2nd mtg cit group

crunch time…anyone with dealings with cit group? No know from last week they file chapter 11 & I have a 2nd with them for 33K. what are the chance of them writing it off or accepting 1,000 a little under 10% of what is owed to release 2nd mtg?

Any help got a closing setup up for 4 days. Perhaps someone knows someone I can call over there? Thanks guys 2 minute warning is on.

You have to take the same steps as if you were to be doing a short sale or modifications. Submit your finances hardship letter and state that you would like to be reviewed for a settlement.

Speak to the loss mittigation deparment and take it step by step. We have successfully completed hundreds of settlements with seconds without short selling the property.

Good luck

Yep I’m up on it already. In when I informed them that I’m ready to wire the fund to them early next week. The response came back Ahmad we just can’t accept 1,000 send us a copy of the HUD & we’ll go from the, because we are ready to settle this debt.

My Atty says the bank 1st lien holder citimtg in most cases will not allow the 2nd to receive over 2,500 or close to that. So hopefully it will all work out since they the company “Tritium Card Services” are collecting the debt for CIT Group, who may just be apart of their collection div.

Everyone knows they CIT Group just filed chapter 11

Tritium card services is a collections company, third party charge off. Typically when your file is with them that means that they will be asking for a larger amount.

They might ask for 10% of the full pay off.

Good Luck!

well it worked out they agreed to 10% of 33K my atty seemed to believe that it would be a problem with citimortgage cause it’s over 2K which is what he mostly sees.

I shared with him the only thing my closer dept seem to be concerned with was getting the release “aaproval letter” so now we got it thank God time to get paid. YEEAAAH! And got 2 strong prospects since the listing agent seen me work & my atty.