I'm working with an elderly couple who are living month to month with $1K in savings. They can't afford all of their medical bills and were forced to leave their home because the wife has Parkinson's. 

First lender (Central Mortgage) is ready to give approval but second lender (Citi) says MI (United Guaranty) wants $10K prom note paid at $166/month. Sellers don't have it. 

Citi negotiator says that UG won't budge. I found UG'smanual on-line and it says that they will deal with hardship cases on an individual basis. I laid out their hardships for the Citi negotiator and she said that she went to UG and they said no.

After sellers said they couldn't pay the prom note, she closed the file.

Can I go directly to UG and talk to someone?

Any other suggestions?

Thanks in advance for any comments or recommendations.

Joe Stradcutter

High Pointe Realty

Views: 229

Replies to This Discussion

YES, you may absolutely go to the MI company directly and I have had success with that. You will need the "certificate" number (ask the servicing negotiator) or the MI company may be able to find the file using your clients social security number. Once you find the assigned MI negotiator you should have better success.

Good luck!

Hi Barbara,

I'm on hold with UG right now and waiting to speak to someone there. I was able to find the certificate number and have the SS#s. I'll update the forum once I get resolution.

Thanks for your answer - really appreciate it.

Joe -

I think this is disgusting.  If it were me, I would get the permission of the seller/borrowers to go to the media with their story.  Then, I would get the story in front of the New York Times, CNN, NBC, etc. as soon as possible.  I am SURE you can get someone to pick up the story.  Neither UG nor CIti will want this type of publicity in this environment. 

Send an e-mail to Sanjiv Das, CEO at Citi [email protected] I also suggest contacting your local / state politicians.  You need a lot of media attention on this one.  In fact, if you are a member, contact NAR.

I had one similar to this and when I told the lender the borrower would gladly sign their PN and also include it in their BK, the lender relented and approved the short sale.  So they could sign it and file BK the next day.

 

Best of luck -

Hi Thom,

Thanks for the recommendations. The couple is somewhat private about their situation currently but if push comes to shove, I think they'll let me go public.

I'm on hold with UG right now trying to talk to someone. Will update the forum when I get resolution.

Thanks again.

No matter who you call, always start the conversation with "I need your help" - that appeals to the human side and most people will do whatever they can to help another human - it's in our nature -

 

Good luck !

THe squeaky wheel gets the oil. I say you go directly to UG. At this point, what will it hurt to do so. Find the listing of the company directory online and/or executives, even the CEO's name. Contact the office directly and ask to speak to him/her. You likely won't get that individual, but by notifying them of the situation directly, you will be dealt with posthaste and typically in a positive fashion. In my own experience, having used this tactic several times in both a personal and business capacity, it always ends with the outcome I desired.

Could be Citi is just trying to wring more money our of them just to salve their own pocketbook. No company wants a bad rap and under the circumstances, this could create a negative image. Go directly to your legislators, as well and notify them. Notify the Dept of Banking and Insurance agencies in your state, too.

Good luck and let us know how it goes. Carla

Another issue may be that it's in Citi's financial best interest to foreclose because of the MI coverage ratio. If you're netting them $80,000 but they can get a check from UG for $90,000, that may be why they're hitting you up for the $10,000. It's a scenario that's important to be aware of.

 

If this is seller paid insurance (because they put down less than 20% on purchase) than you may be able to figure out the coverage ratio and know where you stand. If Citi is footing the bill on their own (lender placed MI) then you likely won't know.

I would go directly to UG, and, I LOVE Tom's response!!!

 

However, keep in mind CITI is only the servicer, doing what they are TOLD to do by UG.....just how the process works.

 

We just got an issue with UG cleared up (they were TRYING to only pay my agents 5%, one phone call, a little "sweet talk" and we got them their 6%).....

 

Keep fighting....you will get it done.

Absolutely go directly to UG!  Ask your Citi rep for their contact and phone number. If they don't give it to you then call UG directly and see who is working the file.   I have had to contact MI companies before and they will more than likely work with you.  What a true hardship to be elderly, losing your home, making $1K/mo, have parkinsons and the bank wants $166/mo for the note.  Many blessings to you!

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