Approval Letter

Has anyone else had a lender (in this case citimortgage) settle on a number for 1st & 2nd, however the approval letter doesn’t include the 2nd mtg acct number as being relased upon funds being wired.

I’ve already called left message with the closer & sent follow up email, Referring him to phone log & fax last sent regarding such settlement on both (well at-lease verbal) which is how we got here. My thoughts are since we are on for closing in 3 days

What say you guys/girls of this matter. If the mit made an an error, what it appears here, what are my chances of the bank signing off on both now, since we are on for closing in 3 days?

I do not clearly understand the situation.

Is citi mortgage holding the first and second?

Did you receive an approval from the 1st releasing $0.00 to the second? :banghead

yes citi does hold both mtg & no I haven’t recieved any approval of the 2nd. I believe so kind of way it was overlooked. Closer has gotten back says he’ll ck on it. When he got package it had only what he has sent me “Approval Letter”.

I’m just gonna use this to keep the presser on since we are so close to closer3 days & have been working with this since june with 3 diffrent mitgators & it was agreed upon.

I still do not understand. It sounds like the first forgot about the 2nd, sometimes the bank drops the ball on these things. It could be many things, did you submit a HUD-1 with funds being released to the 2nd? Did you ever check on the 2nd to make sure it was being processed?

well to my & the lender surprise it wasn’t them it’s CIT Group who actually did the 1st sold it to citimortgage simultaneously & did a 2nd. Needless to say, I’m working on it now with another outfit called “Tritim Card Services” out of Garden City, NY. who is perhaps, an extension of their CIT Group div. for collecting/servicing the debt, since everybody knows “CIT Group” just filed for chapter 11.

Nonetheless I offered 1,000 they were nice & said Ahmad we just can’t take that, send copy of HUD & we’ll go from their…my Atty as everyone knows says the bank 1st lien holder isn’t going to let a 2nd lien holder receive to much. So I’m hopeful for a positive response that’s acceptable where we can close next week.

Especially since the 2nd lien holder did say they’re ready to settle this debt. So good luck to me!

Someone might need to come to closing with additional funds if the first does not want to meet the figure the 2nd is requesting.

well it all worked out citimortgage only concern about the 2nd releasing their lien as them. But nonetheless the 2nd settled on 10% of 33K. So we are just one mor step from getting paid! YEEAAH!

Plus I got to strong prospects from the realtor & atty see me work it…kool hand Luke…although it was up & down. Thanks guys/girls for all the help. God Bless

I am just curious, what was the acceptance price and what is the cost of repair and market value.

Need some encouragement. :biggrin

Unfortuantely, AhmadT, the error isn’t with the Loss Mitigator. I kind of assumed the same thing, when I was working a Citimortgage 1st and 2nd, i.e. that the 1st mortgage L/M would control the outcome for both mortgages. Wrong.

I’m learning to treat the two mortgages as totally separate, even if they are with the same company. The two departments are totally separate so one must receive a payoff letter for each, independent of the other.

The one I just completed had a 2nd with Citi and before I could get a payoff letter, they charged it off, turning it over to GC Services for collection; lost several days because they didn’t have it fully transferred. Once they had it online, GC Services was decent to work with, except they were slower than molasses faxing out the approval letter. Took four days; my stomach churned for all four, and had a tough time sleeping. Of course, the more I do this the easier it will get, but it’s important to remember that each mortgage must be negotiated on its own, at least with Citi.

Maybe other lenders are different?