Ramifications of a Charge Off
We have a short sale where the first is a full payoff to greentree and the second is with Citi. We got approval then buyers did their inspections and of course wanted a massive price reduction. We could not find a better buyer so we did a value dispute, value finally came back. Buyer and second are still $20k apart. Citi (second) says they will be charging off the debt on the 25th.
What would the ramifications be for the seller? What does this mean with regards to the short sale? We are in California.
Replies to This Discussion
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Permalink Reply by Wayne Brooks on
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Don't you love doing inspections , after lender approval?
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Permalink Reply by Short Sale Superstars LLC on
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Trish,
If the debt is charged off the new agency may come back requesting a different settlement offer. They may or may not uphold the previous approved amount. How much is the 2nd owed and what amount have they approved? Sometimes you need to explore the option of potentially shorting the 1st in order to make this transactions come together smoother.
If yo have any questions please feel free to reach out to me as my door is always open.
310-564-6389
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