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Citi Short Sale Information

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Latest Activity: Jul 11

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

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 Brett Goldsmith on March 2, 2017 at 9:44am

 We have completed many short sales while current. It comes down to investor and MI guidelines if applicable on imminent default or current mortgage status. The MI company by all means wants the seller to keep paying. Yes, the MI company likely won't approve a short sale while current in this situation by that message you sent. Different insurers have varying guidelines. 

Comment by Julie Lyons on March 2, 2017 at 9:38am

Hi Brett Goldsmith, here are the exact words of the negotiator from Citi:"

 The account is current and less than 60 days past due and is not eligible for short sale at this time per the requirements set for by  Mortgage Insurance."  I have actually never sold a short sale that was current in the mortgage payment, so this is a new one for me, and I have negotiated about 30 short sales with various banks.  From the working, it looks like the Mortgage Insurance company wants them to fall behind...

 

Comment by Brett Goldsmith on March 2, 2017 at 8:20am

@julie, why exactly is MI denying the file? That would the first information I'd need. Also, never advise a client to miss a payment. They need to make that decision themselves and understand the repercussions if the "train gets away from them". Many times though a borrower is current and denied depending who the investor or MI company is. Once 30 days behind, officially delinquent, and resubmitted for a decision, they may make the difference to get approved. It's not guaranteed to make the different though.

[email protected]

http://www.ishortsalenow.com/short-sale-help-now/

310-564-6389

Comment by Julie Lyons on March 2, 2017 at 8:15am

Hi pros :) Need advise.  I have a non-VA loan that is underwater, the sellers are both military, divorcing and being deployed.  They are current on their payments but need to sell for about $100K less than they owe.  Citi just sent me an email that "Mortgage Insurance" denied the short sale, it appears the investor would like to allow the short sale, but "mortgage insurance" is saying "no way."  Is there any way around this?  Should I advise my sellers to stop paying their mortgage?  They really did not want to, however having a short sale on your credit may be as large of a hit as missing payments, so perhaps they will need to stop paying...  Please advise if any of you have had this experience before.

Comment by Paula Bachman on January 16, 2017 at 1:42pm

Yes, I have. It's a ton of paperwork, but we're used to that, aren't we!

Comment by johnna lodge on September 8, 2016 at 1:47pm

Has anyone been able to move an IRS Tax Lien from the property to the individual? My seller that I am working with on a short sale has over a $20K tax lien that would make the sale of the property a little over market value. The HUD representative suggested this. Has anyone attempted or had success with the IRS removing the lien from the property and attaching to seller? Thank you. Johnna

Comment by Jason Sanseverino on July 8, 2016 at 1:06pm

Good Afternoon All -

I have a tough issue. I have a 1st lien that is being paid in full and a 2nd lien with Citi - being handled in the recovery dept. Citi issue a short sale approval letter which expires on Sunday (7-10-16) and the buyer needs a 2 week extension. I processed the extension request and faxed the updated HUD to 866-963-0657. I was just told today that the extension request has been denied. The reason stated is that if the 1st lien is being paid in full, Citi demands that their payment is at minimum 50% of the balance owed. The interesting fact is the approval I do have (which is still valid and not expired) is for a payment of about $3000 and 50% is closer to $20,000.  I have tried to escalate this all day with no hopeful results. I was told to refax the HUD and re-request the extension. Do anyone out there have any experience with this 50% rule - in the last 10 years that I have been working short sale files (full time) I never heard of this rule. Suggestions would be appreciated.

Comment by Brett Goldsmith on April 11, 2016 at 12:22pm

Been seeing this happen a lot lately. Haven't seen success in going back for another variance to overturn it. @joseph

Comment by Joseph Estrada on April 11, 2016 at 12:16pm

Hi Brett,

Yeah, it is 80 months behind and is an FHA loan.  I don't understand why Citi would even go through the trouble of conducting a short sale and string myself and client along. 

Comment by Brett Goldsmith on April 6, 2016 at 2:30pm

Is this a FHA loan? Is it 3+ years behind?

[email protected]

310-564-6389

www.ishortsalenow.com

 

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