Hi everyone,
We put a offer in on a short sale in October. Ocwen was the first bank. We got approval from them the end of February. After a very long ordeal. Citi is the second lien holder on the property. The offer has been with them for now 2 months. I know that they get $8500.00 according to the Hud1. How much longer until we get a approval. Our Ocwen approval expires May 26. That took almost 5 months to get. Now I'm nervous and don't know what is taking so long. They ordered a appraisal a few weeks ago and asked for my proof of funds and approval letter from bank. But nothing since then. Does anyone have any experience with Citi? I just don't know how long to wait. If 1st approval expires then we have to start all over. Help!!!

Views: 143

Replies to This Discussion

Something that has served me extremely well with working short sales is to communicate, communicate, communicate. Nag may be a less elegant way of putting it. Have you been assigned a particular coordinator at Citi? My experience has been that once you are assigned a particular negotiator there, they are really responsive to my email requests.

Email your negotiator and ask what they still need to get the approval on their part of the deal. Odds are, it'll be something you've already given them, but it's ok.

You should be able to get an extension. Typically, banks will allow one extension.

The lawyer tells me she calls frequently and emails. She did email the supervisor and we have not heard back. She said that Citi was slow but now they are moving at normal speed. She said they have everything they need. She also said the first bank should,have given more wiggle room on their approval. They gave 3 months!! I know it takes a while. But how annoying.

RSS

Members

© 2018   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************