Comment

Comment by Tara Samney on November 16, 2012 at 9:38am

Does anyone know what Citi calls their "real market value"?  It's the 1st time I have heard them reference it with me.  It's a 2nd loan.  They confirm their BPO is already uploaded- was an exterior BPO.  I asked oh does that mean your "real market value" is an interior BPO?  Response was vague in that it wasn't necessarily but sometimes.  8 days ago the file was on hold still waiting on this...called today still waiting...no one calling me for access. Is this an interior BPO right after an exterior BPO or something completely different? I'm trying to judge how far out and not able to. Thanks!

Comment by Karin Christa on November 16, 2012 at 7:57am

Thom, I had the same experience recently. Every since Citi had the internal changes and replaced the CEO. I finally wrote an email to the negotiator and told them that

1) their initial time lines promised in writing were not worth the paper it was written on.

2) If I did not gt a reply within 48 hrs I had no other recourse than to contact the new CEO who promised more efficiency and working with Home owners and realtors.

Comment by Thom Colby CA Brkr 888-391-5245 on November 16, 2012 at 7:20am

Ok - I think I'm getting worn out of short sales or maybe I'm just tired....  I have one I've been working for a while now.  Fannie Mae / Seterus 1st - already approved on 10/30 with a Close date of 12/14. 

Citi is the 2nd and they've had this transaction since September - they got it the same day as Seterus / Fannie Mae.  Citi just got their "Reconciled Market Value" earlier this week and now telling me it will be another 2 weeks before a negotiator looks at it. 

The Buyer sold their former home and moved in with relatives over a month ago to ensure everything goes smooth.  Buyer is getting anxious - Citi is telling me they will get to it when they can.

I haven't been able to get an extention from Seterus / Fannie Mae past 12/14 as yet.  Buyer is using FHA loan and needs minimum of 30 days to close.

 

No other offers on this property. 

 

Any thoughts on how to escalate at Citi? 

Thanks !

Comment by Sheila Vardakis on November 14, 2012 at 4:10am

Don,

it is my understanding that he will lose his job if it foreclosures so IMO he needs to attempt a short sale.

Comment by Don Corson on November 14, 2012 at 3:55am

Need some recommendations on this complicated scenario.  Got a referral for a seller who is active duty military, with high level security clearance.  They have an investment property that has ~$85k balance with Citimortgage that they have had since 07.  Value of the property is ~$35k at best.  The seller has his primary residence, and 2 other investment properties, all which are current.  Mr and Mrs have good income.  Their credit status is good.  

Would CitiMortgage do a modification? If so, what kind of detrimental affect would that have on their credit.  If his credit gets dinged too badly, he would lose his job.

Comment by Dean E Eshelman, CPA, CDPE, IRES on October 8, 2012 at 7:50am

Anyone know if Citi has a refinance program for conventional mortgages. Homeowners got a HARP 2.0 letter, but Citi told them they did not qualify. (why did they send the letter?) Situation: Citi 1st 124@6+%and Nation Star 2nd 70@ 5%. Home value based on MLS comps 175. Homeowners are both employed and have a good income and credit score, but need to lower the interest rates or combine the 1st and 2nd at one low rate. Any ideas? No real hardship for a short sale other than expenses of fuel, medical etc have increased and homeowners do not want to do a short sale.

Comment by Barbara Pedersen on October 5, 2012 at 2:31am

Jeff,

thank you very much, working on it as we speak. I will let you know if I need help.
Bless you!

Comment by Jeff Payne on October 5, 2012 at 2:07am

Barbara Pedersen: Have you called the negotiator?  I would start there.  Then if they say NO, that just means you have to find the person who can say yes.  Sounds dumb but someone at Citi can make it happen.  Contact me at [email protected] if the negotiator says no and I will send you a good contact at Citi who may help

Comment by Barbara Pedersen on October 5, 2012 at 1:30am

Hello,

I have an approval letter on a Citimortgage Fannie Mae loan. We lost the buyer 1 day before the approval was issued (Sep 27th). We have another buyer/contract on the same terms. How do I replace the buyer with Citi? Any special way to go about it? Any thoughts and/or ideas are greatly appreciated. Thanks.

Comment by Lydia on October 3, 2012 at 8:12am

Hi Brian,

Can you cite the specific paragraph where is says funds can be paid however/whenever re cash deals? I'll need to use this ammunition for a cash deal I am trying to close.

Thanks,

Lydia

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