Replies to This Discussion

Permalink Reply by Bryant Tutas on April 27, 2010 at 1:14pm

If this is a HAFA deal then Citi can get $6,000. If it's not then just keep pounding them. If the seller has no money to contribute offer a note. I doubt seriously that Citi will walk. They are just playing hard ball. If the seller truly has no means to make this work then you need to resubmit their financial statement and hardship to Citi. The seller may want to write another letter explaining why they can't contribute. Just keep working it.

Permalink Reply by Tim Harrison on April 27, 2010 at 2:49pm

Gwendolyn, I'm an end buyer facing the same scenario (BOA 1st, Citi 2nd). The seller owes $99k to Citi and they wanted the standard 10% or $9900. This is a non-HAFA deal since it's Freddie Mac so BOA is only giving Citi $3000. Today the listing agent revealed that Citi has lowered their demands to $5000 and this is for full release of the 2nd lien.

So like Bryant said you just have to keep hammering them I guess but I know that every case is different. My short sale is going on 7 months now. Good luck!

Permalink Reply by Gwendolyn Harvey on April 29, 2010 at 4:54am

Yesterday I received an email from the negotiator of Bank of America after submitting Citi Mortgage request for the $8500.00. They stated they would only pay them $3000.00. I then escalated the loan at Citi Mortgage and emailed the manager, which he responded to my email saying that Citi Mortgage again would only accept the $8500.00 and that they will place the file in turn down status. So, what do I do now?

Bryant Tutas said:

If this is a HAFA deal then Citi can get $6,000. If it's not then just keep pounding them. If the seller has no money to contribute offer a note. I doubt seriously that Citi will walk. They are just playing hard ball. If the seller truly has no means to make this work then you need to resubmit their financial statement and hardship to Citi. The seller may want to write another letter explaining why they can't contribute. Just keep working it.

Permalink Reply by Barbara A. Hill on May 16, 2010 at 6:55am

Hi Gwendolyn

Go above that person's head and keep going until you get someone that is willing to work with you. If the Buyer or Seller can come up with anything you would probably be able to close this with $4500.

Good Luck
Barbara

Permalink Reply by Gwendolyn Harvey on May 16, 2010 at 7:27am

Right now Citi mortgage has closed the file until we can get a final approval from Bank of America. I also, did escalate the loan for Citi Mortgage and the Manager agreed with the negotiator. Stating that they would only accept the $8500.00 and that the file would be closed until we hear back from Bank of America. So, right now we are in the evaluation stage with Bank of America and have already had the appraisal completed. Doesn't Citi Mortgage have to get a BPO or appraisal completed as well. I am guessing there is nothing I can do with Citi Mortgage until Bank of America starts the negotiation stage on this file. Is that true?

Permalink Reply by Barbara A. Hill on May 16, 2010 at 8:57am

For the Second they don't really care about what the BPO comes in at. They are just looking for a percentage of what is owed. I would presume that the second is around the $85K mark? They know they will only get 3-5% of the balance. Citi is terrible to work with. I would just try to find a higher up like the office of the President/CEO if you can. I will look through my files and see if I ever found a number for that. I have it for BofA but not sure about Citi.

Barbara