Comment

Comment by Wendy Rulnick on March 7, 2011 at 12:35pm

Hank - Maybe you should call.  I bet the phone rep at Citi was thinking HAFA.  Even with HAFA, you can move (with restrictions) for employment!

 

Comment by Hank Montgomery on March 7, 2011 at 12:08pm

My client just got off the phone with Citi...they told her that she is not eligible for a Short Sale since they no longer live in the house. Is that Citi's policy? Any info or suggestions would be greatly appreciated.

thanks!

Comment by julia hwang on March 3, 2011 at 12:11pm

I really appreciate your comments Alan & Michale. Seller said his HELOC is interest only and he is current now but can not afford any more. I'll talk with bank and him about it specifically. Thanks again!

Comment by Michael Schneider on March 3, 2011 at 6:14am

Banks reduced their lines when home values fell, so the credit line was probably reduced to principal balance a few years back.

At this point, the HELOC is probably pretty much an interest only loan.

There may be difference regarding the tax treatment, btw, as the cancelled debt is taken "from the top", so it may not satisfy the "buy, build, or improve" IRS requirement for the exclusion from income.  That one is for a tax professional.

Comment by Alan Remigio on March 3, 2011 at 5:28am

Julia,

Yes, HELOCs can be 1st. Short sales parameters apply. What you need to know is that the HELOC is either maxed out or no longer active because of non payment. I ask for payoff, first, and determine if the payoff exceeds value of home. If yes, proceed as if it were a normal short sale. Seller does have options other than short sale or sale.

Comment by julia hwang on March 2, 2011 at 4:30pm

Can a HELOC be a first mortgage? My seller has a Citi HELOC as a first mortgage and will do short sale. Is there any difference between regular short sale process and HELOC as a first mortgage? Any comments will be greatly appreciated! Thank you.

Comment by Malcolm McLean on February 22, 2011 at 10:07am

Requested Citi to extend their letter of agreement on a HELOC, as IRS was taking time to strip their lien from title and this is what I got from Maria Flores...

 

On Feb 21, 2011, at 6:32 AM, Flores, Maria R wrote:

We need funds by 02/24 or deal is dead.. We already gave you extension

Comment by Kevin - Greenville, SC on February 10, 2011 at 7:17am

Interesting denial letter my client recently received.  My client petitioned to get an FHA approval to participate.  What they received was a denial for HAFA....

 

Comment by The Trent on February 5, 2011 at 11:30am

@Bill

Sorry, I think I was still half asleep when I wrote that, and clearly didn't read it thoroughly. Oops!

Comment by Bill Groover on February 5, 2011 at 8:46am

Trent, that was a different bank.

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