This question comes a bit later in the process as the client has already sold their home. I always feel it a bit odd as it seems under some circumstances a person get's impacted less doing a short sale and not paying the bank off in full than working hard like this couple and paying the loan off in full.
Here's the back story,
1. Client experienced a loss in household income.
2. Put home on market to downsize and reduce expenses.
3. Client negotiated hardship / relief from bank ~ none was offered.
4. Client couldn't make payment and missed some.
5. We got home sold and paid off in full.
6. Started search for new home & applied for their home loan.
7. Learned a 9 month wait to rebuild credit history.
Unfortunately, we were not placed in loop about the extend of the hardship / missed payments during the listing period. Now that they have applied for their home loan they learned it's a 9 month wait to rebuild credit.
I'm exploring alternative options if any. Curious if,
Anybody had negotiated a hardship after the sale to help clean up / reduce impact to credit report?
Specifically any advice in working with CITI?