARGET OVERCOLLATERALIZATION AMOUNT" IN
INDENTURE FOR CRITERIA IF MID-STATE HOMES, INC. NO LONGER SERVICES THE
COLLATERAL.]
(xiv) DETERMINATION OF CUMULATIVE REALIZED LOSS AMOUNT FOR EACH CLASS OF NOTES
[THE SUM OF THE AMOUNTS CALCULATED IN (ix)]:
CURRENT INTEREST
NOTE AND UNREIMB ON UNREIMB. CUMULATIVE
CLASS REAL. LOSS AMT LOSS AMT. AMOUNTS
----- -------------- ----------- ----------
A-1 0.00 0.00 0.00
A-2 0.00 0.00 0.00
A-3 0.00 0.00 0.00
A-4 0.00 0.00 0.00
0.00 0.00 0.00
--------------------------------------------------------------------------------
THE FOLLOWING IS FOR INFORMATIONAL PURPOSES ONLY:
CALCULATION OF AMOUNT AVAILABLE TO PAY REALIZED LOSS AMOUNT FOR EACH CLASS OF
NOTES
REMAINING
AVAIL FDS* OPTIMAL INTEREST CURRENT
NOTE [(iv) ABOVE PRIN AMT ON UNREIMB. AND UNREIMB
CLASS OR BALANCE** [(iv) ABOVE] LOSS AMT. REAL. LOSS AMT BALANCE
----- ------------- ------------- ----------- -------------- -------
A-1 $7,012,294.09 $4,594,757.20 0.00 0.00 $2,417,536.89
A-2 $2,417,536.89 $922,145.02 0.00 0.00 $1,495,391.87
A-3 $1,495,391.87 $720,151.35 0.00 0.00 $775,240.53
A-4 $775,240.53 $775,240.53 0.00 0.00 $0.00
* APPLIES TO CLASS A-1 NOTES ONLY
** APPLIES TO CLASS A-2 THROUGH CLASS A-4 NOTES.
