CitiMort

Hi All,

We are representing a buyer.

CitiMort approved the sale for $109k with $4k payout to BOFA.
BOFA wants $8k.
Buyer has agreed to increase the pp to $113k another $4k to satisfied BOFA. Citi won't release that additional $4k on the HUD to BOFA. They said the client can pay BOFA on the side.

PLEASE HELP!
IS THIS A RESPA VIOLATION?
HOW CAN WE GET CITI TO PERFORM?

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Replies to This Discussion

Permalink Reply by Barbara A. Hill on May 16, 2010 at 6:51am

Hi Amy

From learning the hard way, If you increase the Purchase Price the First Lender will want the extra to increase their bottom line. I have not found a Lender that will allow including the extra for the second in the Loan. Has to be money brought into Escrow from the Buyer/Seller or Agent Contribution. Wish I had better news.

If anyone out there as had success with extra to the Second through the Buyers loan would love to hear how it was done.

Thanks
Barbara

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