Citi Mortgage Charge Off On Loan
I have presently been in a short sale for about 4 months with Bank of America and Citi Mortgage. Citi Mortgage is the 2nd lien holder. While negotiating with Bank of America, they cease the negotiation of the short sale offer that was submitted the last of April to offer the seller the HAFA Program. She has recently submitted all of her documents for HAFA approval. At this time the file has been in underwriting with Bank of America for about 3 weeks. Since we have been waiting for Bank of America's approval for the HAFA program, Citi Mortgage has charged off the account for the 2nd lien. How do I handle this regarding the short sale process? Will they agree to a short sale since it's been turned over to the recovery department? Or do I just handle the short sale offer with Bank of America only now?
Replies to This Discussion
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Permalink Reply by Kent Dills on
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Gwendolyn, this just happened to me a while back. Second lien holder (Greentree) charged off the loan and sold it to Wingspan Financial. This just means that Wingspan bought the note at a discount (example, 5 cents on the dollar) and Greentree transferred their lien to Wingspan.
I got a very easy short sale approval (took about a week and just wanted contract, HUD1, and first lien holder's approval letter). Wingspan agreed to accept $4,400 on what was an initial note with Greentree for $52,000. The are releasing the lien and forgiving the debt!
Call (817-495-8028) or email ([email protected]) if you'd like to discuss this or other similar scenarios/successes! ;-) -
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Permalink Reply by Ben Benita on
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Once charged off, could be REALLY short and sweet, or, it COULD mean you have to start compeltely over.
Either way, you will definitely have to deal with teh second.....
Who is the charge off company?
Did they send it to a 3rd party collector or another division of CITI?
Did it go to the Mortgage Insurer and if it did, ask them what the "coverage ratio" is on the note....
best of luck....hang in there.... -
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