Is it true that CITI requires a home be marketed for 90 days at a price sufficient to satisfy the whole mortgage amount prior to even looking at a short sale package? Thanks
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Yes, Robin.....I also find that if you are told one thing by one of the intake reps. and you believe it is incorrect, just say "thank you for your help". Then wait ten minutes to call back and talk to a totally different person who will hopefully get it "right". :)
I have had Citi's customer service reps tell many of their borrowers that, but have never found it to be true in practice. I think they may be getting the requirements for a DIL confused with short sale requirements as Jeanne suggested.
No that is not true for a short sale. I believe it is true for a deed in lieu that the home must be listed for sale for 90 days before a DIL would be considered. Maybe that's where you got that?
Nope. Not true at all. I closed on a Citi last week. It was 35 days from listing to closing. We placed it under contract the same day it was listed. The sale was approved in 30 days and the buyer closed immediately. Complete release of lien and mortgage with a waiver of deficiency. I've closed several with Citi and it was never an issue.
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I have done at least 10 citi's in the past 2 years and never run into that one..
Jim
That is not true.