Comment

Comment by Stephen Shafer on October 8, 2010 at 6:29am

I am facing CITI on two 2nd & they are askinking for 20% of the sales price and a reduction of RE commissions or they will let it go to foreclosesure, any advice from my fellow travelers?

Comment by Randall Scruggs JD on October 7, 2010 at 12:30pm

Anyone here know what the buzz words are with Citi to get them to order a new BPO or at least contest the one they have. I do not believe they are even reading my emails that states their BPO is wrong.

They have asked me to counter a buyer's offer with a number 30,000 higher than FMV. That 30,000 is 15% higher than active comps. Of course the buyer refused the offer. Larry Sykes at Citi, said go find another buyer, but no body will pay 30,000 more for a home when there are many to choose from for less money, in better condition, and more square footage. I have also pointed out that the home will not appraise at their number.

Ideas???

Comment by Kyle Souza on October 7, 2010 at 10:30am

jose - email me [email protected]

Comment by JOSE PENA on October 7, 2010 at 10:25am

Wendy Rulnick

do you have any suggestions regarding my situation?

i've tried all of the methods below, suggested by our peers in this group.

fannie mae was not help, when i called them directly.

and the negotiator/supervisor are unresponsive, still hard headed are they are to not even send a request to the investor to postpone the sale date, now that we have an offer.

would it be a good time sue them!? exploit them, how tha heck are we supposed to recover when servicer's are.........(creative thinking going on at this point)....lol

thank you in advance :)

Comment by Ben Benita on October 7, 2010 at 5:09am

You will be facing an uphill battle with Fannie....

They, like ALL investors, are getting very "foreclosure hungry" b/c of the foreclosure moratoriums being pushed for b/c of the non-sense from B of A, Chase, GMAC, etc. and the "robo-foreclosure" signing.

Be firm....keep fighting....try reaching out to your state attorney general and other government bodies.....OTS, OCC, Federal Reserve Board, etc.

Comment by Amy Martin on October 7, 2010 at 5:06am

Where do I go from here? Any feedbacks will be very much appreciated!
I got another 1st Lien Citimortgage short sale. I thought Citimortgage is easy to deal with? My negotiator gave me an approval for my Va Loan Buyer where purchase offer price is $390,000, commision at 4% and net proceed of $372,107.00. Of course, about $2k in VA nonallowable fees, fees for delinquent taxes, delinquent HOA and 2nd mortgage of $21,500 and ++. Do the math on this one.....Their approval is only enough to pay our 4% commission and nothing more. Impossible! So I called the presidential office (I think) and told me that this is the right place to escalate but not to negotiate since all their negotiators are highly trained and that I have to go back to her and work it out. I once talked to my negotiator's supervisor at one point (which I failed to write down his number) wrapped everything with my approval and a decent one. However, my negotiator said that the supervisor does not know her file and retracted everything supervisor's figures he gave me. (Am I sounding nuts here? sorry!)
My great escrow officer wrote a note to her stating that what she is asking for is impossible and need to go over her approval and calculations. No response. Where do I go from here?

Comment by Kyle Souza on October 7, 2010 at 4:42am

no worries. good luck. if you have trouble finding contact info get back in touch with me.

Comment by JOSE PENA on October 7, 2010 at 4:36am

awesome! it's owned by fannie mae.

I won't forget your help Kyle, thank you very much. God Bless

Comment by JOSE PENA on October 7, 2010 at 4:34am

thank you so much Kyle

Comment by Kyle Souza on October 7, 2010 at 4:33am

https://ww3.freddiemac.com/corporate/

www.fanniemae.com/homepath/homeaffordable.jhtml

this will tell you if it is Fannie or Freddie. if it's not these then you will have to ask.

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