Replies to This Discussion

Permalink Reply by Stephen B. McWilliam on December 26, 2009 at 11:02am

Keji:

What's the current status of your situation? Have you made any progress?

Permalink Reply by Keji Ogunleye on December 26, 2009 at 11:13am

I have to escalate to the executive response team at Citimortgage,because the negotiator will not negotiate and she stated they will rather it foreclose than negotiate. I got someone from the executive response team to call me and he ask me to resend all teh short sale package again and with updated information. All the information was sent about a week ago and was confirmed recieved. I'm awaiting a call from the team...

Permalink Reply by Jan Sanderlin on January 4, 2012 at 4:12pm

Hello,

 

My escalation information is apparently outdated for Citi..Please tell me what numbers you used??? I have Jeremy Jones as the dude and when I called the number I got a Justin Lane...the other fax number that I have is out of service.  Thank you for your help!  jan

Permalink Reply by Stephen B. McWilliam on December 26, 2009 at 11:18am

What's the proposed purchase price, commission and is there any buyer financing involved?

Permalink Reply by Keji Ogunleye on December 26, 2009 at 11:22am

Contract price is $330k, commission is 6% and yes buyer is financing using FHA.

Stephen B. McWilliam said:

What's the proposed purchase price, commission and is there any buyer financing involved?

Permalink Reply by Stephen B. McWilliam on December 26, 2009 at 11:33am

What it appears is that Citi wants you to contribute funds to their payoff (1%, $3300 very close to the $4k in dispute). We always reduce the first lender's intial offer to the 2nd knowning that they will play these games. There are some other things we do initially so as to create some extra funds to be provided to a junior lein holder if necessary. Unfortunatley, FHA will not allow the Buyer to pay any funds toward the short sale. If the property will appraise for $334k then you could attempt to get the first lender to commit to the extra $4k to Citi. Otherwise, your only 2 options are to wait and hope or pony up the funds. Of course, this is all assuming that you cannot get the Seller to come to the table with the $4k providing the first lender will allow it to be passed through to Citi.

Permalink Reply by Jean Hackley on February 12, 2010 at 12:09pm

Keji

I have been trying to negotiate with citi mortgage's recovery dept. - Citi is the 2nd lien and they are insisting on $9K at closing. In this case the first (Indymac, too) wants to give $3K. I'd like to escalate this to their executive team. Can you walk me through your process?

Jean

Permalink Reply by Keji Ogunleye on February 12, 2010 at 12:12pm

I did get someone from the executive to respond,but the bottom line is they will not change thier position. Borrower take 20K in promissory note because the loan is insured.