Hello Group:
This is my 1st discussion so please bare with me. I'm a broker-owner and attorney in the Chicagoland area doing business in the short-sale space for the past 10 years.
Can anyone advise me on CITI escalation or other options?
1st lien = Seterus = $155,000.
2nd lien (CITI HELOC) = $140,000
Contract offer = $275,000.
The 1st is therefore paid in full. My HUD-1 offers Citi HELOC $88,000. Citi declined my short-sale as their value came back at $285,000. (Note....I've already disputed their bad value 1 time when they said value was $308,000.) Negotiator Debbie Simpson says there is nothing more I can do other than get a buyer to pay $285,000. We're only $10,000 apart.
There's no way CITI HELOC will get more from a foreclosure sale then my short-payoff offer of $88,000. Such a poor business decision. Thanks for your help.
Justin Gaffney
**********************************
like buttons
Replies
Is the note being serviced by Citi Bank or City Mortgage?
Brett@ishortsalenow.com
310-565-6389
www.ishortsalenow.com
Brett:
Thank you for your question and it's a good one b/c it took me quite a while to get a straight answer. The HELOC is serviced by Citi Bank not Citi Mortgage.
Justin Gaffney
What is your email? Have you spoken to the negotiators manager?