Comment

Comment by Ben Benita on June 14, 2010 at 1:00pm

Michael -- as always, nothing to lose by asking. I know one of my partners just got almost $30,000 in "repairs" cleared through CITI, right there on the HUD AND THE AGENTS GOT 8%, we were told:

"as long we get our "net", we are fine with those costs"

BUT, and this is a BIG BUT, I do not recall who the investor was (they literally closed on this Friday and we just got the checks today)
My 2 cents -- I would get an estimate (and photos if able) and escalate the file ASAP!!!

Try calling - 866-713-4785, I know level III negotiators are available here....

You can also contact me direct -- [email protected] and I can get you some direct contact information, direct phone numbers and e-mails, once you tell me a few things about the loan/note:
Are payments late
Do you know who the investor is
Is the loan conventional
etc.

Comment by Kent Dills on June 14, 2010 at 12:19pm

Michael, you need to EMPHASIZE the point that Citi/Fannie will have to pay for this remediation if the decide to foreclose on the property, so they might as well pay for it now - pre-foreclosure - and save themselves time and money! Good luck!

Comment by Michael Schneider on June 14, 2010 at 12:10pm

Any experience with asbestos?
I have a Citi/Fannie short sale, they have told me the minimum net I must meet. And, I have an offer that meets the minimum, with perhaps a few hundred to spare.
Now, it turns out there is some asbestos in the basement.
Let's assume for this quesiton that remediation is reasonable and cost-effective.
Does anyone have experience with cost of remediation as an additional expense? Do you think Fannie will let me take this from the proceeds, thereby lower the net below the minimum?
Ben? Any experience on this?
Thanks, Michael.

Comment by Ben Benita on June 12, 2010 at 3:35am

Deficiency requests normally vary by state and by Investor, I also think any HAFA short sale has no deficiency requirement.....
If ever ASKED for a deficiency agreement, as always, just say "NO"...
:-)

Comment by Ben Benita on June 10, 2010 at 7:25pm

Tina -- sorry, I type quick and do not often proof read, I am normally on here late at night or while on hold with the banks.....try me at [email protected], just sent you an e-mail.

Comment by Tammy Davis on June 10, 2010 at 3:09pm

Thanks Kent.....that is great information!!

Comment by Kent Dills on June 10, 2010 at 2:54pm

Tammy, Citi has waived deficiency on both shorts I've completed with them and they did it without me even asking! Good luck on yours! ;-)

Comment by Tina Kang Yee on June 10, 2010 at 1:35pm

Ben: I tried to email you but your email came back. Can you send me an email please: [email protected]. Thank you!

Comment by Tammy Davis on June 10, 2010 at 1:32pm

Question - I am just starting the short sale process on a CitiMortgage as the holder of the first and second. Can anyone tell me how their luck has been with waiving a deficiency judgement with CitiMortgage?
I am just preparing myself for the fight.
Thanks to all ~~

Comment by Ben Benita on June 8, 2010 at 6:39am

Tina, shoot me an e-mail [email protected], and I can help...there are many variables and too much to get into here.....

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