Comment

Comment by AMY GERRISH on May 3, 2010 at 7:45am

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?

Comment by Cindy Jones on May 1, 2010 at 11:02am

Citi officially closes file. Says come back when you are 30 days late. Fannie Mae finally confirms won't consider until 30 days in arrears. Honest folks getting screwed while lenders turn their back on appraisals and flopping issues which are costing them millions. Oh well press on.

Comment by Ben Benita on April 22, 2010 at 5:35pm

I checked with the BK attorney we refer persons to hear in the Washington DC area, tricky situation with the BK, and, as we guessed, LOTS of variables.

Best move, as Kenny noted, offer them some cash to go away, I would start with $1000 or whatever your first lien holder approved and negotiate from there.

Comment by Ben Benita on April 22, 2010 at 5:12pm

Cindy - is your Seller willing to skip payments and live for free in the home while you work out the short sale? Have you told them the ONLY financial benefit to them in continuing to make payments is that it will minimize credit damage, that they would get the same benefit writing their check to Experian or Equifax each month? Push back a little more and see what they say.

If they do NOT want to skip payments, have them write a letter:
"Dear CITI, is it true you are forcing us to skip payments and ruin our credit in order to proceed with a short sale"

and someone at CITI or FNMA sign it (NO CHANCE they will)
Be Strong, keep us posted.

Comment by Cindy Jones on April 19, 2010 at 7:48am

Citi absolutely stonewalling on file. Closed since not late on payment said FMNA issue. FMNA says no. Negotiator and negotiator supervisor unresponsive. Anyone have a # or email for Presidents office or someone who will listen to reason. This is my military family with PCS orders that do not qualify for HAP.

Comment by Ben Benita on April 18, 2010 at 6:08pm

Vincent - depending on how strong you negotiate for your client, there should be no issues at all if you push back on Citi

Comment by Karyl Moore on April 18, 2010 at 12:52pm

The hardship question depends on the whole picture but I think Citi would be happy with only being $8000 short. I've closed a couple of Citi shorts and they were more reasonable than most to deal with. I'd give it a try.

Comment by Vincent Mignogna on April 18, 2010 at 12:04pm

Just went out on a listing with Citi 2nd and I would need them to take about an 8k short on a 30k loan. Borrower is making all payments and paid off some credit card debt in the last month so do I have a shot with this or would I be wasting my time? I would think once they run her credit and see she has paid down that credit card debt they will not negotiate?

Comment by Ben Benita on April 18, 2010 at 11:25am

To find out if there is MI, MOST negotiators will give you a yes or no if you just ask.
If they will NOT give you a yes or no, have your client send in a "QWR" (Banking speak for Qualifed Written Request) where your Seller puts in writing and SIGNS a request to know who the MI company is (lenders MST tell teh Seller this info. if they receive such a request in writing).

Armed with who the MI company is, your transaction will go MUCH more smoothly (you can often contact the MI company directly and get thigns done quickly.

Best of luck!!!!

Comment by Carol Pease on April 18, 2010 at 9:04am

Ben:
Over the course of a transaction you learn the personality of the negotiator. We can't ever forget that that is what they are paid to do, to get as much for their client as they can.

What I really want to know is how you find out if there is hidden mortgage insurance on the 2nd loan. Who will tell you that?

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