Comment

Comment by Keith Kyle on April 8, 2011 at 6:03pm

Help...I'm running out of time.  I'm in a short sale representing the buyer and unfortunately the listing agent just doesn't get it, and unfortunately neither does the Citi negotiator.  We received an approval letter with a very short window, and almost nothing on it.  The sellers are contributing $5000 (which was being negotiated on the side....bank fraud?) and so there was no mention of a seller contribution, no mention of costs, and no mention of a $4800 payoff to the 2nd.  The negotiator appears to have agreed to all of this but refuses to put it in the letter.  We have an approval good until the 15th (next week) and finally just received a revised approval letter.  Only difference is a smaller net they're demanding (seller contribution on the side is smaller than original) but still no mention of anything else.  The listing agent refuses to accept any of our help or advice and insists that the 15th is a drop dead date and won't ask for an extension.  This is our first approval, wasn't even a full 30 days and seems very hard to believe this deal is going to fall apart over a valid approval letter and a week extension.  Does anyone have any contact info for a manager, vp, executive offices, etc?

Comment by Ro Reed on April 5, 2011 at 12:45pm

Well I'm happy to report that I decided to "touch base" with the very helpful CitiMortgage negotiator I'm working with.  I explained to her that the CitiFinancial bank manager was impossible to deal with.  I expressed hope that a new offer meeting their net would be received soon, and perhaps by then I'd find someone reasonable. She replied within minutes that I should submit the new offer and HUD directly to her. Woo hoo!  (Although I almost feel like I'll never win the lottery now, since I've obviousl just used up all my luck!)

Comment by Michael Schneider on March 30, 2011 at 3:51pm

I have the Executive Response Unit 636-261-7200

But, I have other numbers for them, too. If this isn't helpful, shoot me an email off line: [email protected]

636 is the right area code for CitiMortgage short sales, I believe.

Comment by Lydia on March 30, 2011 at 10:34am

Does anyone know if there is an executive number for Citimortgage?

BPO was done, appraisal was done, all docs submitted, file is complete, even got verbal approval but no hardcopy approval. It has been over 3 weeksI've put in dozens of calls to the negotiator and no response, I've tried to escalate and no response. Just got word that the trustee sale date is on 4/19.

 

Any help is greatly appreciated.

 

Thanks!

Comment by Ben Benita on March 30, 2011 at 6:03am

Rosemary...you got my book, you should know better than to get "personal" with some yo-yo at ANY bank!!!!

;-)

 

Go over her head, contact me off here and I can send you a contact or two for CITI.

 

Find out who the Investor is and contact THEM directly.....

 

KEEP FIGHTING!!!!!

Comment by Michael Schneider on March 29, 2011 at 10:09am

Rosemary,

Oh, this is sooooooo CitiFinacial.  I think they are truly hopeless.  Clueless is the only word for them.  And, in 2nd lien position, too.

They think that if they made a bad loan that you are try to fix, then you should not make any money.  They are losing money, and they are up for sale.

So, they have a moral problem.

The rep told me straight out that they prefer to foreclose, even if they make nothing, than see a real estate agent make a commission.

I think that foreclosure was invented for CitiFinancial.

Please, would someone buy CitiFinancial and put them out of their misery.

Comment by Ro Reed on March 29, 2011 at 9:49am

I have a Citi Mortgage 1st, and Citi Financial 2nd.  The seller warned me that the bank manager was difficult to deal with, thus when I learned she would be the point of contact to negotiate the 2nd I hoped for the best.  Well, she didn't disappoint as far as her reputation. She immediately questioned how I dare receive a commission when her bank would only received $1000. on a $7500. note! She was upset that I'd sent along a Do Not Call Request as she wanted to deal with the homeowner directly.   She initially stated she'd settled for half of what was owed "on a short sale she did last year" but later stated she would expect the entire amount to be paid to her "because that's what's fair!"  I asked her to send the package on to whomever it is that reviews and decides such matters, and she refused stating that she would not "waste her time". Does anyone have a contact in CitiFinancial ?  I don't see this being a successful endeavor when it seems to be a personal issue with this woman. 

Comment by Mandy Berreth on March 7, 2011 at 12:48pm

Regardless of whether or not the homeowner lives in the property a lender can (but usually doesn't) deny a "traditional" Short Sale for not living in the property. It's based on hardship or meeting required net. Usually lenders want to know if the propery is vacant either for winterization purposes, HAFA guidelines or judicial foreclosures.  

Comment by Wendy Rulnick on March 7, 2011 at 12:44pm

Linda added another good point.  FHA you must live in the home unless there are extenuating circumstances.

Comment by Linda Ipaye on March 7, 2011 at 12:40pm

Hank,I agree with Wendy. You need to call. Is this a standard or HAFA short sale? Is it an FHA or non-FHA loan? If it is a HAFA, there are updated guidelines that went into affect on 2-1-2011 which broadens the circumstances of vacating a property and still being able to do the short sale.

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