Anyone on this forum have any short sale experience with CitiMortgage? They have been sitting on my short sale package for 2 weeks without responding to my repeated calls and faxes requesting a status update.
In my opinion, CitiMortgage is handling this in a very unprofessional manner. I understand that they are, most likely, swamped with loss mitigation cases, however, they should, at the very least, acknowledge that they have received the package.
The HO is facing the foreclosure sale in one week and most likely any possibility of a short sale is too far gone, at this point.
For me, in my experience, CITI mtg. sucks!! They will be slow as hell, waiting forever, never returning calls, don’t be suprised when you do talk with them, They WILL be rude and unhelpful for the first weeks or so. You have to be really firm with them to get something done. Once you are firm, they get to work and take care of things pretty quick.
Funny that you say that… After I posted my message on this forum, I finally left a “pissed off” message on the Loss Mitigator’s voice mail. Within a short time he called me to tell me that my offer was too low. I always lean towards using my patient professionalism for as long as possible.
No big surprise on the offer, so I just submitted an increased offer with a new HUD1… LET THE GAMES BEGIN!
haha, Funny! That’s about right … good luck with them. If you don’t have a perfect customer, don’t be suprised when they decline the short sale. I have someone named shelia burger that works with them…SHE IS AWESOME. maybe you will get her. She will get you taken care of really quick, never had a problem with her other than returning calls etc.
I am working with NCO who represents CITI. I am dealing with Jeremy Becker. He has been pretty good to deal with, except that CITI flat out rejected my offer. The Trustee’s sale is set for next Tuesday for the 1st mortgage. I don’t really know what to do now. The balance is $110K and I offerred 5K, which is pretty generous considering that the 1st is looking at a loss of $30k. Any ideas?
First is 430k including all fees, second is 110k. FMV (as a foreclosure) $450k (comps are showing $465 to $480) absolutely immaculate property with 75k in upgrades which are brand new. Beautiful home! Such a shame! Was on the market for almost a year at $525, but didn’t get offers until the price dropped below $465k.
While the market has slowed, we are still seeing lots of action here in San Diego. I would say that the Trustee’s sales are getting buyers about half the time. My exit strategy is to sell this home to my qualified buyer. She has been very patient waiting for an answer to her offer to purchase.
Another investor was suggesting that I purchase the property at Trustee’s sale and turn around and sell it to my buyer. I would need to have a partner for the cash down payment of 10-15%, though, for the 10 days or so until I could fund the purchase loan for my buyer.
If selling the property at the foreclosure sale is a 50-50 gamble for the Lender (second mortgage) I would guess that they will take that gamble.
If the 2nd Mortgage Lender ends up taking back the property as an REO after the courthouse sale, they will be responsible for paying off the first mortgage at $430K and all other related expenses once owned (real estate commission for selling it, repairs, maintenance, etc) until it is sold. My guess is that they will also cut a deal with the first Mortgage Lender to slightly reduce the $430K payoff.
The only thing that I can suggest is that you try to weasel some info out of the 2nd mortgage lender to get a feel for what amount of a discount will be acceptable to them. If you can get that “tidbit of info” try to short the first to make up the difference or get close to it.
Unfortunatly, in a strong market, many lenders feel that they are better off taking a chance at the foreclosure sale.
We don’t suffer too much of this in ATL, as we experience around 4,000 foreclosures per month and there is more bargaining room for the Investor.
Also, in GA, when purchasing a house at the foreclosure sale, you must have exact funds for the full amount of the property. Only the “well connected” play that game!
If it comes down to it, you should be able to find a partner to invest the 10-15% required down payment, on a short term basis, providing you offer a good return for their investment.
Good luck and please post your results when all is said and done.
My best experience has been with citi mortgage.
I chased a home all the way from the time it was in
collections, had the file moved to Loss mitigation.
The folks in collections and LM were calling me to track
down the mortgagors
It was a divorce situation with the alcholic man in the
house and the mortgagor spouse leaving elsewhere.
In short, the BPO came in the low 120’s. They took
a 20K loss on a 130K lien and sold it to us for 110k.
They had got in touch with their REO dept and
figured out what they will get if they take it to auction.
This was a home built in 2003 in pristine condition.
We just rented it out for cash flow after purchasing it
with cash, then did a cashout refi at a higher appraisal
for over 145K. The comps are around 150K today.
Well, it all depends on who gets to handle your file in
a given organization.