Comment

Comment by AMY GERRISH on September 30, 2010 at 12:22pm

Amy have you spoken with citi? GMAC did this to me a week before closing. The new company said I had to start from scratch. So they opened the file. After speaking with my GMAC negotiator she told me there was a transfer grace period. (Clients still can call the old lender and make payments and the payments will be forwarded to the new company) She said she would take my short payment wire from escrow and forward it to the new company. So we closed. About a month later the new company called me with their approval. I just said oh great fax or email the stuff.

Comment by Michael Schneider on September 30, 2010 at 12:14pm

Amy, I've been in this position, and I've dealt with PennCro.
I think Citi sells 2nd's at time of charge-off, 180 days past due. Whether the the loan itself is sold or the servicing rights does not much matter, I think. Full control transfers.
In one case, I was close to securing the approval, but didn't have it, so poof, Citi is gone, PennCro is in. No recourse on this, you work with the Agency.
In the second case, I had an active approval on a 1st in hand, so I was (of course) outraged, but the loan was sold. So, done deal.
We actually sold the property, under the existing agreement, at though the loan were not transferred.

Comment by Amy Martin on September 30, 2010 at 2:40am

I have a Citi 2nd and got an approval and in escrow now. Yesterday, I got a phone call from PENNCRO saying that our file is now with collection agency. I told PENNCRO that there must be a mistake because I already have an approval and closing. I tried contacting via email and phone to my negotiator and never got a call. Do I just ignore this? Does anyone have a higher up contact info so I can seek help?

Comment by Cindy Jones on September 27, 2010 at 12:07pm

My most recent Citi ended up with the seller contribution $7100. It was the only way to get to the net the bank wanted.

Comment by Kylee Roe on September 27, 2010 at 12:06pm

"from comments here" not "her".

Comment by Kylee Roe on September 27, 2010 at 12:05pm

Hello all! Taking a SS listing with a Citi second. Seems from comments her that Citi is operating well and quickly. Is your experience with Citi seconds the same? What percentage of original loan do they require, do they provide approval language releasing the lien without further $$ liability/potential liability for seller?
Thanks

Comment by Abraham Walker on September 17, 2010 at 5:47pm

Had a pleasant first call with my negotiator this past Thursday. He said that approvals only take 3 - 5 business days. That's amazing. This short sale will close faster than a regular transaction.

Is it wrong to only seek out Citi Bank Short Sales? I had a horrible experience last year with Wells Fargo.

Comment by Amy Martin on September 17, 2010 at 8:39am

Does anyone have info on PennyMac? My clients account was sold to PennyMac.

Comment by Cindy Jones on September 13, 2010 at 8:41am

Happy to say my Citi short sale closed today. Even though we started like a ball of fire with quick BPO, Fannie Mae's requirements and a need for a higher sales price took us from photos of snow on the ground to the end of summer. Oh well it is DONE!

Comment by Wendy Rulnick on September 6, 2010 at 3:44am

Abraham, That is a great hint about Citi!

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