Comment

Comment by Kylee Roe on July 7, 2011 at 8:06am

I believe the "affidavit" is that exact page(s). The Citi Arms length Transaction paperwork from above is the affidavit.

Paragraph "F" is a little disconcerting. Could be understood to mean that Citi could say they made an error and then come collecting again. G and H don't bother me as much. Do you have a lawyer you can consult regarding the paragraphs in question?

Comment by Deidre St. Romain on July 7, 2011 at 7:52am

That is not what I read at all.  Pull the Arms Length Transaction form above and read paragraph f, g and h and see what you think.  First of all I don't know what "affidavit" they are referring to.  I did ask my negotiator via email what that was referring to.  I haven't heard back from her as of yet.  I'd appreciate your opinion after you read this because right now it is a sticking point in getting this done.  Thank you!

Comment by Kylee Roe on July 7, 2011 at 7:28am

Deidre, what is the problem with signing this? Sounds like Citi is absolving itself of responsibility of the homes condition, much like an REO seller would. Unless I missed something in your post?

Comment by Deidre St. Romain on July 7, 2011 at 7:25am

I have read around her on these posts but have found nothing that anyone is saying about the new Arms Length Transaction Document that Citi is requiring.  There is verbiage in there (this is a Freddie owned loan and I think this is their form) that ALL signatories agree to indemnify Citi and investor for any and all loss from negligent or intentional misrepresention made in the AFFIDAVIT, etc. etc.  They want seller, buyer, agents and Title to sign.  Has anyone successfully DENIED signing this and had the SS approved anyway?  I just questioned my negotiator on this but don't hold much hope for them waiving us signing this.  What say you fellow agents?

Comment by Michael Schneider on June 16, 2011 at 10:31am

That's it.  That is all you get, as far as i know.

Comment by Suzanne Kensington on June 16, 2011 at 10:13am

Okay.  Thank you very much. I called HUD and they were no help, the girl who I spoke with said she thought HUD could go over the borrower, but they rarely do.  So I did find the Mortgagee Letter 2008-43.  I read all 18 pages and found "Mortgagors, acting in good faith, who successfully sell their properties using this option are relieved of their mortgage obligation".

Comment by Jim Schneider on June 16, 2011 at 9:40am

Suzanne, Michael is right, it says that mortgagees have to write off the deficiency, which should prevent ANYONE from pursuing it. Obviously, read the mortgagee letter on the hud site and talk to an attorney.

Comment by Michael Schneider on June 16, 2011 at 9:28am

Re, Citi HELOC, sounds like servicing may have been sold to an agency.  I think Citi sells at 180 DPD.  Try these:

800-788-4517 (SS HELOC), 800-685-0935 (HELOC CS)

I think liquidation is handled by CitiFinancial 800 824 9907

Comment by Michael Schneider on June 16, 2011 at 9:15am

It is stated in ML 08-43, the Mortgagee Letter for the FHA Preforeclosure Sale Program.  (I'm assuming that your client was approved into PFS.)  But, it is hard to find.  (Something like "...no further obligation...").  ML 08-43 is posted on the FHA group, or google.

Some lenders explicited state "waiver" others do not, for FHA/PFS approvals.  Some will add when requested.

I think it's okay.

Comment by Suzanne Kensington on June 16, 2011 at 8:46am

I just got an approval on an FHA short sale with Citimortgage that is the only lender.  Everything looks good, but there isn't specific language regarding the deficiency.  The negotiator is telling me that Citi can't go after the borrower for deficiency, but FHA can and that he can't change the language.  I have another FHA with Wells that I just got the approval and they have the language.  Anyone have this problem with Citi on FHA deal?

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