Citi HAFA Requiring Monthly Payment from Borrower to Participate???

Hi fellow SSS,   We are working on a Citi HAFA SS. We submitted at ARASS. The borrower received a letter acknowledging the request for short sale. A paragraph in the letter states 7. "Partial Mortgage Payments. Make partial mortgage payment of $1,354 by the first day of each month beginning March 1, 2103 until your property is sold and title is transferred. By making the first payment as outlined in this agreement, you are agreeing to the terms and conditions of the HAFA transaction." Paragraph 8. "Termination of Short Sale Unless otherwise stipulated by us in writing any approval of the short sale may be terminated if:  h. You do not make the payments required as a condition of this short sale."  QUESTION.  Can the lender require the borrower to make payments to qualify for HAFA.  We have not had one HAFA with this requirement.  Thanks!

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I've never heard of this but the way short sales are progressing nothing would surprise me anymore! 

 

Citi is one of the absolute worst IMHO.  I have a short sale with them that has been dragging on for a year now.  I've tried everything.

 

Who is the investor on your short sale? 

 

Marcy Spieker 

The investor is CRMSI  and the MI is REMIC.  My clients don't have the extra money to pay!

PAYMENTS DURING
MARKETING PERIOD
CitiMortgage will identify in the SSN, Alternative Request for Short Sale (ARSS) or DIL
Agreement, the amount of the monthly mortgage payment that the borrower is required to
make during the term of the applicable agreement and pending transfer of property ownership.
CitiMortgage requires the monthly payment to be the lesser of the borrower’s current monthly
payment or 20% of the borrower’s gross monthly income.

https://www.citimortgage.com/Mortgage/pdf/CitiMortgage_Home_Afforda...

My sellers received this too. They do not have the extra cash for this....Any suggestions?

Hi Megan, If you hear of any suggestions or input on this, please share with me at [email protected]  and I will let you know as well! 

Escalate your concern for them to reconsider.

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