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Citi Short Sale Information

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Latest Activity: Oct 27, 2022

Citi Bank Short Sale Information

 

Click The Button Now To Hire A Short Sale       Superstar To Support You.

 

 

Authorization FAX:  866-675-5772

Short Sale Package FAX:  866-940-8125

Executive Response - 877-245-2511

Telephone:  866-272-4749 or 800-723-7906

Home Equity: 800-685-0935  Home Equity 3rd Party Fax: 866-940-8125

Citi Summary of Short Sale Process for Real Estate Agents

 

Email [email protected] or  [email protected] or [email protected]

The SS Pack must include:

Workable Solutions Package (below)
Hardship Letter
Last 2 Pay Stubs (if self employed there is a list in the workable solutions package)
Last 2 COMPLETE Bank Statements
Last Tax return ALL pages
Listing Agreement
Contract
HUD1
Rinse and repeat

Email [email protected]
Workable Solutions Packet

Citi Arms Length Transaction Form

Citi Financial Worksheet

SAMPLE CITI APPROVAL LETTER -
sampleCitiApprovalLetter.pdf

ESCALATION: [email protected]

 1(877) 245-2511 extension: 1804473

Discussion Forum

is city bank and city mortgage one in the same?

Started by johnna lodge. Last reply by Ben Benita Jun 5, 2016. 1 Reply

Citi Seems To Be Sleeping On This One

Started by Rita Legan. Last reply by Ben Benita Apr 18, 2016. 1 Reply

No Imminent Default??

Started by Shelby Hale. Last reply by Ben Benita Apr 12, 2016. 6 Replies

Comment Wall

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Comment by Joyce Polega on November 2, 2009 at 1:30pm
Does Citi require any special forms for VA loans?
Comment by Bob Wienk on November 2, 2009 at 1:03pm
I have a CitiMortgage Authorization but it will not do you much good because it is actually a two page letter addressed to their borrower, and it includes in the body a Letter of Authorization Form to be completed by the borrower. The borrower's name and address appears at the top of the letter.
Comment by Joyce Polega on November 2, 2009 at 12:53pm
Hi Michelle, Just got lising today. If you get one would you forward to me.
Comment by Michelle Barrow on November 2, 2009 at 11:20am
Does anyone have a Citi authorization? They are telling me that they want their form and will only send it if my seller's call which they will do - but just looking for one.
Comment by Ginger Merrick on October 6, 2009 at 5:29am
Anyone done a short sale with Citi on rental property?
Want to know what my chances are if I take these on.
Comment by Ryan Diedrich on October 5, 2009 at 6:50am
I hate CITI. Took my 4.5 months to get a deal done. They lost the file like 8 times. I guess it just matters to who you get as a negotiator but it still took 3 months to even get one.
Comment by Fiona Barone on October 4, 2009 at 3:50am
Laurel, I chalk it up to pot luck as far as getting a negotiator who only works three days a week. But he is by far not the worst, he just seems............lazy, so to speak. Other than that Citi is not bad to work with. thanks
Comment by Laurel Starks on October 4, 2009 at 3:23am
Fiona - I just hate it when I am pulling my hair out with a short sale and I hear someone had a "wonderful" experience.....ugh! Either they're lying or I got stuck with the worst negotiator there is. So, I am sorry to see what's happened with you.....and I hope it gets better.

I think that one of the things that made my situation better was the amount they were writing off. My offer was for $389k and my sellers owed $409k. I can't recall the exact payoff to Citi, but it was obviously not like the norm that we are seeing here in So Cal.....like $250k or more as a loss. So, I thought that may have helped. Also, I do have another one with Citi, come to think of it.....and it is taking forever. Hmmm.....I just realized that as I am sitting here typing. Apparently I got lucky on that other one.

Anyway, per diem is a daily charge that the banks impose if you close beyond a certain day. For example, today is October 4th. If I got an approval today, it would probably be good until November 4th. There is often language in there that says, "This approval shall expire on November 4, 2009. Any extensions must be approved and a $75/day per diem will be imposed after this deadline." Or something like that....basically, if you need an extension, then they will charge $75/day for an extension. So if the buyer's loan is taking a while, and you can't close it until the 14th, there will be $750 that someone - buyer, seller, God-forbid Realtor - will have to cough up.

The real problem with per diems is when the 1st approves before the 2nd. When you are waiting for the 2nd to approve, it can really rack up the delays to the point where the per diem is a significant amount ($3,500 or more) and no one can afford to pay it. That is very hard to overcome. Good luck!
Comment by Fiona Barone on October 4, 2009 at 3:03am
Wow, Laurel I am jealous. I have yet to see an approval, we have landed with a negotiator who is off on Friday's and Monday's. How he can function is beyond me. What is a per diem? Please explain. Thanks
Comment by Laurel Starks on October 3, 2009 at 6:26pm
I listed a Citi and got an offer in 72 hours. Submitted the packet and got approval in 4 weeks. And it was the most gorgeous approval I've ever seen. Fully transferable - no buyer's name. 6% commission. ALL fees paid....home warranty, transaction coordinator, termite, everything. And they released all liability to pursue the deficient balance. Only thing was a per diem. They did say there would be a per diem after 30 days.....but that was not an issue in our case. LOVE CITI!!!
 

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