Replies to This Discussion

Permalink Reply by DanaVoelzke on February 16, 2010 at 5:02pm

I just closed a short sale with a Wells Fargo 1st & a Citi 2nd and am starting another. Citi is very on the ball and processes things in an efficient manner. They ask good questions and do their homework.

Most of my short sale transactions have 2nds. It's not the kiss of death and you'll have to negotiate your way thru it starting with the 2nd. They typically ask for 10% of the loan balance based on my experience.

Having said that each case has its own individual set of circumstances. As Katerina always says these banks are servicers only, so your case may be influenced by the specific criteria of the investor if applicable. Search for posts about working with seconds on this website there is a ton of good advice out there.

Permalink Reply by Guy Lofts CRS on February 16, 2010 at 5:15pm

Dane Thanks for the specific info.
I know there is a ton of info, just it is not always easy to find exactly what you want.
I have done lots of shorts, but i have not done too many seconds.

Permalink Reply by Vanessa Calhoun on May 12, 2010 at 1:48pm

I have a second with Citi in which we were given a verbal approval a week ago.....we're still waiting on the written approval and I'm at my wits end!!! Any suggestions would be wonderful as we're all ready to close!

Permalink Reply by Tina Kang Yee on May 24, 2010 at 7:20am

I'm working with them right now. They want 10% ($16,500) of the loan amount which is a lot for my homeowners. Any idea to reduce that amount?

Permalink Reply by Tina Kang Yee on May 25, 2010 at 5:23am

B of A is paying only $3K =( I countered 3 times and they are not giving anymore =(

Armi Abiera said:

What is the first giving them? Counter back.

Permalink Reply by Amiee Kane on May 28, 2010 at 4:23am

I have a second that has been holding off while we worked through the BOA equator transition nightmare. We are finally about 7 days away from getting approval from BOA. Citi is now saying that the account has been charged off and the guy who called said he has until the 31st to re-activate the file, but the only way he can do that is if the seller makes a payment. If he doesnt, it will go to a recovery status, then be assigned to a collections company which we can negotiate with but we will have to start all over with the shortsale package and they will owe about $2500 in additional legal fees. I need to escalate this- anyone have a name and number of a supervisor in these final stages?

Permalink Reply by The Trent on July 6, 2010 at 7:27am

Yep,

I have found that CITI will roll over if you give them the silent treatment. Have had sucess two times with them as 2nd lender.

Armi Abiera said:

I was in similar situation. BofA first only willing to give $3K. Citi wanted 10%(about 10K). I told Citi, that's all their going to get. And the next day, I got approval accepting $3K. If seller has hardship, remind them. Seller is insolvent, doesn't have funds, etc. Then show them the numbers. This is the best their going to get, if it goes to foreclosure they won't get anything, etc....

Tina Kang said:

B of A is paying only $3K =( I countered 3 times and they are not giving anymore =(

Armi Abiera said:

What is the first giving them? Counter back.