Comment

Comment by Amy Martin on November 2, 2010 at 4:07am

What does your approval state? Has it expired? Call your negotiator and see if he can hold, if not, then Negotiator will give you contact number at Litton. I just had one like that and my negotiator kept it with him till it expires. But again, is a cases by case situation.

Comment by Cathy Baumbusch on October 29, 2010 at 4:05am

Anyone know what happens when you get an approval from Citi but then they tell you they can't process the short sale because they sold the loan to Litton? (I have the buyer on this one.)

Comment by Elise Fay on October 24, 2010 at 5:07am

Once I had to provide authorization but I was able to fax in the same one I sent to the bank originally. Just call the number--you will get a first level responder. She will most likely send you up a level to speak with someone who can handle your issue. You almost always have to leave a message. THEY DO return your call within a couple of days. Look out for the DC area code 202. Once you speak with someone, if they require an authorization, they will have you send it direclty to them. They say it can take up to 2 weeks to get you a response/solution to your issue, but they will call back and they do call back 2 weeks after that to follow up and close out the file.

Everytime you call and leave a message with the FNME contact persons name, they do get the message and again will call you back. Good Luck.

Comment by Bill Garrett on October 24, 2010 at 3:42am

1. Does FNMA require an Authorization or does the Authorization already provided to the bank suffice? 2. If FNMA does require an Authorization do they have special form that one must use? 3. Do you have a fax number for sending any such Authorization to FNMA? Thanks.

Comment by Elise Fay on October 23, 2010 at 1:21pm

Is it a Fannie Mae loan? I think it does say that in there...can't remember. I would call Fannie Mae in DC. They have helped me quite a bit with some of my difficult files by contacting the servicer and they follow up on all their files.

Comment by Michael Schneider on October 23, 2010 at 7:18am

Jose,
It's part of the Fannie/HAFA eligibility, I believe. The three variations of HAFA: MHA, Fannie and Freddie are different.
I think you can probably contest this (I haven't been here, btw), at least, I would try to.
This may be part of not offering assistance to "foreclosure defense" borrowers, meaning legal defense to stay in the house without paying for as long as possible.

Comment by JOSE PENA on October 23, 2010 at 4:00am

a client of mine recieved a letter from Citi stating the following:

"Foreclosure sale date: Loans schedules for foreclosure within 60 days of evaluating your request are ineligible for HAFA"

*i read the HAFA guidelines and it mentiones nothing about that.

Could it be that some banks are trying to stear away from HAFA??


do you think it would be a good idea to have NAR investigate that for us Realtors?....i'd like to think so. I don't like people trying to cheat seller's who are having hardships and need to sell.

what do you think?

Comment by Linda Ipaye on October 19, 2010 at 10:33am

Check it out! I have been in the short sale game for nearly 7 years. Had a listing for a couple months, Kept Citi negotiator informed weekly of price changes (Citi holds 1st and 2nd lien), got an offer last Wednesday, sent in short sale packet packet Friday, Monday had the approval letter in my hands!!! In writing, they won't pursue seller for deficiency and will report as "paid in full for less than the full balance" to credit agencies! Keep at it, the lenders are coming around! I've put it up on youtube!

Comment by Bill Garrett on October 18, 2010 at 11:53am

Can anyone point me to a location where I can find the docs needed for a short sale on an FHA mortgage serviced by Citi?

Comment by The Good Home Team on October 18, 2010 at 11:06am

I am meeting with a seller tonight... Citi is the lender Fannie is the investor...Texas Attorney General sent a Demand letter to the lenders but I have yet to see anything fruitful from it.

Anyone seen Citi and Fannie postpone after everything going on?

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